Exhibit
10(g)
GE Supplementary
Pension
Plan
Effective
January 1, 2009
Section
I.
Eligible
Employees
Each Employee
who is assigned to the GE Executive or higher Career Band (or a
position of equivalent responsibility as determined by the Pension
Board), who has five or more years of Pension Qualification Service
and who is a participant in the GE Pension Plan shall be eligible
to participate, and shall participate, in this Supplementary
Pension Plan to the extent of the benefits provided herein,
provided that:
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the foregoing
shall not apply to an Employee of a Company other than General
Electric Company which has not agreed to bear the cost of this Plan
with respect to its Employees, and
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except as
provided in Section V, an Employee who retires under the optional
retirement provisions of the GE Pension Plan before the first day
of the month following attainment of age 60, or an Employee who
leaves the Service of the Company before attainment of age 60,
shall not be eligible for a Supplementary Pension under this
Plan.
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An employee of
any other company who participates in the GE Pension Plan, though
the employing company does not participate in the GE Pension Plan,
shall be eligible for benefits under this Plan, provided that such
employee meets the job position requirement specified above, and
the employee’s participation in the Supplementary Pension
Plan is accepted by the Pension Board.
An Employee
who was eligible to participate in this Plan by virtue of his
assigned position level or position of equivalent responsibility
throughout any consecutive three years of the fifteen year period
ending on the last day of the month preceding his termination of
Service date for retirement and who meets the other requirements
specified in this Section shall be eligible for the benefits
provided herein even though he does not meet the eligibility
requirements on the date his Service terminates.
The Chief
Executive Officer of General Electric Company, or his delegate, may
approve the continued participation in the Plan of an individual
who is localized outside the United States as an employee of the
Company or an Affiliate and who otherwise meets all of the
eligibility conditions set forth herein during such localization.
The designated individual’s service and pay while localized,
with appropriate offsets for local country benefits, shall be
counted in calculating his Supplementary Pension. Such calculation
and the individual’s entitlement to any benefits herein shall
be determined consistent with the principles of the Plan as they
apply to participants who are not localized, provided that the
Chief Executive Officer, or his delegate, may direct such other
treatment, if any, as he deems appropriate.
Section
II.
Definitions
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Annual
Estimated Social Security Benefit - The Annual Estimated Social
Security Benefit shall mean the annual equivalent of the maximum
possible Primary Insurance Amount payable, after reduction for
early retirement, as an old-age benefit to an employee who retired
at age 62 on January 1st of the calendar year in which occurred the
Employee’s actual date of retirement or death, whichever is
earlier; provided, however, that in the case of an Employee who is
a New Plan Participant on the date of his termination of Service,
age 65 shall be substituted for age 62 above. Such Annual Estimated
Social Security Benefit shall be determined by the Company in
accordance with the Federal Social Security Act in effect at the
end of the calendar year immediately preceding such January
1st.
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For
determinations which become effective on or after January 1, 1978,
if an Employee has less than 35 years of Pension Benefit Service,
the Annual Estimated Social Security Benefit shall be the amount
determined under the first paragraph of this definition hereof
multiplied by a factor, the numerator of which shall be the number
of years of the Employee’s Pension Benefit Service to his
date of retirement or death, whichever is earlier, and the
denominator of which shall be 35.
The Annual
Estimated Social Security Benefit as so determined shall be
adjusted to include any social security, severance or similar
benefit provided under foreign law or regulation as the Pension
Board may prescribe.
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Annual Pension
Payable under the GE Pension Plan - The Annual Pension Payable
under the GE Pension Plan shall mean the sum of (1) the total
annual past service annuity, future service annuity and Personal
Pension Account Annuity deemed to be credited to the Employee as of
his date of retirement or death, whichever is earlier, plus any
additional annual amount required to provide the minimum pension
under the GE Pension Plan and (2) any annual pension (or the annual
pension equivalent of other forms of payment) payable under any
other pension plan, policy, contract, or government program
attributable to periods for which Pension Benefit Service is
granted by the Chairman of the Board or the Pension Board or is
credited by the GE Pension Plan provided the Pension Board
determines such annual pension shall be deductible from the benefit
payable under this Plan. All such amounts shall be determined
before application of any reduction factors for optional or
disability retirement, for election of any optional form of Pension
at retirement, a qualified domestic relations order(s), if any, or
in connection with any other adjustment made pursuant to the GE
Pension Plan or any other pension plan.
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For the
purposes of this paragraph, the Employee’s Annual Pension
Payable under the GE Pension Plan shall include the Personal
Pension Account Annuity deemed payable to the Employee or the
Employee’s spouse on the date of the Employee’s
retirement or death as the case may be, regardless of whether such
annuity commenced on such date.
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Annual
Retirement Income - For Employees who retire on or after July 1,
1988 or who die in active Service on or after such date, an
Employee’s Annual Retirement Income shall mean the amount
determined by multiplying 1.75% of the Employee’s Average
Annual Compensation by the number of years of Pension Benefit
Service completed by the Employee at the date of his retirement or
death, whichever is earlier.
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Average Annual
Compensation - Average Annual Compensation means one-third of the
Employee’s Compensation for the highest 36 consecutive months
during the last 120 completed months before his date of retirement
or death, whichever is earlier. In computing an Employee’s
Average Annual Compensation, his normal straight-time earnings
shall be substituted for his actual Compensation for any month in
which such normal straight-time earnings are greater. The Pension
Board shall specify the basis for determining any Employee’s
Compensation for any portion of the 120 completed months used to
compute the Employee’s Average Annual Compensation during
which the Employee was not employed by an Employer participating in
this Plan.
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Compensation -
For periods after December 31, 1969, “Compensation” for
the purposes of this Plan shall mean with respect to the period in
question salary (including any deferred salary approved by the
Pension Board as compensation for purposes of this Plan)
plus:
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for persons
then eligible for Incentive Compensation, the total amount of any
Incentive Compensation earned except to the extent such Incentive
Compensation is excluded by the Board of Directors or a committee
thereof;
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for persons
who would then have been eligible for Incentive Compensation if
they had not been participants in a Sales Commission Plan or other
variable compensation plan, the total amount of sales commissions
(or other variable compensation earned);
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for all other
persons, the sales commissions and other variable compensation
earned by them but only to the extent such earnings were then
included under the GE Pension Plan;
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plus any
amounts (other than salary and those mentioned in clauses (1)
through (3) above) which were then included as Compensation under
the GE Pension Plan except any amounts which the Pension Board may
exclude from the computation of “Compensation” and
subject to the powers of the Committee under Section IX
hereof.
For periods
before January 1, 1970, “Compensation” for the purposes
of this Plan has the same meaning as under the GE Pension Plan
applying the rules in effect during such periods.
The definition
set forth in this paragraph (e) shall apply to the calculation of
any and all Supplementary Pension benefits payable on and after
January 1, 1976. All such payments made prior to January 1, 1976
shall be determined in accordance with the terms of the Plan in
effect prior to such date.
Notwithstanding
any provision of the Plan to the contrary, in no event will
Incentive Compensation, commissions and similar variable
compensation paid after the end of the calendar year in which the
Employee’s Service terminates be disregarded as Compensation
hereunder as a result of the exclusion of such remuneration from
Compensation under the GE Pension Plan pursuant to the last
sentence of the first paragraph of the definition of
“Compensation” set forth in Section XXVI
therein.
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Grandfathered
Employee - Grandfathered Employee means an Employee who did not
accrue or acquire a non-forfeitable interest in any benefits
hereunder on or after January 1, 2005.
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Grandfathered
Plan Benefit - Grandfathered Plan Benefit means:
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in the case of
Grandfathered Employees, their entire Supplementary Pension
hereunder.
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in the case of
Grandfathered Specified Employees, the accrued, non-forfeitable
annuity to which the Grandfathered Specified Employee would have
been entitled under this Plan if the Grandfathered Specified
Employee voluntarily terminated employment on December 31, 2004,
and received a payment of the benefits available from this Plan (A)
on the earliest possible date allowed under this Plan to receive a
payment of benefits following Separation from Service, and (B) in
any payment form permitted under the GE Pension Plan on December
31, 2004. If a Grandfathered Specified Employee elects to receive
benefits in the form of a 75% Alternative Survivor Benefit under
the principles of Section IX.10 of the GE Pension Plan, then his
Grandfathered Plan Benefit with respect to such form of
distribution shall be the portion attributable to his accrued
benefit as of December 31, 2004 as determined above and based on
the methodology set forth in Section IX.10 of the GE Pension Plan
for converting benefits to this form of distribution.
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Grandfathered
Specified Employee - Grandfathered Specified Employee means a
Specified Employee determined as of December 31, 2008 who had a
non-forfeitable interest hereunder as of December 31,
2004.
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Non-Grandfathered
Plan Benefit - Non-Grandfathered Plan Benefit means all of the
Supplementary Pension payable under this Plan except for the
Grandfathered Plan Benefit.
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Officers -
Officers shall mean the Chairman of the Board, the Vice Chairmen,
the President, the Vice Presidents, Officer Equivalents and such
other Employees as the Committee referred to in Section IX hereof
may designate.
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Pension
Benefit Service - Pension Benefit Service shall have the same
meaning herein as in the GE Pension Plan except that for periods
before January 1, 1976, the term Credited Service as a full-time
Employee shall also include all Service credited under the GE
Pension Plan to such Employee for any period during which he was a
full-time Employee for purposes of such GE Pension Plan.
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Pension
Benefit Service shall also include:
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any period of
Service with the Company or an Affiliate as the Pension Board may
otherwise provide by rules and regulations issued with respect to
this Plan, and,
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any period of
service with another employer as may be approved from time to time
by the Chairman of the Board but only to the extent that any
conditions specified in such approval have been met.
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Pension
Qualification Service - Pension Qualification Service shall have
the same meaning herein as in the GE Pension Plan except that for
periods before January 1, 1976 the term Credited Service used in
determining such Pension Qualification Service shall mean only
Service for which an Employee is credited with a past service
annuity or a future service annuity under the GE Pension Plan (plus
his first year of Service where such year is recognized as
additional Credited Service under that Plan), except as the Pension
Board may otherwise provide by rules and regulations issued with
respect to this Plan.
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Separation
from Service - Separation from Service means an Employee’s
termination of employment with the Company and all Affiliates
(defined for purposes of this Plan as any company or business
entity in which General Electric Company has a 50% or more interest
whether or not a participating employer in the Plan); provided
that, Separation from Service for purposes of the Plan shall be
interpreted consistent with the requirements of Section 409A and
regulations and other guidance issued thereunder. For purposes of
clarity, any references in this Plan to Service in the context of
determining the time or form of benefits will not extend beyond an
Employee’s Separation from Service.
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Specified
Employee - Specified Employee means a specified employee as
described in the Company’s Procedures for Determining
Specified Employees under Code Section 409A, as amended from time
to time.
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All other
terms used in this Plan which are defined in the GE Pension Plan
shall have the same meanings herein as therein, unless otherwise
expressly provided in this Plan.
Section
III.
Amount of Supplementary Pension
at or After Normal Retirement
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The annual
Supplementary Pension payable to an eligible Employee who retires
on or after his normal retirement date within the meaning of the GE
Pension Plan shall be equal to the excess, if any, of the
Employee’s Annual Retirement Income, over the sum
of:
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the
Employee’s Annual Pension Payable under the GE Pension
Plan;
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½ of
the Employee’s Annual Estimated Social Security
Benefit;
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the
Employee’s annual excess benefit, if any, payable under the
GE Excess Benefit Plan; and
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The
Employee’s annual benefit, if any, payable under the GE
Executive Special Early Retirement Option and Plant Closing
Retirement Option Plan.
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Such
Supplementary Pension shall be subject to the limitations specified
in Section IX.
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The
Supplementary Pension of an Employee who continues in the Service
of the Company or an Affiliate after his normal retirement date
shall not commence before his actual retirement date following
Separation from Service, regardless of whether such Employee has
attained age 70-½ and commenced receiving his pension under
the GE Pension Plan.
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Consistent
with established Company procedures, if an eligible Employee
commences his Supplementary Pension at the time set forth in
Section X(a) but remains in protected service for other purposes by
reason of not also retiring under the GE Pension Plan, his initial
Supplementary Pension Plan benefit shall be based on his service
credits earned up to the commencement date of his Supplementary
Pension Plan benefit. Following the eligible Employee’s break
in protected service, the dollar amount (but not the time or form
of distribution) of the eligible Employee’s Supplementary
Pension Plan benefit shall be adjusted consistent with such
procedures to take into account any additional service credits the
eligible Employee may have earned under the GE Pension Plan and any
related offsets.
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Section
IV.
Amount of Supplementary Pension
at Optional or Disability Retirement
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The annual
Supplementary Pension payable to an eligible Employee who,
following attainment of age 60, retires hereunder on an optional
retirement date within the meaning of Section V.1. of the GE
Pension Plan shall be computed in the manner provided by Section
III(a) (for an Employee retiring on his normal retirement date) but
taking into account only Pension Benefit Service and Average Annual
Compensation to the actual date of optional retirement. Such
Supplementary Pension shall be subject to the limitations specified
in Section IX. In the event such Employee is a New Plan Participant
on the date of his termination of Service, such Supplementary
Pension, as so limited, shall be reduced to reflect commencement
before his normal retirement date by applying the methodology
provided under Section V.3. of the GE Pension Plan. Consistent with
the foregoing, such reduction shall equal 5/12% for each month from
such Employee’s optional retirement date to his normal
retirement date. Said reduction shall not be imposed, however, in
the event such Employee terminates from the Service of the Company
on or after (1) attainment of at least age 62 and (2) completion of
at least 25 years of Pension Qualification Service under the GE
Pension Plan.
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The annual
Supplementary Pension payable to an eligible Employee who retires
on a Disability Pension under Section VII of the GE Pension Plan
and who qualifies as disabled by receiving income replacement
benefits under a Company plan for a period of not less than three
months and otherwise meeting the requirements under Treasury
regulation section 1.409A-3(i)(4) and regulations and other
guidance issued thereunder shall first be computed in the manner
provided by Section III(a) (for an Employee retiring on his normal
retirement date) taking into account only Pension Benefit Service
and Average Annual Compensation to the actual date of disability
retirement. Such Supplementary Pension shall be subject to the
limitations specified in Section IX. Such Supplementary Pension, as
so limited, shall be reduced to reflect commencement before the
Employee’s earliest optional retirement age by applying the
methodology provided under Section VII.3. of the GE Pension Plan,
subject to Section X(a)(3)(A)(ii) below.
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If the
Disability Pension payable to the Employee under the GE Pension
Plan is discontinued thereunder as a result of the cessation of the
Employee’s disability prior to the attainment of age 60, the
Supplementary Pension provided under this Section IV(b) shall be
forfeited and the Employee shall only be eligible for a
Supplementary Pension to the extent he separately qualifies under
another provision set forth herein.
Section
V.
Special Benefit Protection for
Certain Employees
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A former
Employee whose Service with the Company is terminated on or after
June 27, 1988, before attainment of age 60 and after completion of
25 or more years of Pension Qualification Service who does not
withdraw his contributions from the GE Pension Plan before
retirement and who meets one of the following conditions shall be
eligible for a Supplementary Pension under this Plan commencing at
the time set forth in Section X.(a).
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The
Employee’s Service is terminated because of a Plant
Closing.
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The
Employee’s Service is terminated for transfer to a Successor
Employer. The conditions of this paragraph (2) shall not be
satisfied, however, if the transferred Employee retires under the
GE Pension Plan before July 1, 2000 and prior to the later of (A)
his termination of service with the Successor Employer and (B) the
first of the month following attainment of age 60.
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The
Employee’s Service terminated after one year on layoff with
protected service.
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Effective July
1, 1994 and regardless of whether the Employee terminated Service
on, before or after such date, for purposes of this Section V(a)
and any other provision of this Plan, a former Employee will be
deemed to have withdrawn his contributions from the GE Pension Plan
at such time the payment of benefits attributable to such
contributions commences, regardless of whether such contributions
are paid in the form of a lump sum or an annuity.
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The
Supplementary Pension, if any, for Employees who meet the
conditions in Section V(a) shall be calculated in accordance with
the provisions of Section IV(a), including the imposition of the
reduction described therein to reflect a commencement date
occurring before normal retirement date in the case of Employees
who are New Plan Participants on the date of their termination of
Service. For purposes of making this calculation, the
Employee’s: (1) Pension Benefit Service to the Service
termination date shall be considered; (2) Average Annual
Compensation shall be based on the last 120 completed months before
such Service termination date; and (3) Annual Estimated Social
Security Benefit shall be determined as though the Employee’s
retirement date was such Service termination date.
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No
Supplementary Pension shall be payable to any former Employee who
elects to accelerate the commencement of his pension under the GE
Pension Plan under Section XI.4.b(iii) therein, nor shall any death
or survivor benefits be payable hereunder with respect to such an
Employee.
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In the event a
former Employee whose service with the Company was terminated under
circumstances entitling him to a benefit pursuant to this Section V
is reemployed, such Employee will retain a non-forfeitable interest
in a benefit equal to the amount payable under this provision
attributable to such Employee’s first period of service (with
the calculation of any offsets determined in accordance with
established administrative practices and based upon assumptions in
effect as of such Employee’s first termination date). The
same principle shall apply in determining the non-forfeitable
interest hereunder of similarly-situated Employees with less than
25 years of Pension Qualification Service who, as a result of
Company action, attained a non-forfeitable interest in their
Supplementary Pension upon transfer to a successor employer and are
subsequently re-employed by the Company.
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Section
VI.
Survivor Benefits
If
a survivor benefit applies with respect to an Employee’s
Supplementary Pension pursuant to Section X below, his
Supplementary Pension shall be reduced in the same manner as the
pension payable under the GE Pension Plan is reduced under such
circumstances in accordance with the principles of Section IX of
the GE Pension Plan.
Section
VII.
Payments Upon
Death
If
an eligible Employee dies in active Service or following retirement
on a Supplementary Pension, or if a former Employee entitled to a
Supplementary Pension pursuant to Section V dies prior to such
retirement, (1) the principles of Section X of the GE Pension Plan
(disregarding any references therein to Employee contributions)
shall apply to determine whether a death benefit is payable to the
beneficiary or Surviving Spouse of such Employee under this
Supplementary Pension Plan, and (2) any such death benefit shall be
computed and paid in accordance with such principles, based on the
Supplementary Pension payab
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