Please check back for new and exciting news….
GE Annual Report–2019–CEO Letter to Shareowners; Full Annual Report 2019; 2019 10K Report
All links to files below–
Myths Around Social Security–Some Great Articles! Great Information!
By John Phelps, President–Solutions Group 2/17/2020
It’s NOT time to panic; but it is time to understand the real situation; and to support the needed changes to make Social Security and Medicare viable for the future. We, here at Solutions, try to keep our Members, apprised of all news (changes–improvements, legislation, threats, etc.) , to your retiree benefits–Corporate (GE) Healthcare, Corporate (GE) Pensions, Social Security & Medicare.
Sorry, it’s been crazy for me the past 5 months…I have been unable to keep up with all my Solutions Retiree Group work; with moving to Florida, then moving with the Condo Community I was in, and then moving again, to a more permanent living place. Hopefully, for a while, I’ll be settled, and be able to catch up some, and get back to writing articles and/or editorials here on my page! John Phelps–President–Solutions
So, let’s start off with this great, short video from USA News—
—————- More Info on Social Security———
Did Congress Really Raid Social Security?
Here’s the TRUTH about Social Security’s Trust Funds and Congress’ “stealing?” This is a very interesting, and informative section.
Want to blame something? Blame congressional inaction–another good section
See the Article from Motley Fool here–
In case you haven’t heard, America’s top social program isn’t on the best financial footing. According to the latest report from the Social Security Board of Trustees, Social Security is staring down a $13.9 trillion cash shortfall between 2035 and 2093, with the expectation that its $2.9 trillion in asset reserves will be completely exhausted in 15 years.
———-More Information about Social Security———-
What Changes are Being Proposed? Will Social Security be There For You?
Obviously, a “FIX” is needed; and it will probably be some sort of compromise between the 2 political parties (read below about some of the ideas)– John Phelps–President–Solutions; 2/17/2020
About 3 of 4 workers worry Social Security won’t be there for them when they’re ready to retire, according to a Transamerica survey. But that’s a dangerous fallacy, retirement experts say.
In fact, the Social Security system isn’t going broke. Because workers pay into Social Security with each paycheck, the program has a continuous stream of income.
“Social Security will go on and on forever as long as people continue to work,” Romig notes.
Yet the program’s spending is now exceeding income – due partly to millions of retiring baby boomers – which means the government is dipping into reserves to pay out benefits. Those reserves are slated to be depleted in 2035, the Social Security trustees said in its 2019 report.
But that does not mean Social Security will be gone by 2035. Instead, retirees at that point will see a 20% cut in their benefits, the trustees say.
That’s why politicians have proposed reforming Social Security. Fixes could include boosting the full retirement age – effectively, a cut to your benefits since you’d have fewer years to claim them – or raising the cap on payroll taxes, set at $137,700 for 2020.
See the Article from USAToday–
While campaigning for the presidency in 2016, Donald Trump repeatedly vowed that he wouldn’t touch Social Security. But as the 2020 general election nears, his administration is signaling changes that could undermine his pledge.
Simple/Quick Retiree Dependent Survey for October 23, 2019 Meeting with GE–
Survey CLOSED—Thank You to ALL that Participated!!
Conduct and analyze online research projects on your own with a survey or poll from SurveyMonkey. Check out our templates and types and get started for FREE.
Please Pass the Word–So we Can Get MANY Responses–PM, Email, Post, Share–Thank You!!
GE’s 3rd Quarter Financial Results & Company Highlights–Oct. 30, 2019
Audio, with Slides; and Q & A at the end.
Click the Image Below–
Update–7/11/2019— IUE-CWA shared online with its members this afternoon: “As we reported last night, the majority of individual IUE-GE members voted to approve the contract; however, our position is that the GE Conference Board Rules established in the IUE-CWA Merger Agreement is the controlling document, so the Per capita vote controls. A per capita vote means that if 50% plus one members voted “No” at any location, the entire local membership is recorded as having voted “No” and the same applies if 50% plus one voted “Yes.” The Per Capita vote results are 1,591 yes and 2,001 no, so the contract is hereby rejected.”
Whole Coverage–Retiree Rally Video, Newspaper Articles, PDF’s/Documents of the Tentative Agreement
GE-Unions Negotiations Overview–for 2019-2023 Tentative Contract
Ratification Vote Coming up–By July 9th to the 11th, 2019
From John Phelps–After May 8th, 2019–GE Annual Shareowners Meeting
It seems they tightened up security, and the meeting attendance was a little more restrictive this year, and even to get in…I had to do some maneuvers, but I was finally able to get an entrance ticket. Sad to say…I got very sick Tuesday night, May 7th, in Tarrytown, NY, and was unable to attend the GE Annual Shareowners Meeting. I left and came home Wednesday morning, May 8th. Melody did attend the Meeting…representing our Solutions Group. I felt really bad that I did not get a chance to express my/your views, concerns and issues.
So, what I decided to do…was to write to Larry Culp, the CEO and Chairman of the GE Board of Directors–to make sure your voices, your issues and concerns were expressed. By the way, I also emailed Jerry Carney, the CBC Chairman for the 2019-June Negotiations with GE–to make sure he knew our Retiree/Dependent concerns and issues also. Both Larry Culp, and Jerry Carney replied to my emails. Below you will find my talk/comments/presentation–via email–to both Larry & Jerry. In this current financial climate, we can ONLY hope that GE will listen to our concerns and issues, and make positive incremental changes as GE’s financial picture improves!
First–John Phelps Talk/Comments (Letter via Email) to Larry Culp & GE Board of Directors–
Larry responded that he will get back to me, by the end of this week.
Second–my email correspondence with Jerry Carney–CBC Chairman for Negotiations with GE–June 2019
Jerry responded to my/your Retiree/Dependent Healthcare concerns/issues on Friday, May 10, 2019
Wednesday, May 8, 2019–GE Annual Shareowner Meeting
Tarrytown, NY–at the Marriot Weschester
Starts at 10:00 AM
(You must sign in to watch/hear the Presentation–Link above)
GE 1st Quarter Investors Meeting–Financial Results & Company Highlights
April 30, 2019
“2019 will be a RESET Year”
“Corporate Headcount–Restructuring–Down 13,000 (from 26,000)–1300 leaving; 13,000 transferred to other businesses”
“Cox–VP HR–to Join Meeting in June–to talk on employee issues (i.e.-restructuring)”
Editorial–John Phelps-President-RAGEHCC Group Inc–4/30/2019
After todays’ 1st Quarter GE Investors Meeting–Financials & Company Highlights…I am really hoping GE can turn this business around. Today’s report was greeted with a guarded optimism, I feel, by Wall Street Analysts. Reality is–2019 is a “reset year;” there still will be a negative cash flow, and leverage concerns. Do not expect to see GE get it’s “head above water,” until at least 2021–and that is straight from GE. Turnaround signs are great; but consistent positive financials are the proof; and time will tell. What scares me the most…is this constant, seemingly redundant… what I call–“whack-a-mole” experiences; just when you think it is all going well, something else “pops up!” Let’s all hope those experiences are behind us!
Today…I saw something surprising, at the 1st Quarter 2019-Results Meeting…something I never saw asked before. It was this–a Wall Street Analyst actually asked a “people” (about GE employees) question. It went like this—
I really like this questions from an Investor–Scott Davis–Mellius Research– the ONLY people question asked—
“And just on that topic, really Larry, I mean, if you are a GE employee, you have gotten kicked around pretty hard the last couple of years, I mean, is there a sense of kind of a stability and excitement, are people still shopping their resumes and trying to get the hell out of there or what’s your sense of really the stability on the people side of the organization?”
Here is Culp’s vague, and I thought weak answer— “Scott, I suspect both dynamics are in play. Right, I get a chance to go down to Pensacola, one of our key renewable facilities here in the U.S. sent a little note out to the organization in terms of what I saw. The response I got was really encouraging in terms of just how many people appreciated not only the visit, but the observations and what it could mean more broadly, but we don’t take anybody for granted, we know we still have to make sure our value proposition for our team is as robust as the one we try to craft for investors. So, that too is a work in process.”My thoughts…I think the appropriate answer would have been –the employees (and retirees) are regarding all of this with cautious optimism; hoping for a turnaround that helps them also. We sure do feel we have been “kicked around pretty hard;” instead of taking things away…we hope that Culp sees us as a “value proposition,” and GE starts rewarding it’s employees and retirees again! I know everyone of you feels you have contributed, for years, to GE’s bottom line, and EARNED your benefits!I am also HOPING GE will talk directly to it’s employees, retirees and shareowners in a positive, encouraging and hopeful way this year at the GE Annual Shareowners Meeting, on May 8th, in Tarrytown, NY. They need to hear Culp’s–You ARE a “value proposition” to us; and will be fairly compensated, just as Executives are compensated!
Editorial–John Phelps President–RAGEHCC Group Inc–3/14/2019
“Headcount–Some Info; Benefits, Dividends–Both Missing from Todays Discussion/Report”
My Takeaways from Today’s Meeting:
Why is that that these critical issues (below) are not discussed, or even asked about by Investors/Analysts? Surely, they are part of GE’s financial picture, and discussion—especially when we are talking about “cost-cutting.”
Headcount–Power–cut 34%–12,000 employees, Headquarters headcounts cuts…you did address some of these cuts, to be fair. Are there more headcount cuts coming in other businesses?
Contract in June–will there be cuts, concessions asked for in Wages, Benefits, etc…ONLY 9600 Union Represented employees left in the US; 97,000 total US employees (globally–283,000 employees worldwide). Past history, and past experience definitely suggests…everything that affects represented employees, affects non-represented employees. So, are there any plans to cut wages/salaried and/or benefits?
Dividends–talk of an increase in chatter–March 5th–Culp at JP Morgan Conference–I believe you [Culp] said–“You want to see a day when you can increase dividends again.” We all know the dividend was cut from $0.12 cents a share to $0.01 a share. No talk today, or any questions…why? I know today you were talking specifically to Investors/Analysts; but aren’t we all (employees, retirees–all shareowners) part of this discussion, your forecasts? Does Management realize some employees, and more so– retirees, depend on the dividend pay-outs? Is there a timeframe for a possible increase of the dividend payouts?
There was mention of a future settlement on Pension obligations in the Alstrom Business…what is that number? How will that affect the Pension numbers, the Pension deficit–Globally? Not enough information, in my opinion, on the Pension deficit numbers and progress?
Analysts/Investors want to hear about forecasts, FCF–free cash flow, leverage, debt, etc…but ask nothing about the effect of all this– on employees, retirees, families and communities…why is that?? Aren’t we as much a casualty of previous management lack of governance, oversight and accountability. Surely, it has to be about more than just money…bottom line…there is always a human aspect of these decisions. Did the Management people that ran this business walk away with their compensation, while ours was chipped away? Will we ALL share in the benefits…if this flailing “ship gets righted financially?”
I suggested before, and do again, that you [Culp, Management] have an Online Meeting with employees and retirees, and address their concerns, and their future also? We know you are busy, but we are a big part of the discussion…we are shareowners also, and shouldn’t be left out of the discussion? You want to conciliate Analysts/Investors concerns; but you, in my opinion, also need to help your employees, retirees, families and our communities to feel secure and confident in on your future plans and your direction also. Please give us that dignity; many of us, absolutely feel, we have earned that right, after years of dedication, commitment and service to GE. Thank you.
GE Outlook–Report– Looking at 2019–Presented–3/14/2019
GE 4th Quarter Results-2018
Editorial–1/26/2019–John Phelps-President of RAGEHCC Group Inc. (“Solutions”)
As We Await the 4th Qtr Results of 2018-on January 31st; and We Prepare for the 2019 GE Annual Shareowners Meeting–April 24th…I wanted to share these thoughts with all of you…
“It Will Take Time & Patience!”
One of the reasons Flannery lost his job was because according to the GE Board said he wasn’t moving fast enough; but Flannery was being realistic…when he said…”it will take time to correct the financial situation”– to reverse the destruction left to him by his predecessor–the debt, the failed acquisitions, the total lack of transparency as evidenced by 2 SEC investigations and a DOJ Investigation (meaning were the numbers real?), the sales and spin-offs—all would take time. GE was/is a mess, and to think, even for a second, that was going to turn around in a year, was very unrealistic. So, in comes the new guy-Culp–the magician–the “outsider,” and he’s going to move “faster?” Let’s all get real…it’s going to be a bumpy road; it will continue to have it’s up and down’s, deals change—as evidenced recently (WABTEC & GE Transportation); GECAS (Aviation Servicing) and Apollo; Spinoffs–GE Healthcare & Baker Hughes–all of this takes time. Maybe I’m wrong…maybe 2019 will sky-rocket GE back into the “good graces” of analysts, banks, creditors and share-owners…maybe even the Dow; but what I hear, consistently, from many sources, is “caution,” and time will tell.
For sure, everybody wants GE to rebound, to succeed! But, I am also a realist…and I believe it is going to take time to rebuild the trust in GE; after 16 years of lies, deception, and a total lack of transparency. Yes, in 2019, GE should show definite signs of lower debt, better cash flow, well thought out asset sales and spin-offs–all capital measures to improve confidence.
But a REALISTIC Timeline, a Well Thought Out “Plan,” Patience, and Total Transparency (the truth) will be necessary.
Also this— You know…part of the equation in all this…is us Retirees & our Dependents. We show up at the Share-owners Meetings–we express our concerns. We are the largest contingent at the Share-owners Meetings–every year. Combined, I believe, we hold a large number of stocks, as a group (I believe there are–globally–660,000 of us). Of course, not as many shares as BIG executive and business stock holders have. But a big enough Group of Share-owners to have our voices heard, our concerns heard; we have even placed proxy’s (share-owner proposals) on the agenda for the Share-owners Meeting—a strategy that has resulted in positive changes for us Retirees/Dependents. Although this is a terrible time (the financial uncertainty) to put positive proposals, or possible gains, out there; we WILL be there again this year, and raise our/your concerns. Eventually, we will become part of the planning to rectify the past “mistreatment” of our Group; the Group that gave many, many years of service, dedication & commitment to making GE great. We will be recognized in fairness and equality with the Executives that get these big compensation packages, “golden parachutes’ (even when they allowed the business to fail). We have more years, more time at GE, than all of them combined. It needs to be “OUR TIME” to be fairly compensated!
Editorial–John Phelps–President of RAGEHCC Group Inc.—Now called “Solutions.”
A Non-Profit National Organization of Salaried & Hourly GE Retirees & Dependents.
The “3 Legged Stool” GE Promised Us! Or Was it a “5 Legged Stool?”
Today…I was talking with an old friend of mine, and fellow Retiree Rep. in talks and meetings with GE–Kevin Mahar. Kevin is the President of the Lynn, MA Retiree Group. It reminded me about an article I interviewed for with the Connecticut Post on November 30, 2018–https://www.ctpost.com/business/article/Many-GE-retirees-hit-hard-by-dividend-cuts-13435072.php .
Kevin had reminded me about the “3 Legged Stool” GE Promised to us Retirees and our Dependents. A promise we, and our dependents, truly felt we EARNED and deserved after years of dedication & commitment with GE!
Do you remember those talks by GE Benefits Rep’s over the years; before things started to change? What was the 3-Legged Stool? After being reminded by Kevin…I did remember it being talked about. The “3-Legged Stool” was the financial security we were promised when we retired—“You’ll never have to worry about being financial secure when you retiree because of 3 benefits—your 401K Savings, your Pension and your Social Security.” I would also add, at the time, it was also mentioned –“you will have Retiree & Dependent Supplemental Healthcare Plans; and you will receive “dividends” from your GE Stock investments. So, in reality, we were looking at a 5-Legged Stool; and a five-legged stool would certainly feel very secure, versus a 3-legged stool, wouldn’t it? Yeah, those were the days when we proud to be a GE Employee; it was a “status symbol” to be employed by GE, in those days—we bragged about it…didn’t we? We also supported the sale of many GE Household items that were sold, and we were proud to own them (remember, the discounts we used to get?). Yes sir—Good pay, great benefits and the promise of a very secure financial retirement plan!
Well…what happened? The “5 Legged Stool” has had it “legs” chopped off!
To Read the rest of this Editorial–Click/Open the PDF Below–
Many Fantastic Changes to our Formal Website–
1/14/2019…As you see…we are in the process of updating, and redesigning our GE Retiree Benefit Solutions website. We have shortened our Menu; we added a Not–so Golden Years Video Page. We added a new “Chat” button to the page..to talk to a RAGEHCC Officer (if available). We have changed and updated our Logo, and our domain name. We are working to simplify our website; to make it easier to use–easier to navigate–what they call–making it user-friendly. We have done the same with our GE Retiree Benefit Solutions Facebook page— https://www.facebook.com/groups/geretireebenefitsolutions/ . Expect to see more positive changes coming.
Response to GE’s 3rd Quarter-2018 Business Review:
Editorial By John Phelps—President-RAGEHCC Group, Inc.
Trying to stay positive…Culp has ONLY been on the job for 30 days as Chairman & CEO (but been on the Board for 1 year). I felt some of the presentation was vague; that GE stumbled in their responses. I also thought many of the Investors/Banks were not believing in the numbers around the Power Business, and had questions around the turn-around of this business…the timeline to achieve it? GE also seemed to say—the Baker Hughes separation would take longer (several years?) than expected; as well as the GE Healthcare separation (not definite when?).
2 Surprises–well–the first was expected–the dividend will be cut–to be announced in December 2018 (believe it was stated down to $0.01; a $3.9 Billion savings to GE—to help with Free Cash Flow–FCF); and second–the Power Business will be divided into 2 businesses— a unified Gas business combining GE’s gas product and services groups, and a second unit constituting the portfolio of GE Power’s other assets including Steam, Grid Solutions, Nuclear, and Power Conversion; HQ’s reduced dramatically and become a direct report to Culp.
In responding to “misperceptions about the Business as a whole”–Culp presented a positive outlook–stating “there are good things going on, with good people, and a good team; they been through a lot this past several years!” I hate to say this, but he’s right–they have been through a lot, with the mismanagement of Jeff Immelt; Culp said he will “do his own due diligence,” but I believe the DOJ investigation may resolve this once and for all (as some investor firms have said—possible criminal charges). Culp said we must have “realistic expectations, accountability & transparency.” I hope so!
Hopefully…no more surprises—it was responded to, but vaguely–the WMJ Mortgage & Life Insurance issues, the Power Business SEC investigation, a new, wider DOJ investigation (possible criminal charges)...but no possible or projected, liability or debt numbers, were given!
And finally, many Investment Firms/Banks wished Larry Culp “well wishes,” and stated–“you have a lot to fix/correct.” We, at RAGEHCC, wish him well also, and really hope he can turn this Business around! It is a “scary time” for us all.
One last thought—RAGEHCC Group, Inc. believes it would be nice if Larry Culp would have an Employee & Retiree Meeting at least twice a year–online and/or by telephone– to ALLOW US to ASK QUESTIONS…we have a “Lifetime of Investment in this Company.” How about it…Larry???
GE 3rd Quarter–2018 Results
Watch Now–> Audio & Slides
All The 2018 GE Annual Shareowners Meeting Information, Files, Etc.
April 25, 2018–in Imperial, PA
All links and/or files for 2018 GE Annual Shareowners Meeting— https://www.ge.com/investor-relations/events-reports — “Watch Now,” Download Presentation, Download Transcript (written document of Meeting); Download Audio of the Meeting—MP3 File, Download Voting Results. ALL these options are on the left side of the page (scroll down a little to “Recent Events & Presentations” section).
“Watch Now”- Audio Online— https://edge.media-server.com/m6/p/ozkze3kh
Download Presentation (PDF file)— https://www.ge.com/investor-relations/sites/default/files/Shareowners_presentation_042518_1_0.pdf
Download Audio (MP3 File)— https://www.ge.com/investor-relations/sites/default/files/2018%20Annual%20Meeting%20of%20Shareowners_0.mp3
Download Transcript (written—can read—PDF file )— https://www.ge.com/investor-relations/sites/default/files/GE-USQ_Transcript_2018-04-25.pdf
Download Proxy Voting Results (PDF)— https://www.ge.com/investor-relations/sites/default/files/2018_Annual_Meeting_Results_042518_0.pdf
“The Retirement Heist”–by Ellen Schultz–Watch the Video Below
Relevant Today to GE Retiree Healthcare & GE Pension Uncertainties
Ellen E. Schultz is an investigative reporter for The Wall Street Journal, who has covered the so-called retirement crisis for more than a decade. Her reporting has led to Congressional hearings, proposed legislation, and investigations by the Treasury and the GAO.
Schultz has won dozens of journalism awards for economics, financial, and investigative reporting, including three Polk Awards, two Loeb awards, and a National Press Club award. In 2003, Schultz was part of a team of Wall Street Journal reports awarded the Pulitzer Prize, for articles on corporate scandals. She lives in New York City.
Her Book can be found here— http://www.retirementheist.com/ ; Much is said about GE in this book.
Ellen Schultz argued that many large employers have plundered employee pension plans over the past decades and detailed some of their tactics…. read more Ellen Schultz argued that many large employers have plundered employee pension plans over the past decades and detailed some of their tactics.
GE Executive Pension Compensation–SEC-2018
7 GE Executives Present Value of Accumulated Benefits in Supplementary Pension Plan $235,993, 367
Unfunded Supplementary Pension Plans for Executives are a total drain on GE’s bottom line; according to Ellen–this is the reason GE and other Companies, cut Retiree Benefits; for GE–they cut Retiree Healthcare ($4.7 Billion), and cut Pensions for all new GE hires (when Immelt HAD a $17.4 Billion SURPLUS when he took over—where did it go???). Do you think this contributed to the $31 Billion deficit in the Pension Plans??? The money had to come “from somewhere” to pay (fund) these Executives Pensions?!?! “The Retirement Heist” at GE!!
DON’T be naive…they will do whatever they have to (move money, accounting tricks) to pay themselves (Executive Salaries & Benefits; and some of these people are ONLY GE Board of Directors members, NOT full time GE people…wow) and NOT affect the bottom line of GE. And guess who foots the bill?? Wash my back, and I will wash yours; while the rest us get the scraps and/or nothing! Do you NOW AGREE–Retirees/Dependents are an “Expendable Liability!”
John Phelps–President–RAGEHCC Group Inc.
The MESS at GE Today-2018
Financial Issues GE has or is Facing: Creating Concerns for All of Us
In 2009, the SEC charged GE with accounting fraud, alleging the company used “overly aggressive accounting” to make false and misleading statements to investors. GE paid $50 million to settle the charges. It neither admitted nor denied wrongdoing. However, on four separate occasions in 2002 and 2003, high-level GE accounting executives or other finance personnel approved accounting that was not in compliance with Generally Accepted Accounting Principles (GAAP). In one instance, the improper accounting allowed GE to avoid missing analysts’ final consensus EPS expectations. Those violations are listed in the Litigation below—3:09 CV 1325.
SEC Charges— U.S. SECURITIES AND EXCHANGE COMMISSION; Litigation Release No. 21166 / August 4, 2009; Accounting and Auditing Enforcement Release No. 3029 / August 4, 2009; Securities and Exchange Commission v. General Electric Company, 3:09 CV 1235 (RNC) (D. Conn.)
GE, right now, today-in 2018, is once again being investigated by the SEC about its Accounting & Reporting practices. The Securities and Exchange Commission is looking at GE’s accounting practices in 2 areas—one, related to a review of a GE insurance business (NALH), and two, the SEC is looking into “revenue recognition and controls for long-term service agreements” in the power-equipment unit.
We also know GE faces other legal troubles in its lending unit. GE Capital’s discontinued subprime mortgage business, known as WMC, is under investigation from the Justice Department. The government is probing WMC’s pre-crisis sale of subprime loans. According to CFO Miller—this will cost GE another $400,000,000.
Concurrently, an appeal of the Hourly Lawsuit over GE Changes to Retiree Healthcare is awaiting a decision—what does this cost, versus resolution of differences?
There are 3 or 4 Lawsuits over GE’s Mismanagement of it’s 401K Plan.
The dividend that most of us rely on has been cut in half! Dividend cuts are usually followed by Stock Buybacks, which only benefit the corporation and the top shareowners, not the little guy. GE bought back 14.8 % of it’s stock in 2016 & 2017; more than the total of the previous 8 years!
And of course, there is the Pension Deficit–$20 Billion in the USA—that has every Retiree/Dependent very concerned.
As the result of all this current negative publicity; and the loss of trust, believe and faith in GE; and because of GE’s improper financial accounting and reporting practices over this time period; GE has been forced to look at cost cuts that will definitely affect employees, retirees/dependents, and communities. As GE considers cost cuts…we honestly feel Retirees have become a targeted audience; and because we no longer add to the bottom line, we seem to have become expendable liabilities. We strongly oppose any further Retiree Benefit cuts that will have a very detrimental effect on our Retiree lifestyles, and hope this practice will STOP!
“Total compensation for GE’s top 5 executives almost equaled the cost of health and life insurance benefits for RETIREES in 2016.” That 5 top GE Executives–getting $102M in pay, whereas 150,000 Retirees/Dependents got $122M for Retiree Benefits–Healthcare & Life. and we all REMEMBER how much GE saved by eliminating Retiree Healthcare–right– 4.7 Billion!!
“Immelt exited with millions, whereas rank-and-file employees have tolerated a number of benefit reductions and policy changes that made GE’s finances look better, often at their expense. And they aren’t happy about it.” Another– “The turnaround CEO John Flannery is attempting will be challenging and relies on buy-in from employees [and Retirees]. Culture matters; morale matters.” Quotes from Bloomberg Article
Retirees, as well as active employees, AREN’T HAPPY ABOUT IT!!!!! GET MAD–Make YOUR VOICES Heard!!
This Petition should be SIGNED by EVERY active employee & Retiree/Dependent–Telling GE—ENOUGH–STOP taking out your financial mismanagement & illegal accounting, and pay disparity, on us!!
Is this ENOUGH–to Get You to Sign Our PETITION–Are you MAD Enough Yet?
Ready to Stand Up & Be Heard?
Post, Share, Email–to everyone–Let’s go GE Viral!! Get the word out!!
Sign the Petition!! (Petition is Closed)
New RAGEHCC Organizational Chart–1/20/2018
General Membership Meetings–February 22, 2018–11:00 AM & 6:00 PM
RAGEHCC Invites You to a General Membership Meeting—
February 22, 2018 at 11:00 AM (EST)–Morning Meeting––1st of two meetings that day.
Meeting ID: 753 497 358
To REGISTER for this Meeting–Go Here–> https://ragehcc.org/…/general-membership-meeting-feb-22nd-…/
To Join the Meeting Online on Feb 22nd–from PC, Mac, Linux, iOS or Android: Go Here– https://zoom.us/j/753497358
Or iPhone one-tap :
US: +14086380968,,753497358## or +16468769923,,753497358##
Or to Call by Telephone:
Dial(for higher quality, dial a number based on your current location):
US: +1 408 638 0968 or +1 646 876 9923 or +1 669 900 6833
Meeting ID: 753 497 358
RAGEHCC Executive Board
RAGEHCC General Membership Meeting—Early Evening Meeting
February 22, 2018– Evening–6:00 PM
Meeting ID: 944 653 564
To REGISTER for this Meeting–Go Here–> https://ragehcc.org/…/general-membership-meeting-feb-22nd-…/
To Join ONLINE–from PC, Mac, Linux, iOS or Android: Go Here(link)– https://zoom.us/j/944653564
Or iPhone one-tap :
US: +16699006833,,944653564## or +14086380968,,944653564##
Or to Call by Telephone:
Dial(for higher quality, dial a number based on your current location):
US: +1 669 900 6833 or +1 408 638 0968 or +1 646 876 9923
Meeting ID: 944 653 564
RAGEHCC Executive Board
Form Letter to Send to Your Elected Officials–Federal, State & Local
This Letter is to ask your Elected Official to ask for an Official Investigation into GE’s Financial Mismanagement & Lack of Fiduciary Oversight
Form Letter to Elected Officials <– Copy/Download
Go here to–> Find Your Federal, State and Local Elected Officials
Membership Participation Survey–Posted 1/28/2018
IMPORTANT—Membership Participation Survey– Do it Today! PLEASE Post, Share, Email this Survey to Every Retiree/Dependent you know; on your pages; other Facebook pages.
Go here–> https://www.surveymonkey.com/r/SX3N2BB
PLEASE take the 5-10 minutes it will take to complete this Survey.
Conduct and analyze online research projects on your own with a survey or poll from SurveyMonkey. Check out our templates and types and get started for FREE.
A GREAT New Tool for Assistance for ALL our Retirees/Dependents:
NOTE: You May have to be Income Qualified
Sponsored by the National Council on Aging (NCOA)
Topics/Areas Covered—Medications, Healthcare, Income Assistance, Food & Nutrition, Housing & Utilities, Tax Relief, Veteran, Employment, Senior Discounts & more. To look by your State, Go here– https://www.benefitscheckup.org/resources/
EDITORIAL By John Phelps–President of RAGEHCC Group, Inc.
Using John Flannery’s Words- I am “Deeply Disappointed and Surprised” Over This…
BUT…I have to say I am beginning to NOT be surprised, at this point! The constant “Drip-Drip-Drip” of these actions and announcements paints a very bad picture of GE, and Financial Management (or should I say–Financial MIS-Management)! I HAVE TO SAY THIS– This constant “drip-drip-drip” of Financial Mismanagement and Liability –starting with our Retiree HC cuts (4.7 Bilion), to the Pension deficit ($31 Bilion), the 401 K claims of financial mismanagement (Lawsuits), to Dividend cuts (half what it used to be), to now this Insurance deficit ($15 Billion)–really makes you wonder about GE’s Accounting and Bookkeeping Management of their Financial Assets (KPMG and the Assets Group of GE watching over all this)!
Next…ONLY Big Banks & Investment Firms were allowed to ask questions–had the telephone number; nice, right–the little people had NO access to ask questions. Many asked about the Accounting/Auditing Firm–KPMG–asking how could there be such a DRASTIC change and liability in one years time. I, certainly, question this also!!
Also, to say this will NOT affect the other Core GE Businesses…really…how can it NOT affect them, when the dividends GE Capital paid to the total GE bottom line, are suspended, and now it has to pay a $15 Billion deficit. Jeez…I am not an accounting guru, but I believe 2+2 still equals 4, does it not? It has to affect all the business!
I will be posting the webcast, and documentation soon–take a look at it.
If you are a Shareowner, you need to ask questions, and show up at this years Shareowners Meeting (to be announced yet…we will publish it, when we have it)
GE Slideshow Presentation— GE presentation insurance 011618
Webcast Audio — https://edge.media-server.com/m6/p/gja6xtbz (You have to Register to watch and listen to the Webcast) Go, and Listen.
This was caught by the Kansas Insurance Regulators. it is about their NALH Reinsurer (North American Life and Health–part of GE Capital); which handles–Long Term Care (nursing homes, home healthcare, etc.; Structured Settlement Annuities–claims by plaintiffs; and Life Reinsurance–claims paid on the death of policy holder–in other words–death benefits.
DRIP-DRIP-DRIP—what’s next? I am stating this again–all this liability, these deficits, and accounting…NEEDS to BE INVESTIGATED, by DOJ, and/or the States Attorney Generals!
And how will this impact Retirees and Dependents…don’t you wonder??? Are we becoming the “targeted audience” to recoup liabilities; are we going to sit down, and watch this happen–let GE get away with us being “expendable liabilities?”
PLEASE Share this far and wide–Post (ALL the other GE FB sites, & Union sites), Share, Email, everywhere…get the word out.
Update–January 2018-From John Phelps–President–RAGEHCC
Hi everyone…hope your Holidays went well. I haven’t been posting much to our formal RAGEHCC website because I have been in “computer hell” this past couple of months–many problems/issues with my computer–Microsoft Windows 10, Microsoft Outlook 365, and my ISP–Spectrum (formerly Time-Warner Internet). Then, to top it all off, after all those problems/issues–my hard drive on my computer crashed. It took weeks to get everything back to where it was. So obviously, I have fallen far behind on our RAGEHCC goals, initiatives and strategies.
Let me update all of you on our Main Goals for 2018:
- Our Number One Goal is to grow our Membership–we have tried and will continue to try many strategies to do that; but the number one way you can help is by spreading the word–word of mouth, by our Members is the best advertisement. So please–post, share, email and talk to other Retirees/dependents.
- Obviously, for us to continue, we need your financial help–all of your Board of Directors are volunteers; we work to keep costs at the lowest possible level, but we do have expenses. Please make your 2018 dues and/or donation here– https://ragehcc.org/fundraising/
- Senior65 is the Healthcare Organization we have endorsed for our Members–for Medicare, Part D, and Medicare Advantage Plans. NOW, they are offering Dental & Vision Plans. Go here–take a look– https://www.senior65.com/options (scroll to the bottom of the page for Dental & Vision options).
- We will continue to offer Benefits Solutions, and Benefits Advocacy to/for our Members; but, we are also still an Activism Group–we fight to protect your Retiree Healthcare, Retiree Pensions, Social Security & Medicare Benefits–using many tools and in many arenas.
- Soon…we are planning a General Membership Meeting–all our Members will be invited–we have to determine IF you want to continue, and are willing to be involved, and if you will support us?? The sad fact-of-the matter is– we have 1553 Facebook RAGEHCC Members (about 200 participate); we have 540 Members at our formal RAGEHCC Website (https://RAGEHCC.org), and ONLY 166 have made contributions to help us keep going. Very simply…this is unsustainable!
- We hope to make our formal RAGEHCC website the number 1 means to communicate; therefore, we have heard your input, and will try to simplify, and make the website better–more “user-friendly.” Then, we will ask all our Facebook Members to migrate to the formal RAGEHCC website.
- So…it is up to you…whether RAGEHCC continues…we are 2 years old, in our infancy, but in order to be effective with any of our goals and initiatives, we need YOU to be engaged and involved. When the General Membership Meeting is announced–Plan On Attending. If we don’t get a good response, and if our members aren’t willing to support us; then we are going to have to make some tough decisions about our future. Please REREAD the Post below this–“As 2017 Draws to a Close.”
We have tried to be your VOICE with GE Global, GE HR, at the Shareowners Annual Meeting, at the National Meeting of Retiree Reps & GE, and through many other means/avenues; we have tried to offer you Solutions & Advocacy; but honestly, without your support, and growth, we cannot continue…It’s ALL UP TO YOU!
Updates: As 2017 Draws to a Close
- Come on everyone…help us at RAGEHCC to make 2018 even more effective–we are the ONLY organization recognized to act on your behalf by GE Global Benefits (i.e.–Benefits Advocacy–Melody Jackson)–for ALL GE Retirees/Dependents–Salaried & Hourly! HELP Us to HELP You
- Please send in your Dues/Donations for 2018–Go Here Today–> https://ragehcc.org/fundraising/
- ONLY 3 Days left in this years Medicare Open Enrollment–if you haven’t called Senior65 to discuss your options/choices– Please do so today– Go here to get a quote– https://www.senior65.com/options, OR call— 1-800-930-7956
- Continue to check our Benefits Solutions page–for Prescription, Dental, Vision, Wellness & Medicare Plans we have endorsed– https://ragehcc.org/benefit-plans-offerings-for-ragehcc-members/
- Help us to reach out to all our GE Retirees/Dependents—Post, Share & Email your fellow Retirees/Dependents–Give them this link to our formal RAGEHCC website–> https://ragehcc.org/ ; Ask them to Register/Join our organization–> https://ragehcc.org/registration/ !
- OPEN your emails from RAGEHCC—Many important updates, Newsletters & other information are sent, at least monthly. Make sure your emails from RAGEHCC aren’t going in your spam folder!
- We are always looking for help…we are a volunteer organization..no one gets paid; get involved–volunteer to help us—email one of the Officers to help out…every little bit helps–this is YOUR Solutions based organization–Go here to see our Organizational Structure & to get the Officers emails–>https://ragehcc.org/membership-info/
- Coming in January/February—we will have a General Membership Meeting—audio/video/telephone conference–please plan to attend, and hear about RAGEHCC & everything we are doing on your behalf. We are only as strong as our Membership involvement!
RAGEHCC Latest Newsletters from Melody Jackson–Communications Director
Communications RAGEHCC Newsletter–October-16-17–Volime 9 — By Melody Jackson–Communication Director–Another Important Newsletter on RRA Utilization– Anyone that is on Advantage Plans!! If you aren’t using all your RRA, check into vision and dental coverage, and use it there!
Communications Solutions Newsletter-October 1, 2017–Volume 8 — By Melody Jackson–Communications Director–Very IMPORTANT INFORMATION–Retiree Reimbursement Account and GE Pharmacy Assistance Fund —Excerpts from the “Plan”
RAGEHCC is Proud to Announce:
We have chosen Senior65.com to help our Retirees/Dependents with their Medicare, Medigap (Supplemental Healthcare), and Part D Plan choices; they will also help you to choose a Medicare Advantage Plan—if interested.
NOTE: You do NOT have to take both parts through One Exchange; no matter what they tell you! 2nd…You are ELIGIBLE for Medicare Advantage Plans, and STILL GET the RRA!
Direct Phone Line–For GE Retirees/Dependents–1-800-930-7956, X 6
Call, or Go Online, for Your Quote Today!
Click the picture to go to the Senior65 Website–
2018 RAGEHCC Fundraising Drive Starts Today—9/5/2017
Hi Folks….today, we are starting our 2018 Fundraising—Dues/Donations— Drive
RAGEHCC has expenses and we need every Member (that can) to send in their Dues–$25.00 per Member, per year; and/or a Donation (if you can afford too). We. Also, would appreciate any Groups, Chapters, Associations and Locals making a donation to RAGEHCC ( a number of Groups/ Locals/Individuals have supported us, and we appreciate your Donations & THANK YOU!).
ALL RAGEHCC Officers & Executive Board Members work forFREE…we are Volunteers. We have given much of our time, and more than our share of money to support RAGEHCC.
Melody Jackson–Benefits Advocate and John Phelps-President travel to be your VOICE at the GE Shareowners Meeting, at the National Meeting of Retiree Reps & GE Global Benefits & HR; and to many Local (geographical areas)—Plants, Groups, Chapters/Associations, Locals, and to other Retiree Events; to get the word out about RAGEHCC; this costs us personally. Where we can…obviously, we try, as best as possible, to minimize our personal costs. It is TIME for our Members to step-up, and support us financially; in particular…for our Travel Expenses—it is NOT fair that we personally pay for these expenses. We certainly hope you see the “benefits” of work and effort:
Benefits of RAGEHCC Membership: SOLUTIONS—To Help Make Your Lives Better
Communications—Newsletters, Emails, Websites—Posts;
Benefits Advocacy—Help with Benefits Issues—with GE Global Benefits & One Exchange;
Benefit Plans—RAGEHCC will offer Prescription, Dental, Vision, Medical Plans
Rally’s/Events; Letter/Email Campaigns; Petitions; Surveys—Data Analysis; A Formal Website with Many Communication Functions/Tools; and Other Initiatives & Strategies—
We will continue to push for for an increased, fair RRA amount; we will advocate for better Customer Service from VIA Benefits (or they must go!); we will push for more, and better healthcare provider choices—and as you see, we have put our own Plans in place to help our Retirees/Dependents
The “fight” is NOT over just because the Lawsuits have been dismissed! We will continue to be your advocates for BETTER Retiree Healthcare! You EARNED that Right!
We will continue to grow our Membership—we have 150,000 Retirees presently; with a projected future addition of 100,000 Retirees/Dependents. All growth mean increased Revenues, therefore many effective Initiative & Strategies to make our Voices Heard!
We will continue to advocate for, & try to protect— all your Retiree Benefits—Corporate Retiree Healthcare, Corporate Pensions, Social Security & Medicare.
To Donate by Personal Check— Send your Check to Connie Vick–PO Box 521, Winfield, KS 67156; Make out the Check to– Connie Vick-Treasurer; Mark the Memo Line–For RAGEHCC Dues
NOTE: If You CANNOT Make a Donation Because of Financial Hardship— Please Let Us Know—NO ONE Will be Denied Membership Because of Financial Hardship!
Dan Gallo– CoupleWise & Money Mastery — Ancillary/Wellness Programs
CoupleWise is the world’s first digital health & wellness app designed to improve your most important relationships. Period. The research is clear: healthy relationships extend your life, unhealthy ones shorten it. Start healing yours today.
Money Mastery: We all know money troubles put incredible strain on our marriage, our friendships, and our mental health. For over 20 years Money Mastery has guided families just like yours safely out of debt and into comfortable retirements. All in one easy-to-use, step-by-step online program.
Both Wellness Programs for $6.00/Month (Discounted 75% for RAGEHCC Members)–Family Members & Friends also invited to use these programs.
Go Here for More Information–> RAGEHCC CoupleWise & Money Mastery Page
Hourly Lawsuit Update– 8-3-2017
Judge Benita Y Pearson–Case-4-15-CV-02301-Hourly–Doc 62–7-28-2017– Final Decision & Order
UNITED STATES DISTRICT COURT–NORTHERN DISTRICT OF OHIO–EASTERN DIVISION
SEE the HOURLY Lawsuit Page–for the Documents of 7/28/2017 Court Ruling.
REMEMBER–You have to be Registered (Join) RAGEHCC to see the Legal Updates— Go Here–>http://ragehcc.org/registration/
A NEW Benefit Plan for the Families of our GE Retirees/Dependents
Premier Elder Solutions–Check it out; Watch the Video.
Premier Elder Solutions, LLC (PES) was created to provide families a social aggregation tool that helps manage the complexities of elder support services and their associated administrative, social and clinical experiences. Our goal is to help families get through difficult elder and aging life experiences and provide ways to easily document and share information, find solutions and be fully prepared for supporting their elders as they age. We are a HIPAA compliant, fully secured web based business that exists to help family leads, whom often are also referred to as caregivers, as they attend to the various support needs to ensure an enhanced quality of life for elder family members. We provide a place to create, store and share a plan for their loved ones.
GE 2017 Annual Shareowners Meeting–Audio & Written Transcript
Our Retirees, once again, took over the meeting after the presentation by Jeff Immelt, and the Shareowners Proposals.. Bill Freeda, Kevin Mahar, Melody Jackson, Dennis Rocheleau, Karl Asmus, Mary Ellen Flowers, Ron Flowers, and Jack Richards, and an Unidentified last Retiree.
Jeff Immelt Closing Statement–
Thank you very much, thank you. Look, I’d like to thank the people of Asheville for hosting the meeting today. It’s really been great.
I think before we leave here today, we’ve had lots of good discussions with our retirees. I respect them and everything they’ve done. I want to say, thanks. I’d like everybody though just today to look over there. I’d like everybody to see that’s what GE is about: a high-tech global leader with $320 billion of backlog, a company that’s moving with a great team around the world, a company that creates great American jobs — the United States’ second biggest exporter, a company that’s returning cash back to investors and a company that’s winning in the marketplace every day.
This week, this company turns 125 years old. This week. That’s a fantastic achievement for all of us in this room, and before you leave here today,
I want everybody to just know this is an amazing company and an amazing team. We honor our retirees, but we look forward to the next 100 years.
Thank you for coming. It’s great to be with you.
Statement from John Phelps–President RAGEHCC— Other than our Annual Meeting with GE Global Benefits, once a year…GE (Immelt & the Board of Directors) has had NO discussions with Retiree Reps from across the country; nor have they once asked or discussed the Resolution of the Lawsuits. I ask you–is that the “RESPECT” and “HONORing” of our Retirees? Retirees that gave a large portion of their lives to GE, and truly felt they earned their Retiree Healthcare Benefits. The sad fact of the matter…as was stated by one of our Speakers is this…MANY will be DEAD by the time GE does the right thing (integrity, fairness, justice); nor have GE’s Executives had any meaningful discussions with Salaried & Hourly Representatives to try to ameliorate the pain and suffering they have inflicted on our Retirees & their Dependents. It is SHAMEFUL!!!
Here is the Audio & Written Transcript of the 2017 GE Annual Shareowners Meeting–held in Asheville, NC, on April 26, 2017
Written Transcript of 2017 GE Annual Shareowners Meeting–
2017 GE Shareowners Meeting_Transcript <– Download Here
(Read the GREAT Presentations of our Retirees Speakers)
The RAGEHCC Executive Board has Approved…
The following 2 Groups to Offer…
Benefit Plans to Our Retirees & Their Dependents–
Here is the first Company we have approved to make Benefit Offerings to Our RAGEHCC Retirees/Dependents…
The following Benefit Plans are being offered through Lee Gerber & the Morgan White Group…
Prescription, Dental, Vision, Teledoc, and eventually Medicare Supplemental Healthcare Plans (Open Enrollment isn’t until fall)
Benefit Plan Offerings–Group 1<– Click Here
NOTE: This SECTION is still being developed–More Coming Soon…
From Nanci King & the Agentras Benefits Group–Page One
Here is the second Company we have approved to make Benefit Offerings to Our RAGEHCC Retirees/Dependents…
The following Benefit Plans are being offered through Nanci King & the Agentras Benefits Group…
Prescription, Dental, Vision, My HealthPass –with Prescription Valet, Teledoc, Financial Medical Bills Advocacy, Finding the best price for Elective Surgery Help, Wellness Coaching.
Benefit Plan Offerings–Group 2 <– Click Here
(Page One of Five)
NEW Rx Help Center Video
Here’s a NEW Video from RX Help Centers…Please Watch it
And then go here to our RAGEHCC Rx Help Centers Website–>> http://www.rxhelpcentersragehcc.com/