GE changes retiree health insurance plans - KLTV.com-Tyler, Longview, Jacksonville, Texas | ETX News

GE changes retiree health insurance plans

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General Electric salaried retirees know some of their benefits may not benefit them in a few years when GE moves them off its health plan. General Electric salaried retirees know some of their benefits may not benefit them in a few years when GE moves them off its health plan.

LOUISVILLE, KY (WAVE) - General Electric salaried retirees know some of their benefits may not benefit them in a few years when GE moves them off its health plan.

Hourly workers are not affected, but union reps aren't holding their breath. "Our contract runs until June 2015, so do I think it'll impact us come contract time? I do," IUE-CWA Local 761 President Jerry Carney said.

General Electric will close its retiree plan to new salaried retirees beginning January 2015. The implications mean workers who spent decades planning to have health insurance benefits may have to find new plans.

GE released the following statement regarding health insurance changes:

"We continuously assess our benefit programs to strike a balance among employees, retirees, investors, and our ability to compete. The changes we made to our post-65 retiree health coverage are consistent with national trends in employer-sponsored retiree health plans."

While health care coverage hasn't affected union/hourly employees, Local 761's president said it's imminent.

"I do think it will impact us. I think it's a shame General Electric is sitting on $60 billion dollars and it continues to take from the employees who are the ones that make the company," Carney said.

GE Appliance Park employs about 5,000 people which is down from a peak of nearly 23,000 in the early 1970's.

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