Lump sum: Employees with 15 or more years of service receive a lump-sum severance payment equal to

Lump sum: Employees with 15 or more years of service receive a lump-sum severance payment equal to two weeks of pay for each year of service. Employees with one to 14 years of service receive one and one-half weeks of pay for each year of service calculated on the same basis.

Early retirement: Employees between ages 55 and 59 with 25 or more years of service may elect early retirement with full benefits instead of severance. Benefits include full pension earned as of the date of the plant closing. In addition, supplements of $17 a month for every year of pension benefit service, plus $375 per month, are paid to the age when an employee is eligible to begin receiving 80 percent of his Social Security benefit. Benefits for those retiring under this option are the same as those available to long-service employees who retire at age 60.

Special supplement benefit: Provides between $13,500 to $18,000 to employees under age 60 with 25 or more years of service who are not eligible to retire. The $375-a-month supplement is paid from age 60 to the age at which the individual is eligible for 80 percent of his or her Social Security benefit.

Accelerated pension: Provides employees under age 50 with 25 or more years of service and who are not eligible to retire with an option to begin receiving pension payments as early as age 55 at a reduced level.

Source: General Electric