Joseph Armijo sent a message to Jeffrey Immelt that said:
Dear Mr. Culp,
The following is a request I am making fro GE management to address a serious financial problem facing many GE retirees as the result of the corona virus pandemic.
The corona virus has disrupted the very healthy U.S. economy and caused a disastrous drop in in the value of securities in retiree deferred IC accounts. This situation is not a normal market fluctuation that the plan could have taken into account. I believe that GE management has the responsibility and the right to modify the plan to offer retirees the option to receive or defer their annual deferred IC payout in view of the pandemic and its effect on the value of their deferred investments. For GE to proceed with disbursements on schedule as if nothing has happened is inconsistent with the many actions taken by our government to reduce the financial damage to U.S. citizens. For example, mandatory distributions from IRAs have been deferred to next year. In this extraordinary situation, I believe that GE management has moral and fiduciary responsibility to do the same.
I am requesting the opportunity to speak with senior management in Executive Compensation as soon as possible to discuss this matter. The automated phone system cannot resolve this problem. Please provide a phone number (not the automated inquiry center number) that I can call as soon as possible. If this is not possible, I can be reached at my home phone number which you have on record. Thank you.
J.S. Armijo
