form11k2013.htm
 
 

 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
 
þ       Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
 
For the fiscal year ended December 31, 2013
 
OR
 
¨       Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
 
For the transition period from ___to ___
 
Commission file number 001-00035
 
A.       Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
GE RETIREMENT SAVINGS PLAN
 (formerly GE Savings and Security Program)
 
B.       Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
General Electric Company
3135 Easton Turnpike
Fairfield, Connecticut 06828-0001
















 
 
 
 


 
 

 
 
GE RETIREMENT SAVINGS PLAN
 
(formerly GE Savings and Security Program)
 
December 31, 2013 and 2012
 
Table of Contents
 
 
 
 
Page
Number(s)
   
Report of Independent Registered Public Accounting Firm
3
 
Financial Statements:
Statements of Net Assets Available for Plan Benefits
as of December 31, 2013 and 2012
 
 
4
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 2013 and 2012
5
   
Notes to Financial Statements
6 - 17
   
Supplemental Schedule: (i)
  
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
as of December 31, 2013
18 - 22
   
Exhibits:   
        23    Consent of Independent Registered Public Accounting Firm   
     
     
     
     
     
     
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
(i) Schedules required by Form 5500 that are not applicable have not been included.
 

 
- 2 -
 
 

 
 
 
 
 
 
Report of Independent Registered Public Accounting Firm
 
 
 
General Electric Company, as Administrator
       GE Retirement Savings Plan (formerly GE Savings and Security Program):
 
 
We have audited the accompanying statements of net assets available for plan benefits of the GE Retirement Savings Plan (formerly GE Savings and Security Program) (the Plan) as of December 31, 2013 and 2012, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2013 and 2012, and the changes in net assets available for plan benefits for the years then ended in conformity with U.S. generally accepted accounting principles.
 
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule H, line 4i – schedule of assets (held at end of year) as of December 31, 2013 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
 

/s/ KPMG LLP                                             
June 20, 2014
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 

 
- 3 -
 
 

GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Statements of Net Assets Available for Plan Benefits
 
December 31, 2013 and 2012
 
(in thousands)
 
 
 
  
 
    
 
  
 
  
2013
    
2012
  
   
 
        
Assets:
  
 
        
 
  
 
    
 
  
Investments at fair value (notes 3 and 4)
   $ 26,880,579     $ 21,785,877  
Notes receivable from participants
     426,859       405,249  
Employer contribution receivable
     3,491       2,113  
Accrued dividends and interest
     91,038       81,503  
Other assets
     61,553       34,391  
     Total assets
     27,463,520       22,309,133  
 
                
 
                
Liabilities:
                
 
                
Other liabilities
     82,668       21,846  
    Total liabilities
     82,668       21,846  
 
                
Net assets available for plan benefits
   $ 27,380,852     $ 22,287,287  
 
                
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.

 
- 4 -
 
 

GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Statements of Changes in Net Assets Available for Plan Benefits
 
Years Ended December 31, 2013 and 2012
 
(in thousands)
 
 
 
 
 
  
2013
    
2012
  
   
 
        
Additions to net assets attributed to:
  
 
        
    Investment income:
  
 
    
 
  
        Net appreciation in fair value of investments (note 3)
   $ 4,710,034     $ 2,299,333  
        Interest and dividend income:
                
            General Electric Company Common Stock
     323,134       300,510  
            Registered investment companies
     535,156       264,715  
            Other investments
     8,784       12,287  
 
     5,577,108       2,876,845  
 
                
    Interest on notes receivable from participants
     18,782       19,828  
 
                
    Contributions:
                
        Employee
     1,001,979       983,332  
        Employer
     413,642       387,722  
 
     1,415,621       1,371,054  
 
                
        Total additions
     7,011,511       4,267,727  
 
                
Deductions from net assets attributed to:
                
    Participant withdrawals
     1,917,946       1,571,314  
 
                
        Net increase
     5,093,565       2,696,413  
 
                
    Beginning of year
     22,287,287       19,590,874  
    End of year
   $ 27,380,852     $ 22,287,287  
 
                
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.

 
- 5 -
 
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

(1)
Description of the Plan
 
The GE Retirement Savings Plan (formerly GE Savings and Security Program) (the “Plan”) is a defined contribution plan sponsored by General Electric Company (“the Company”).  Effective January 1, 2014, the Plan was amended to change its name from GE Savings and Security Program to GE Retirement Savings Plan (“RSP”).  As a result, other Plan-related names also changed accordingly, as identified in these notes.
 
The Plan is subject to applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The assets of the Plan are held in and invested through the GE Retirement Savings Trust (the “Trust”), formerly the General Electric Savings and Security Trust.
 
Fidelity Investmentsâ is the Plan’s recordkeeper.  The Plan Trustees (all of whom are officers of GE Asset Management Incorporated (“GEAM”), a wholly owned subsidiary of the Company) have appointed Fidelity Management Trust Company (“FMTC”) as the directed Trustee of the Trust.
 
GEAM is the investment adviser to seven of the Plan’s investment options, which include actively managed funds in equity and fixed income asset classes. BlackRock Institutional Trust Company, N.A. (“BlackRock”) is the investment adviser to six of the Plan’s investment options, which include passively managed funds in equity and fixed income classes (collectively referred to herein as the “Index Funds”).  AllianceBernstein, L.P. (“AllianceBernstein”) is the investment adviser to the Plan’s suite of twelve Target Retirement Date Funds.  State Street Bank and Trust Company is the custodian of all Plan assets except for the GE Stock Fund, the Index Funds and the U.S. Bond Fund (as defined below). FMTC is the custodian of the GE Stock Fund.  Blackrock is the custodian of the Index Funds.  The Federal Reserve Bank is the custodian of the United States Savings Bonds in the U.S. Bond Fund.
 
The following description of the Plan is provided for general information purposes only.  The complete terms of the Plan are provided in the GE Retirement Savings Plan document (the “Plan Document”).  Additional Plan information including benefits, investment options, vesting provisions and effects of plan termination is included in Plan handbooks and other material distributed to participants.
 
Employee Contributions and Investment Options
 
Eligible employees of the Company and participating affiliates may participate in the Plan by investing up to 30% of their eligible earnings in one or more of the following investment options:
 
(a)  
General Electric Common Stock Fund (the “GE Stock Fund”) - The GE Stock Fund invests at least 98% of its assets in GE common stock, with the remainder held in cash or cash equivalents to provide for the GE Stock Fund’s estimated liquidity needs.
 
(b)  
GE RSP Income Fund (the “Income Fund”), formerly GE S&S Income Fund - The Income Fund managed by GEAM seeks a high interest rate of return over a long-term period consistent with the preservation of capital by investing at least 80% of its net assets in debt securities.
 
(c)  
GE RSP U.S. Equity Fund (the “U.S. Equity Fund”), formerly GE S&S U.S. Equity Fund - The U.S. Equity Fund managed by GEAM seeks long-term growth of capital and income by investing at least 80% of its net assets in equity securities of U.S. companies, such as common and preferred stocks.
 
(d)  
GE Institutional International Equity Fund (the “International Fund”) – The International Fund managed by GEAM seeks long-term growth of capital by investing at least 80% of its net assets in equity securities, such as common and preferred stocks.  The International Fund invests primarily in companies in both developed and emerging market countries outside the United States.
 
 
 
 
 
 
 
 
 
 
 

 
- 6 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
(e)  
GE Institutional Small-Cap Equity Fund (the “Small-Cap Fund”) – The Small-Cap Fund managed by GEAM seeks long-term growth of capital by investing at least 80% of its net assets in equity securities of smaller companies, such as common and preferred stocks.
 
(f)  
GE Institutional Strategic Investment Fund (the “Strategic Investment Fund”) – The Strategic Investment Fund managed by GEAM seeks maximum total return (total return includes both income and capital appreciation) by investing primarily in a combination of U.S. and Non-U.S. equity and debt securities and cash.
 
(g)  
Non-U.S. Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the Morgan Stanley Capital International All Country World Index (MSCI ACWI) ex-US Net Dividend Return Index by investing in a portfolio of international equity securities to approximate, as closely as practicable, the capitalization weighted total rates of return of the markets in certain countries for publicly traded equity securities.
 
(h)  
U.S. Aggregate Bond Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the Barclays U.S. Aggregate Bond Index by investing in a representative sample of securities that collectively has an investment profile similar to the index.
 
(i)  
U.S. Large-Cap Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the S&P 500 Index by investing in large companies within the United States.
 
(j)  
U.S. Mid-Cap Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the S&P Mid-Cap 400 Index by investing in medium-sized companies within the United States.
 
(k)  
U.S. Small-Cap Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the Russell 2000 Index by investing in smaller companies within the United States.
 
(l)  
U.S. Treasury Inflation-Protected Securities Index Fund (the “U.S. TIPS Index Fund”) – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment  performance of the Barclays U.S. Treasury Inflation-Protected Securities Index by investing in substantially all of the securities that make up the index.
 
(m)  
GE RSP Short-Term Interest Fund (the “ST Interest Fund”), formerly GE S&S Short-Term Interest Fund – The ST Interest Fund managed by GEAM seeks to preserve principal and achieve a market-related interest rate of return by investing primarily in a variety of investment-grade debt securities, such as U.S. government securities, asset-backed securities, corporate bonds and money market instruments.
 
(n)  
GE RSP Money Market Fund (the “Money Market Fund”), formerly GE S&S Money Market Fund – The Money Market Fund managed by GEAM seeks a high level of current income consistent with the preservation of capital and maintenance of liquidity by investing substantially all of its assets in short-term U.S. Government securities.
 
(o)  
United States Savings Bonds (the “U.S. Bond Fund”) – The Savings Bonds available under this option are Series “EE” Savings Bonds issued by the U.S. Treasury.  The Savings Bonds mature 30 years after their issue date and earn interest based on market yields for Treasury securities.  Each May 1 and November 1, the U.S. Government sets the rates for the Savings Bonds that apply for the next six months.  Principal and accrued interest are credited when the Savings Bond is redeemed or on its maturity date.  Until a Plan participant has
 


 
- 7 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
  
accumulated sufficient funds to purchase a Savings Bond, the amounts in the participant’s account are invested in money market instruments and other short-term debt securities.
  
 
(p)  
Target Retirement Date Funds (the “TRD Funds”) - The TRD Funds are daily valued separate accounts managed by AllianceBernstein.  The investment objective of each TRD Fund is to seek the highest total return (total return includes capital appreciation and income) over time consistent with an appropriate degree of risk, and a specified allocation among various types of assets.  To achieve its investment objective, each TRD Fund invests in a combination of underlying investment funds representing a variety of asset classes (the “Underlying Funds”).  A TRD Fund’s asset allocation changes over time and is expected to gradually shift from a combination of Underlying Funds that emphasizes investment in stocks to a combination of Underlying Funds that is more conservative and invests in bonds, stocks, and short-term investments.  Approximately 15 years after the target retirement date, the target asset allocation is expected to reach a “landing point” and become static. The suite of Target Retirement Date Funds includes the following:
  
 
2000 Target Retirement Date Fund    2020 Target Retirement Date Fund    2040 Target Retirement Date Fund
2005 Target Retirement Date Fund    2025 Target Retirement Date Fund    2045 Target Retirement Date Fund
2010 Target Retirement Date Fund    2030 Target Retirement Date Fund    2050 Target Retirement Date Fund
2015 Target Retirement Date Fund    2035 Target Retirement Date Fund    2055 Target Retirement Date Fund
 
The GE Stock Fund, Income Fund, U.S Equity Fund, International Fund, Small-Cap Fund, Strategic Investment Fund, Index Funds, ST Interest Fund, Money Market Fund, U.S. Bond Fund and the TRD Funds are collectively referred to herein as the “Funds”.
 
The Income Fund, U.S. Equity Fund, International Fund, Small-Cap Fund and Strategic Investment Fund are registered investment companies subject to specific disclosure and other requirements.  The following Plan information is available to participants and eligible employees upon request or may be obtained online at the Plan’s website: Audited financial statements and prospectuses or other disclosure documents of the registered investment companies; Fund profiles for the GE Stock Fund, ST Interest Fund, Income Fund, U.S. Equity Fund, Money Market Fund, U.S. Bond Fund, Index Funds and TRD Funds; and the GE Retirement Savings Plan Supplemental Information document (formerly Savings and Security Program Supplemental Information document) containing certain information regarding all Funds.  Certain of the above documents comprising this Plan information are also affirmatively provided to participants and eligible employees in compliance with the requirements of the Department of Labor.
 
The Plan permits participants to invest compensation on which income taxes have and have not been paid (“after-tax” and “pre-tax”, respectively).  The United States Internal Revenue Code limits the amount of pre-tax contributions that can be made each year. The limit for participants under age 50 was generally $17,500 and $17,000 in 2013 and 2012, respectively.  For participants who were at least age 50 during the year, the limit was generally $23,000 and $22,500 in 2013 and 2012, respectively.  The Plan also permits participants to make Roth contributions, which are combined with pre-tax contributions for purposes of these limits.
 
Participants may switch their investment balances (including rebalancing) up to 12 times each quarter.  Restrictions on such switches include a prohibition against switching balances into the U.S. Bond Fund, a prohibition against switching balances out of Savings Bonds held in custody that were purchased with after-tax contributions and certain restrictions on a participant’s ability to engage in frequent trading in response to Securities and Exchange Commission requirements governing mutual funds.
 
Employer Contributions
 
The Plan generally provides for employer matching contributions of 50% of employees’ contributions of up to 7% of their earnings, that is, a 3.5% maximum matching contribution.  For certain eligible employees, whose first day of work was on or after January 1, 2005, such matching contributions are generally 50% of employees’ contributions of up to 8% of earnings, that is, a 4% maximum matching contribution.
 


 
- 8 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
Effective January 1, 2011, the Plan was amended to give certain eligible salaried employees, whose first day of work is on or after that date, an employer contribution generally equal to 3% of their earnings, irrespective of any employee contributions.  This Company Retirement Contribution is in addition to the employer matching contribution.
 
Effective January 1, 2012, the Plan was amended to give certain eligible production employees, whose first day of work was on or after that date, both the Company Retirement Contribution and an Additional Company Retirement Contribution (“ACRC”) equal to $600 per year, irrespective of any employee contributions.  This ACRC will be credited to the participants’ accounts each January, beginning in 2013.
 
Hereinafter, the Company Retirement Contribution and the ACRC shall be referred to collectively as “Company Retirement Contributions” (“CRCs”).
 
These CRCs can be invested in any of the available investment options, with the exception of the U.S. Bond Fund.  A participant who does not have a regular investment election on file will be electing to invest the CRCs in the TRD Fund consistent with the participant’s age.
 
 
Rollovers and Transfers from Other Qualifying Plans
 
Subject to Company approval, participants may elect to rollover amounts from other qualifying plans or arrangements in accordance with the Internal Revenue Code.  For the years ended December 31, 2013 and 2012, transfers from other qualifying plans or arrangements were $62.5 million and $63.3 million, respectively, and are included in employee contributions in the statements of changes in net assets available for plan benefits.
 
Withdrawals
 
Subject to certain limitations prescribed by the Plan and the Internal Revenue Code, terminated participants may elect retirement or other termination withdrawals in either lump sum or partial payments.  Currently, employed participants may make up to seven withdrawals per year and certain hardship withdrawals from their participant accounts (except with respect to amounts attributable to any CRCs, which are not available for withdrawal during employment). Partial payments on termination are generally limited to four per year and a minimum of $500.
 
Notes Receivable from Participants
 
The Plan permits participants, under certain circumstances, to borrow a minimum of $500 from their participant accounts (except with respect to amounts attributable to any CRCs, which are not available for loans).  Subject to certain Internal Revenue Code and Plan limits, a participant may not borrow more than the lesser of 50% of that participant’s available account value, as defined in the Plan Document, or $50,000, adjusted for prior loans. The term of any loan is up to 4.5 years unless the loan is used to acquire a principal residence for which a term of up to 15 years may be permissible.  The interest rate applicable to participant loans is based on the monthly average of the composite yield on corporate bonds, published by Moody’s Investors Service.  Prior to December 2009, the interest rates of individual loans were fixed for the shorter of the term of the loan or five years.  Effective December 2009, the interest rates for new loans are fixed for the term of the loan.
 
Loans are repaid with interest in equal payments over the term of the loan by payroll deductions, personal check, or other such methods as may be required.  Participants may repay the entire principal amount with written notice and without penalty.  A participant may have no more than two outstanding loans from the Plan at any time.
 
In the event of a loan default, the amount of the outstanding balance will be reported to the Internal Revenue Service in the year of the default as ordinary income.
 

 
- 9 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
Participant Accounts
 
Each participant’s account is credited with the participant’s contributions and CRCs (as applicable) and allocation of (a) employer matching contributions and (b) investment results.  The benefit to which a participant is entitled is the value of the participant’s vested account.
 
Vesting
 
Participants are fully vested in their employee contributions, employer matching contributions and related investment results.  Participants receiving CRCs and related earnings generally become vested in those amounts once the participant completes three years of service.
 
Forfeitures
 
During 2013 and 2012, forfeitures of $6,379,611 and $2,332,568, respectively, were used to reduce employer contributions in accordance with the terms of the Plan.
 
Plan Termination and Amendment
 
Although the Company has not expressed any intent to do so, it has the right under the Plan, to the extent permitted by law, to discontinue its contributions and to terminate the Plan in accordance with the provisions of ERISA.  If the Plan is terminated, each participant’s interest will be payable in full according to the Plan provisions.  The Company also has the right under the Plan, to the extent permitted by law, to amend or replace the Plan for any reason.
 
Administrative and Investment Advisory Costs
 
Administrative costs of the Plan and investment advisory costs for the GE Stock Fund, ST Interest Fund and the Money Market Fund are generally borne by the Company.  For the registered investment companies, the Index Funds, and the TRD Funds, investment advisers receive a management fee for providing investment advisory services.  These management fees are reflected in interest and dividend income for the registered investment companies and in net appreciation in fair value of investments for the Index Funds and TRD Funds on the statements of changes in net assets available for plan benefits.
 
(2)
Summary of Significant Accounting Policies
 
 
(a)
Basis of Accounting
 
The accompanying financial statements have been prepared on the accrual basis of accounting.
 
 
(b)
Investments
 
Plan investments are reported at fair value.  See notes 3 and 4 for additional information.
 
Investment transactions are recorded on a trade date basis.  Dividends are recorded on the ex-dividend date.  Interest income is earned from settlement date and recognized on the accrual basis.  The net appreciation (depreciation) in the fair value of investments consists of the realized gains or losses on the sales of investments and the net unrealized appreciation (depreciation) of investments.
 
All portfolio securities of the Money Market Fund and any short-term money market instruments held by the ST Interest Fund with remaining maturities of sixty days or less at the time of purchase are valued on the basis of amortized cost, which approximates fair value.
 


 
- 10 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
More detailed information regarding these financial instruments, as well as the strategies and policies for their use, is contained in the documents described above under “Employee Contributions and Investment Options” in note 1.
 
 
(c)
Fair Value Measurements
 
For financial assets and liabilities, fair value is the price the Plan would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date.  In the absence of active markets for the identical assets and liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.
 
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions.  Preference is given to observable inputs.  These two types of inputs create the following fair value hierarchy:
 
Level 1 - Quoted prices for identical investments in active markets.
 
Level 2 - Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
 
Level 3 - Significant inputs to the valuation model are unobservable.
 
The Company maintains policies and procedures to value investments using the best and most relevant data available.  In addition, the Company retains independent pricing vendors to assist in valuing certain investments.
 
The following section describes the valuation methodologies used to measure investments at fair value.
 
When available, quoted market prices are used to determine the fair value of investment securities, and they are included in Level 1.  Level 1 securities include GE common stock, registered investment companies, certain short-term money market instruments, and U.S. Savings Bonds.
 
 
The Plan’s ownership in the collective funds is carried at fair value based on the investment’s net asset value per unit and is included in Level 2.
 
When quoted market prices are unobservable, pricing information is obtained from an independent pricing vendor.  The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use.  The inputs and assumptions to the model of the pricing vendor are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data.  Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor uses available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing.  The pricing vendor considers available market observable inputs in determining the evaluation for a security.  Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information.  These investments are included in Level 2 and primarily comprise securities in the ST Interest Fund.
 
The Money Market Fund securities are typically valued on the basis of amortized cost which approximates fair value and these are
 

 
 
- 11 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
included in Level 2.  If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations.  In these infrequent circumstances, the pricing service may provide the Plan with valuations that are based on significant unobservable inputs, and in those circumstances, the investment securities are classified in Level 3.
 
Plan securities that are valued using techniques other than market quotations, particularly securities that are “fair valued,” are subject to valuation risk.  The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Annually, the Company conducts a review of the Plan’s primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard.  While the Company is not provided access to proprietary models of the vendor, the Company’s review has included on-site walkthroughs of pricing processes, methodologies and control procedures for each asset class for which prices were provided.  The Company’s review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations.  The Company believes that the prices received from the pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit price).
 
The Plan may use non-binding broker quotes as its primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics.  The Company has not adjusted the prices obtained from the brokers. Investment securities priced using non-binding broker quotes are included in Level 3.  As is the case with the primary pricing vendor, third-party brokers do not provide access to their proprietary valuation models, inputs and assumptions.
 
 
(d)
Notes Receivable from Participants
 
Loans to participants are recorded at the outstanding principal balance plus accrued interest.
 
 
(e)
Participant Withdrawals
 
Participant withdrawals are recorded when paid.  Included in participant withdrawals are GE Common Stock cash dividends paid to participants of approximately $39.5 million and $37.8 million during 2013 and 2012, respectively.
 
 
(f)
Management Estimates and Assumptions
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.
 
 
(g)
Reclassification
 
Certain prior year amounts have been reclassified to conform to current year presentation.
 

 
- 12 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
 
  
 
 
 
 
 
 
 
 
 
  (3)     Investments
 
 
 
 
 
 
 
 
     
 
 
 
 
 
 
 
 
 
     
A summary of the fair value of the Plan’s investments at December 31, 2013 and 2012 follows.
     
 
 
 
 
 
 
 
 
 
     
 
 
 
2013 
 
 
 
2012
 
     
 
 
 
 
 
 
 
 
 
     
 
 
(in thousands)
 
     
 
 
 
 
 
 
 
 
 
     
GE Common Stock
$
11,164,812 
(a)
 
$
8,826,777 
(a)
     
Registered Investment Companies:
 
 
 
 
 
 
 
     
    GE RSP Income Fund
 
1,929,004 
(a)
 
 
2,202,223 
(a)
     
    GE RSP U.S. Equity Fund
 
3,537,106 
(a)
 
 
2,747,989 
(a)
     
    GE Institutional International Equity Fund
 
1,368,707 
 
 
 
1,110,067 
 
     
    GE Institutional Small-Cap Equity Fund
 
1,271,933 
 
 
 
907,566 
 
     
    GE Institutional Strategic Investment Fund
 
603,891 
 
 
 
506,995 
 
     
        Total Registered Investment Companies
 
8,710,641 
 
 
 
7,474,840 
 
     
 
 
 
 
 
 
 
 
 
     
Collective Funds:       (b)
 
 
 
 
 
 
 
     
    GE Cash Plus Fund
  
4,072 
 
    
19,687 
 
     
    Non-U.S. Equity Index Fund
 
506,408 
 
 
 
304,757 
 
     
    U.S. Aggregate Bond Index Fund
 
352,577 
 
 
 
257,057 
 
     
    U.S. Large-Cap Equity Index Fund
 
2,167,930 
(a)
 
 
1,471,527 
(a)
     
    U.S. Mid-Cap Equity Index Fund
 
609,440 
 
 
 
326,019 
 
     
    U.S. Small-Cap Equity Index Fund
 
424,772 
 
 
 
208,331 
 
     
    U.S. Treasury Inflation-Protected Securities Index Fund
 
213,873 
 
 
 
259,247 
 
     
        Total Collective Funds
 
4,279,072 
 
 
 
2,846,625 
 
     
 
 
 
 
 
 
 
 
 
     
Other Investments:    (b)
 
 
 
 
 
 
 
     
    Short-Term Money Market Instruments
 
319,806 
 
 
 
929,536 
 
     
    U.S. Treasury and U.S. Government Agency Debt Obligations
 
2,229,166 
(a)
 
 
1,466,602 
(a)
     
    Commercial Mortgage-Backed and Asset-Backed Securities
 
79,383 
 
 
 
138,049 
 
     
    U.S. Savings Bonds
 
97,699 
 
 
 
103,448 
 
     
        Total Other Investments
 
2,726,054 
 
 
 
2,637,635 
 
     
 
 
 
 
 
 
 
 
 
     
              Total investments at fair value
$
26,880,579 
 
 
$
21,785,877 
 
     
 
 
 
 
 
 
 
 
 
     
 
 
 
 
 
 
 
 
 
   
(a)
  
Investments representing more than 5% of the Plan’s net assets.
 
    (b)  
Target Retirement Date Funds are separate accounts that invest in a combination of Index Funds and the Money Market Fund representing a variety of asset classes. See Note 1(p).
     
 
 
 

 
- 13 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
   
 
 
 
   
The Plan’s investments appreciated during 2013 and 2012 as follows.
   
 
 
 
 
 
 
 
   
 
2013 
  
2012
 
       
           
      
 
   
 
(in thousands)
 
   
 
 
 
 
 
 
 
   
GE Common Stock
$
 2,888,175 
 
$
 985,574 
 
   
Registered Investment Companies
 
 1,055,706 
 
 
 546,926 
 
   
Collective Funds
 
 764,776 
 
 
 564,427 
 
   
Other Investments
 
 1,377 
 
 
 202,406 
 
   
 
$
 4,710,034 
 
$
 2,299,333 
 
   
 
 
 
 
 
 
 
 
The Funds, with the exception of the U.S. Bond Fund, include investments in U.S. equities, international equities and fixed income securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonable to expect that changes in the values of investment securities will occur (including in the near term) and that such changes could materially affect participant account balances and the statements of net assets available for plan benefits. The Plan offers alternatives that may mitigate participant risks, including the opportunity to diversify investments across multiple participant-directed fund elections including active and passively managed funds covering multiple asset classes.  Additionally, the investments within each participant-directed fund election are further diversified into various financial instruments, with the exception of the GE Stock Fund and the U.S. Bond Fund, which primarily invest in securities of a single issuer.
 
Investments other than the GE Stock Fund, the Money Market Fund and the U.S. Bond Fund may use various financial instruments such as options and futures, commonly referred to as derivatives, as a substitute for taking a long or a short position in an underlying asset, to increase returns, or as part of a hedging strategy.
 

 
- 14 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
 
  
 
  
 
    
 
    
 
    
 
  
  (4)     Fair Value Measurements
 
  
 
  
     
 The Plan’s investments measured at fair value on a recurring basis at December 31, 2013 follow.
  
     
 
  
 
    
 
    
 
    
 
  
     
 
Level 1
  
Level 2
  
Level 3
  
Total
  
         
 
          
 
        
     
 
(in thousands)
  
     
 
  
 
    
 
    
 
    
 
  
     
 GE Common Stock
   $ 11,164,812     $ —     $ —     $ 11,164,812  
     
 Registered Investment Companies
     8,710,641        —       —       8,710,641   
     
 Collective Funds
     —       4,279,072        —       4,279,072   
     
 Other Investments:
                                
     
   Short-Term Money Market Instruments
     91,214        228,592        —       319,806   
     
   U.S. Treasury and U.S. Government  Agency Debt Obligations
     —       2,229,166        —       2,229,166   
     
   Commercial Mortgage-Backed and Asset-Backed Securities
     —       79,383        —       79,383   
     
   U.S. Savings Bonds
     97,699        —       —       97,699   
     
           Total Other Investments
     188,913        2,537,141        —       2,726,054   
     
 Total investments at fair value
   $ 20,064,366     $ 6,816,213     $ —     $ 26,880,579  
     
 
                                
     
 
                                
     
 The Plan’s investments measured at fair value on a recurring basis at December 31, 2012 follow.
  
     
 
                                
     
 
Level 1
  
Level 2
  
Level 3
  
Total
  
                                       
     
 
(in thousands)
  
     
 
                                
     
 GE Common Stock
   $ 8,826,777     $ —     $ —     $ 8,826,777  
     
 Registered Investment Companies
     7,474,840        —       —       7,474,840   
     
 Collective Funds
     —       2,846,625        —       2,846,625   
     
 Other Investments:
                                
     
   Short-Term Money Market Instruments
     66,596        862,940        —       929,536   
     
   U.S. Treasury and U.S. Government Agency Debt Obligations
     —       1,466,602        —       1,466,602   
     
   Commercial Mortgage-Backed and Asset-Backed Securities
     —       138,049        —       138,049   
     
   U.S. Savings Bonds
     103,448        —       —       103,448   
     
           Total Other Investments
     170,044        2,467,591        —       2,637,635   
     
 Total investments at fair value
   $ 16,471,661     $ 5,314,216     $ —     $ 21,785,877  
     
 
                                
     
 There were no changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2013.
     
 
                                

 
- 15 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

 
 
The changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2012 follow.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
January 1,
 
 
Net realized gains
 
 
 
 
 
December 31,
 
 
 
2012 
  
 
 
 
Sales
 
 
2012
   
(in thousands) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Short-Term Money Market Instruments
   $      29,175
 
   $      825
 
   $      (30,000)
 
   $      —
 
Transfers into and out of levels are considered to occur at the beginning of the period.  There were no transfers between level one and level two during the years ended December 31, 2013 and 2012.
 
 
(5)        Parties in Interest
 
The Plan’s recordkeeper, trustees, investment advisors and custodians described in Note 1, as well as the Company and Plan participants, are each a “party in interest” to the Plan as defined by ERISA.  Any fees paid by the Plan, including fees paid to a party in interest, are described in the GE Retirement Savings Plan Supplemental Information document.  KPMG LLP, the auditor of the Plan’s financial statements, is also a party in interest.
 
(6)        Tax Status
 
The Internal Revenue Service has notified the Company by a letter dated April 24, 2014, that the Plan is qualified under the appropriate sections of the Internal Revenue Code.  The Plan has not been amended since that letter was issued.
 
The portion of a participant’s compensation contributed to the Plan as a pre-tax contribution, the Company’s matching contribution, and CRCs are not subject to Federal income tax when such contributions are credited to participant accounts, subject to certain limitations.  These amounts and any investment results may be included in the participant’s gross taxable income for the year in which such amounts are withdrawn from the Plan.
 
Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) of the Plan if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service.  The Plan is subject to routine audits by taxing jurisdictions, however, there are currently no audits for any tax periods in progress.  The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2010.
 
(7)        Subsequent Events
 
Subsequent events after the statement of net assets available for plan benefits date through June 20, 2014, the date that the financial statements were issued, have been evaluated in the preparation of these financial statements.
 
Effective January 1, 2014, the Plan was amended to automatically enroll current and new hire non-union employees eligible for Company Retirement Contributions who have not made an election for their own contributions as electing to contribute 8% of eligible pay as pre-tax contributions.  This election entitles these employees to the maximum 4% matching contribution.  A participant who does not have a regular investment election on file will be electing to invest these contributions in the TRD Fund consistent with the participant’s age.  These elections can be changed at any time before or after the employee is automatically enrolled.

 
- 16 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
 
Notes to Financial Statements
 
December 31, 2013 and 2012
 

(8)
Reconciliation of Financial Statements to Form 5500
 
Notes receivable from participants are classified as investments per Form 5500 instructions. In addition, any deemed distributions are not considered to be plan assets per Form 5500 and are excluded from notes receivable from participants.  However, these distributions remain a plan asset for purposes of these financial statements until offset against plan assets.
 
 
A reconciliation of investments per the financial statements to the annual report filed on Form 5500, Schedule H as required by the Department of Labor follows.
 
 
 
  
 
    
 
  
 
 
  
2013
    
2012
  
 
 
  
(in thousands)
  
 
 
  
 
    
 
  
 
Total investments per financial statements
   $ 26,880,579     $ 21,785,877  
 
 
                
 
Total notes receivable per financial statements
     426,859       405,249  
 
Deemed distributions
     (8,749 )     (8,142 )
 
            Total notes receivable per Form 5500
     418,110       397,107  
 
 
                
 
Total investments per Form 5500
   $ 27,298,689     $ 22,182,984  
 
A reconciliation of total deductions from net assets per the financial statements to the annual report filed on Form 5500, Schedule H as required by the Department of Labor follows.
 
 
 
  
2013
  
 
 
      (in thousands)  
 
 
  
 
  
 
Total deductions from net assets per financial statements
   $ 1,917,946  
 
Deemed distributions offset against plan assets
     (1,237 )
 
New deemed distributions
     1,844  
 
Total expenses per Form 5500
   $ 1,918,553  

 
- 17 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2013
Description
  
 
    
Shares
    
Cost (a)
    
Fair Value
  
 
Corporate Stocks - Common
  
 
    
 
    
 
    
 
  
 
GE Common Stock
  
 
       398,316,523     $ 8,543,630,883     $ 11,164,812,140  
(i) 
 
  
 
                          
 
Registered Investment Companies
  
 
                          
 
GE RSP Income Fund
  
 
       170,256,308       1,901,182,519       1,929,003,974  
(c) (i) 
GE RSP U.S. Equity Fund
  
 
       64,628,289       2,585,178,467       3,537,106,239  
(c) (i) 
GE Institutional International Equity Fund
  
 
       102,524,884       1,145,070,052       1,368,707,199  
(c) (i) 
GE Institutional Small-Cap Equity Fund
  
 
       64,303,994       916,694,425       1,271,933,003  
(c) (i) 
GE Institutional Strategic Investment Fund
  
 
       46,133,721       513,711,458       603,890,409  
(c) (i) 
Total Registered Investment Companies
  
 
               7,061,836,921       8,710,640,824  
 
 
  
 
                          
 
Collective Funds
  
 
                          
 
GE Cash Plus Fund
  
 
               4,072,187       4,072,187  
(c) (d) (i) 
Non-U.S. Equity Index Fund
  
 
               431,923,023       506,407,481  
 
U.S. Aggregate Bond Index Fund
  
 
               345,630,396       352,577,172  
 
U.S. Large-Cap Equity Index Fund
  
 
               1,444,785,000       2,167,929,713  
 
U.S. Mid-Cap Equity Index Fund
  
 
               450,275,732       609,440,257  
 
U.S. Small-Cap Equity Index Fund
  
 
               311,543,387       424,772,274  
 
U.S. Treasury Inflation-Protected Securities Index Fund
  
 
               215,696,934       213,872,864  
 
Total Collective Funds
  
 
               3,203,926,659       4,279,071,948  
 
 
  
 
                          
 
Other Investments
  
Rate of
                          
 
 
  
Interest
    
Maturity
    
Cost (a)
    
Fair Value
  
 
Short-Term Money Market Instruments
  
 
                          
 
Barclays Repo
     0.010 %  
01/02/14
       59,900,000       59,900,000  
 
Credit Suisse Euro
     -    
01/02/14
       32,400,000       32,400,000  
 
Deutsche Repo Collateralized Govt agency
     0.020    
01/02/14
       16,200,000       16,200,000  
 
Goldman Sachs & Co. Gov Agcy Repo
     -    
01/02/14
       59,900,000       59,900,000  
 
HSBC Repo
     0.010    
01/02/14
       31,890,000       31,890,000  
 
Royal Bank of Canada
     0.284    
04/17/14
       28,150,000       28,150,000  
(f) 
State Street Corp
     0.010    
01/02/14
       151,856       151,856  
 (i) (j) 
Fidelity Institutional Money Market Government Portfolio (Class I)
                 91,214,505       91,214,505  
(b) (i) 
 Total Short-Term Money Market Instruments
                     319,806,361       319,806,361  
 
 
                                
 
U.S. Treasury and U.S. Government Agency Debt Obligations
                                
 
Federal Home Loan Mortgage Corp.
     0.010    
01/03/14
       24,999,938       24,999,938  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
01/02/14
       9,229,992       9,229,992  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
01/08/14
       29,624,712       29,624,712  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
01/13/14
       16,449,753       16,449,753  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/07/14
       14,398,920       14,398,920  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/12/14
       46,895,896       46,895,896  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/19/14
       31,296,379       31,296,379  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/21/14
       83,739,510       83,739,510  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
04/02/14
       31,043,945       31,043,945  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
01/27/14
       36,498,488       36,498,488  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/03/14
       46,997,415       46,997,415  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/03/14
       10,649,121       10,649,121  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/10/14
       39,725,787       39,725,787  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
02/20/14
       15,998,556       15,998,556  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
04/09/14
       68,231,421       68,231,421  
(e) 
Federal Home Loan Mortgage Corp.
     0.010    
05/08/14
       9,995,943       9,995,943  
(e) 
Federal Home Loan Mortgage Corp.
     0.150    
05/01/14
       22,252,145       22,252,145  
 
Federal Home Loan Mortgage Corp.
     1.117    
12/15/31
       961,995       979,322  
(f) 
Federal Home Loan Mortgage Corp.
     2.175    
02/19/14
       32,088,697       32,088,697  
 
Federal Home Loan Mortgage Corp.
     4.500    
01/15/14
       10,016,588       10,016,588  
 
Federal Home Loan Mortgage Corp.
     7.000    
04/01/36
       408,331       448,430  
 
Federal Home Loan Mortgage Corp.
     7.000    
11/01/31
       34,807       36,930  
 
Federal Home Loan Mortgage Corp.
     7.000    
04/01/32
       412,837       436,413  
 
Federal Home Loan Mortgage Corp.
     7.000    
04/01/32
       271,714       287,266  
 
Federal Home Loan Mortgage Corp.
     7.000    
06/01/32
       51,726       54,801  
 
Federal Home Loan Mortgage Corp.
     7.000    
10/01/23
       5,035       4,779  
 
Federal Home Loan Mortgage Corp.
     7.500    
01/01/27
       196,845       207,699  
 
Federal Home Loan Mortgage Corp.
     7.500    
01/01/27
       22,841       21,468  
 
Federal Home Loan Mortgage Corp.
     8.000    
05/01/31
       29,079       27,814  
 
Federal Home Loan Mortgage Corp.
     8.500    
03/01/27
       7,316       6,703  
 
Federal Home Loan Mortgage Corp.
     9.250    
12/01/16
       11,780       10,581  
 
Federal National Mortgage Assoc.
     0.010    
01/02/14
       23,699,967       23,699,967  
(e) 
Federal National Mortgage Assoc.
     0.010    
01/07/14
       24,999,625       24,999,625  
(e) 
Federal National Mortgage Assoc.
     0.010    
01/08/14
       21,895,404       21,895,404  
(e) 
Federal National Mortgage Assoc.
     0.010    
01/09/14
       29,999,733       29,999,733  
(e) 
 
                                
 
See accompanying notes to schedule of assets on page 22.                                                                                                                                  (continued)
 
- 18 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2013
Description
                                
 
Other Investments, continued
  
Rate of
                          
 
U.S. Treasury and U.S. Government Agency Debt Obligations
  
Interest
    
Maturity
    
Cost (a)
    
Fair Value
  
 
Federal National Mortgage Assoc.
     0.010 %  
02/12/14
     $ 19,947,673     $ 19,947,673  
(e) 
Federal National Mortgage Assoc.
     0.010    
02/18/14
       62,488,333       62,488,333  
(e) 
Federal National Mortgage Assoc.
     0.010    
05/01/14
       59,978,000       59,978,000  
(e) 
Federal National Mortgage Assoc.
     0.100    
05/25/18
       6,049       6,354  
(g) (f) 
Federal National Mortgage Assoc.
     1.250    
02/27/14
       20,587,045       20,587,045  
 
Federal National Mortgage Assoc.
     1.788    
05/01/33
       1,156,560       1,161,839  
(f) 
Federal National Mortgage Assoc.
     2.010    
06/01/33
       94,015       94,969  
(f) 
Federal National Mortgage Assoc.
     2.040    
06/01/33
       992,599       1,008,156  
(f) 
Federal National Mortgage Assoc.
     2.283    
07/01/33
       778,251       809,515  
(f) 
Federal National Mortgage Assoc.
     2.310    
12/01/32
       336,601       345,955  
(f) 
Federal National Mortgage Assoc.
     2.340    
05/01/33
       89,301       92,114  
(f) 
Federal National Mortgage Assoc.
     2.356    
07/01/33
       1,371,355       1,418,258  
(f) 
Federal National Mortgage Assoc.
     2.395    
07/01/33
       178,258       180,306  
(f) 
Federal National Mortgage Assoc.
     2.415    
06/01/33
       775,825       794,690  
(f) 
Federal National Mortgage Assoc.
     2.515    
06/01/33
       6,445       6,298  
(f) 
Federal National Mortgage Assoc.
     2.564    
06/01/33
       378,031       388,679  
(f) 
Federal National Mortgage Assoc.
     2.738    
06/01/33
       156,122       158,772  
(f) 
Federal National Mortgage Assoc.
     4.500    
02/25/40
       6,414,653       6,576,603  
 
Federal National Mortgage Assoc.
     5.000    
02/25/40
       241,710       292,150  
(g) 
Federal National Mortgage Assoc.
     7.000    
02/01/19
       1,365       1,282  
 
Federal National Mortgage Assoc.
     7.000    
03/01/29
       61,298       66,243  
 
Federal National Mortgage Assoc.
     7.000    
06/01/31
       16,578       15,887  
 
Federal National Mortgage Assoc.
     7.000    
10/01/31
       254,013       269,090  
 
Federal National Mortgage Assoc.
     7.000    
01/01/32
       2,169       2,050  
 
Federal National Mortgage Assoc.
     7.000    
02/01/17
       33,014       33,113  
 
Federal National Mortgage Assoc.
     7.000    
03/01/17
       29,988       29,558  
 
Federal National Mortgage Assoc.
     7.000    
03/01/17
       17,012       16,877  
 
Federal National Mortgage Assoc.
     7.000    
04/01/17
       51,147       50,794  
 
Federal National Mortgage Assoc.
     7.000    
04/01/17
       24,442       23,112  
 
Federal National Mortgage Assoc.
     7.000    
03/01/17
       28,860       27,287  
 
Federal National Mortgage Assoc.
     7.000    
04/01/17
       25,642       24,665  
 
Federal National Mortgage Assoc.
     7.000    
03/01/17
       108,305       108,301  
 
Federal National Mortgage Assoc.
     7.000    
05/01/17
       37,496       35,731  
 
Federal National Mortgage Assoc.
     7.000    
07/01/17
       59,910       59,628  
 
Federal National Mortgage Assoc.
     7.000    
07/01/17
       122,522       122,172  
 
Federal National Mortgage Assoc.
     7.000    
05/01/17
       53,415       52,727  
 
Federal National Mortgage Assoc.
     7.000    
04/01/33
       123,977       126,541  
 
Federal National Mortgage Assoc.
     7.000    
11/01/33
       415,611       440,528  
 
Federal National Mortgage Assoc.
     7.000    
03/01/34
       44,408       42,877  
 
Federal National Mortgage Assoc.
     7.000    
06/01/34
       140,264       144,732  
 
Federal National Mortgage Assoc.
     7.000    
01/01/35
       152,309       157,509  
 
Federal National Mortgage Assoc.
     7.000    
01/01/36
       385,270       421,508  
 
Federal National Mortgage Assoc.
     7.000    
05/01/35
       245,226       263,256  
 
Federal National Mortgage Assoc.
     7.000    
05/01/35
       539,495       581,963  
 
Federal National Mortgage Assoc.
     7.000    
04/01/36
       217,274       231,425  
 
Federal National Mortgage Assoc.
     7.500    
11/01/22
       3,013       2,863  
 
Federal National Mortgage Assoc.
     7.500    
05/01/26
       22,565       22,257  
 
Federal National Mortgage Assoc.
     7.500    
01/01/25
       212,453       223,991  
 
Federal National Mortgage Assoc.
     7.500    
11/01/21
       26,841       27,296  
 
Federal National Mortgage Assoc.
     7.500    
02/01/31
       117,594       128,885  
 
Federal National Mortgage Assoc.
     7.500    
04/01/16
       21,823       21,241  
 
Federal National Mortgage Assoc.
     7.500    
07/01/27
       85,354       87,270  
 
Federal National Mortgage Assoc.
     7.500    
04/01/32
       79,105       78,575  
 
Federal National Mortgage Assoc.
     7.500    
06/01/32
       81,531       86,548  
 
Federal National Mortgage Assoc.
     7.500    
01/01/31
       18,958       18,164  
 
Federal National Mortgage Assoc.
     7.500    
10/01/30
       27,952       26,806  
 
Federal National Mortgage Assoc.
     7.500    
04/01/33
       51,238       49,367  
 
Federal National Mortgage Assoc.
     7.500    
11/01/33
       29,752       28,174  
 
Federal National Mortgage Assoc.
     7.500    
03/01/34
       219,500       233,807  
 
Federal National Mortgage Assoc.
     7.500    
05/01/34
       266,757       274,855  
 
Federal National Mortgage Assoc.
     8.000    
05/01/32
       29,775       28,444  
 
Federal National Mortgage Assoc.
     8.000    
03/01/32
       216,719       234,613  
 
Federal National Mortgage Assoc.
     8.000    
11/01/33
       38,167       35,900  
 
Federal National Mortgage Assoc.
     8.500    
08/01/30
       47,675       48,600  
 
Federal National Mortgage Assoc.
     8.500    
06/01/28
       56,424       54,424  
 
Federal National Mortgage Assoc.
     8.500    
08/01/29
       90,490       92,551  
 
Federal National Mortgage Assoc.
     9.500    
09/01/21
       33,121       29,286  
 
Government National Mortgage Assoc.
     7.000    
05/15/32
       153,618       165,086  
 
 
                                
 
See accompanying notes to schedule of assets on page 22.                                                                                                                                  (continued)
 
- 19 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2013
Description
                                
 
Other Investments, continued
  
Rate of
                          
 
U.S. Treasury and U.S. Government Agency Debt Obligations
  
Interest
    
Maturity
    
Cost (a)
    
Fair Value
  
 
Government National Mortgage Assoc.
     7.000 %  
11/15/32
     $ 107,519     $ 113,435  
 
Government National Mortgage Assoc.
     7.000    
03/15/31
       83,400       86,334  
 
Government National Mortgage Assoc.
     7.000    
12/15/18
       117,581       117,247  
 
Government National Mortgage Assoc.
     7.000    
11/15/23
       197,378       203,788  
 
Government National Mortgage Assoc.
     7.500    
05/15/31
       81,074       81,250  
 
Government National Mortgage Assoc.
     7.500    
03/15/31
       15,640       15,721  
 
Government National Mortgage Assoc.
     7.500    
01/15/31
       234,059       253,023  
 
Government National Mortgage Assoc.
     7.500    
01/15/31
       49,669       48,408  
 
Government National Mortgage Assoc.
     7.500    
09/15/31
       268,354       290,173  
 
Government National Mortgage Assoc.
     7.500    
07/15/31
       186,934       201,498  
 
Government National Mortgage Assoc.
     7.500    
12/15/18
       128,579       127,684  
 
Government National Mortgage Assoc.
     9.000    
11/15/17
       17,942       17,465  
 
GCCFC Commercial Mortgage
     5.475    
03/10/39
       22,377,390       22,341,065  
 
U.S. Treasury Bills
     0.010    
01/09/14
       121,749,031       121,749,031  
(e) 
U.S. Treasury Bills
     0.010    
01/02/14
       66,299,972       66,299,972  
(e) 
U.S. Treasury Bills
     0.010    
01/16/14
       30,649,840       30,649,840  
(e) 
U.S. Treasury Bills
     0.010    
04/24/14
       19,994,821       19,994,821  
(e) 
U.S. Treasury Bills
     0.010    
05/01/14
       33,889,830       33,889,830  
(e) 
U.S. Treasury Notes
     0.125    
07/31/14
       286,762,299       286,833,556  
(h) 
U.S. Treasury Notes
     0.250    
01/31/14
       33,555,450       33,555,450  
 
U.S. Treasury Notes
     0.250    
05/31/14
       37,621,160       37,621,160  
 
U.S. Treasury Notes
     0.250    
10/31/15
       335,753,402       335,664,391  
 
U.S. Treasury Notes
     1.000    
01/15/14
       82,580,269       82,580,269  
 
U.S. Treasury Notes
     1.250    
02/15/14
       61,739,127       61,739,127  
 
U.S. Treasury Notes
     1.250    
03/15/14
       33,328,603       33,328,603  
 
U.S. Treasury Notes
     1.250    
04/15/14
       73,739,570       73,739,570  
 
U.S. Treasury Notes
     1.250    
10/31/18
       20,248,431       19,957,231  
 
U.S. Treasury Notes
     1.750    
01/31/14
       48,266,209       48,266,209  
 
U.S. Treasury Notes
     1.750    
03/31/14
       20,030,826       20,030,826  
 
U.S. Treasury Notes
     1.875    
04/30/14
       23,134,477       23,134,477  
 
U.S. Treasury Notes
     2.500    
08/15/23
       11,587,249       11,247,078  
 
U.S. Treasury Notes
     3.625    
08/15/43
       57,224       53,924  
 
Total U.S. Treasury and U.S. Government Agency Debt Obligations
               2,229,093,811       2,229,166,165  
 
 
                                
 
Commercial Mortgage-Backed and Asset-Backed Securities
                                
 
Cobalt CMBS Commercial Mortgage
     5.770    
05/15/46
       10,941,016       10,893,890  
(f) 
Credit Suisse Mortgage
     5.465    
02/15/39
       10,628,125       10,621,650  
(f) 
Credit Suisse Mortgage
     5.343    
12/15/39
       20,273,385       20,200,991  
 
General Motors
     2.750    
05/15/16
       3,875,978       3,948,750  
(k) 
LB UBS Commercial Mortgage
     6.114    
07/15/40
       22,179,688       21,928,200  
(f) 
Morgan Stanley Capital
     5.672    
10/15/42
       4,207,031       4,183,148  
(f) 
Vendee Mortgage Trust
     0.202    
10/15/26
       122,795       91,897  
(g) (f) 
Wachovia
     5.603    
10/15/48
       7,547,969       7,514,143  
(f) 
Total Commercial Mortgage-Backed and Asset-Backed Securities
               79,775,987       79,382,669  
 
 
                                
 
U.S. Savings Bonds - Held in trust
          
Units
    
Cost (a)
    
Fair Value
  
 
1984 U.S. SAVINGS BOND EE SERIES
             6,100       305,000       1,364,955  
 
1985 U.S. SAVINGS BOND EE SERIES
             8,384       419,200       1,803,418  
 
1986 U.S. SAVINGS BOND EE SERIES
             30,876       1,543,800       6,282,180  
 
1987 U.S. SAVINGS BOND EE SERIES
             32,130       1,606,500       5,741,820  
 
1988 U.S. SAVINGS BOND EE SERIES
             35,667       1,783,350       6,127,993  
 
1989 U.S. SAVINGS BOND EE SERIES
             49,940       2,497,000       8,246,572  
 
1990 U.S. SAVINGS BOND EE SERIES
             51,967       2,598,350       8,243,574  
 
1991 U.S. SAVINGS BOND EE SERIES
             53,525       2,676,250       8,164,058  
 
1992 U.S. SAVINGS BOND EE SERIES
             77,615       3,880,750       11,369,539  
 
1993 U.S. SAVINGS BOND EE SERIES
             56,543       2,827,150       6,636,293  
 
1994 U.S. SAVINGS BOND EE SERIES
             46,546       2,327,300       5,039,514  
 
1995 U.S. SAVINGS BOND EE SERIES
             15,167       758,350       1,576,455  
 
1996 U.S. SAVINGS BOND EE SERIES
             72       3,600       7,200  
 
1997 U.S. SAVINGS BOND EE SERIES
             118       5,900       10,063  
 
1998 U.S. SAVINGS BOND EE SERIES
             203       10,150       16,584  
 
1999 U.S. SAVINGS BOND EE SERIES
             377       18,850       29,473  
 
2000 U.S. SAVINGS BOND EE SERIES
             466       23,300       34,631  
 
2001 U.S. SAVINGS BOND EE SERIES
             595       29,750       41,965  
 
2002 U.S. SAVINGS BOND EE SERIES
             723       36,150       48,796  
 
2003 U.S. SAVINGS BOND EE SERIES
             1,328       66,400       86,645  
 
2004 U.S. SAVINGS BOND EE SERIES
             1,943       97,150       123,228  
 
2005 U.S. SAVINGS BOND EE SERIES
             2,322       116,100       151,530  
 
 
                                
 
See accompanying notes to schedule of assets on page 22.                                                                                                                                  (continued)
 
- 20 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2013
 
Description
                                
 
Other Investments, continued
                                
 
U.S. Savings Bonds - Held in trust
          
Units
    
Cost (a)
    
Fair Value
  
 
2006 U.S. SAVINGS BOND EE SERIES
             3,250     $ 162,500     $ 210,659  
 
2007 U.S. SAVINGS BOND EE SERIES
             4,803       240,150       298,915  
 
2008 U.S. SAVINGS BOND EE SERIES
             5,408       270,400       300,649  
 
2009 U.S. SAVINGS BOND EE SERIES
             10,255       512,750       532,744  
 
2010 U.S. SAVINGS BOND EE SERIES
             15,155       757,750       789,375  
 
2011 U.S. SAVINGS BOND EE SERIES
             13,699       684,950       698,419  
 
2012 U.S. SAVINGS BOND EE SERIES
             14,362       718,100       723,442  
 
2013 U.S. SAVINGS BOND EE SERIES
             21,158       1,057,900       1,057,900  
 
 
                     28,034,850       75,758,589  
 
U.S. Savings Bonds - Held in custody
                                
 
2011 U.S. SAVINGS BOND EE SERIES
             142,207       7,110,350       7,245,757  
 
2012 U.S. SAVINGS BOND EE SERIES
             148,088       7,404,400       7,458,637  
 
2013 U.S. SAVINGS BOND EE SERIES
             144,723       7,236,150       7,236,150  
 
 
                     21,750,900       21,940,544  
 
Total U.S. Savings Bonds
                     49,785,750       97,699,133  
 
 
                                
 
Total Other Investments
                     2,678,461,909       2,726,054,328  
 
 
                                
 
          Total Investments
                     21,487,856,372       26,880,579,240  
 
 
                                
 
 
                                
 
Notes Receivable from Participants
  
Rate of Interest
    
Maturity
    
Cost (a)
    
Fair Value
  
 
 
                                
 
Various (54,854 notes receivable)
     3.92-9.26 %  
1 month - 15 years
   —       418,109,468  
(i) 
 
                                
 
Total Notes Receivable from Participants
                     —       418,109,468  
 
 
                                
 
Total Assets (Held at End of Year)
                   $ 21,487,856,372     $ 27,298,688,708  
 
 
                                
 
 
                                
 
 
                                
 
 
                                
 

See accompanying Report of Independent Registered Public Accounting Firm.
 
 
 
 

 
See accompanying notes to schedule of assets on page 22.                                                                                                                                 (continued)
 
- 21 -
 
GE RETIREMENT SAVINGS PLAN
(formerly GE Savings and Security Program)
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2013

Notes to Schedule of Assets:
 
 
(a)
Cost of securities is the price at which underlying shares in the investment options were purchased, including shares purchased with reinvested interest and dividends. In addition, cost of securities includes gains and losses on realized participant investment switches and is decreased for withdrawals on an average cost basis by individual participant.
(b)
Funds managed by an affiliate of FMTC.
(c)
Funds managed by GEAM, a wholly owned subsidiary of the Company.
(d)
GE Cash Plus Fund is a holding of the GE RSP Short-Term Interest Fund.
(e)
Coupon amount represents effective yield.
(f)
Variable or floating security. The stated rate represents the rate at December 31, 2013.
(g)
Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.
(h)
At December 31, 2013, a portion of this security was pledged to cover collateral requirements for futures.
(i)
Represents a party-in-interest to the Plan.
(j)
State Street Bank and Trust Company is one of the custodians of the Plan. In addition, State Street Bank and Trust Company also serves as accounting agent for some of the Plan's investment options.
(k)
Pursuant to Rule 144A of the Securities Act of 1933, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities amounted to $3,948,750 or 0.46% of the net assets of the GE RSP Short Term Interest Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees.


 
- 22 -
 


 
Signatures
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 

 
 
   
GE Retirement Savings Plan
 
  
June  20, 2014
  
/s/ Jan R. Hauser
  
Date
  
Jan R. Hauser
Vice President and Controller
General Electric Company
  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
- 23 -