SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of
earliest event reported): April 12, 1994
GENERAL PUBLIC UTILITIES CORPORATION
(Exact name of registrant as specified in charter)
Pennsylvania 1-6047 13-5516589
(State or other (Commission (IRS employer
jurisdiction of file number) identification no.)
incorporation)
100 Interpace Parkway, Parsippany, New Jersey 07054
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 263-6500
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ITEM 5. OTHER EVENTS.
On April 12, 1994, the Corporation announced that its
subsidiaries were offering a voluntary enhanced retirement
program to approximately 800 of their 5,700 non-bargaining
employees. The subsidiaries also plan to discuss possible
participation in a similar program with their 6,100 bargaining
unit employees.
Assuming that two-thirds of the anticipated eligible
non-bargaining and bargaining unit employees accept the program,
the Corporation estimates that it would incur pretex
restructuring charges in 1994 of between $110 and $120 million,
or approximately 55 to 60 cents per share net of taxes after
giving effect to payroll savings.
A copy of GPU's related news release is annexed as an
exhibit.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND 1.EXHIBITS.
(b) Exhibits:
1. GPU News Release, dated April 12, 1994.
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE
ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE
SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY
AUTHORIZED.
GENERAL PUBLIC UTILITIES CORPORATION
By:______________________________
Don W. Myers, Vice President
and Treasurer
Date: April 13, 1994
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EXHIBIT TO BE FILED BY EDGAR
Exhibit:
1. GPU News Release, dated April 12, 1994.
<PAGE>
Exhibit 1
John T. Fidler
201-263-6479 April 12, 1994
94-005
Immediately
GPU SUBSIDIARIES OFFER VOLUNTARY ENHANCED RETIREMENT PLAN
Parsippany, N.J., April 12, 1994 -- General Public Utilities
Corporation (NYSE:GPU) said today that its subsidiaries are
offering nearly 800 of their 5,700 non-bargaining employees a
voluntary enhanced retirement program.
The GPU companies plan to discuss possible participation by
their 6,100 bargaining unit employees in a similar enhanced
retirement program.
Depending on the results of discussions with the bargaining
unit leadership and any negotiations that might follow, up to an
additional 600 to 700 employees from the bargaining units could
be eligible for a voluntary enhanced retirement program, assuming
similar eligibility parameters.
If two-thirds of the anticipated eligible non-bargaining and
bargaining unit employees accept the program, the net impact on
1994 earnings would be approximately 55 to 60 cents per share,
after giving effect to payroll savings. That figure could
change, depending on changes in eligibility and acceptance rates.
The voluntary enhanced retirement program is part of a
corporate realignment that GPU announced February 14. At that
time, the company said that its goal was to achieve $80 million
in annual cost savings by the end of 1996.
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"We are taking these measures to prepare the GPU System for
the increased competition in the electric utility industry," said
James R. Leva, GPU chairman, president and chief executive
officer.
"Our hope is to meet the work force requirements of our new
organization with this program and attrition, but additional
reductions are possible. Clearly, the GPU work force of the
future will be smaller than it is today," Leva added.
The voluntary enhanced retirement program is open to
employees who are at least 55 years old and have at least five
years of service by July 31. The plan will add five years to an
eligible employee's years of service and age.
In addition, the company will raise the annual pension
maximum from 55 to 60 percent of final three-year average
earnings, pay a $500 monthly Social Security supplement until age
62, and waive required health care premium cost sharing for
certain employees. Eligible employees will generally have from
May 2 to June 16 to decide whether to accept the plan. Retire-
ments will generally take effect July 31.
Eligible non-bargaining unit employees are employed at the
following GPU subsidiaries: Metropolitan Edison Company, Pennsyl-
vania Electric Company, Jersey Central Power and Light Company,
GPU Nuclear Corporation and GPU Service Corporation.
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