UNITED STATES
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)
☑  Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
For the fiscal year ended December 31, 2016
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
 
B.   Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
General Electric Company
44 Farnsworth Street
Boston, MA



 











GE RETIREMENT SAVINGS PLAN

Financial Statements and Supplemental Schedule
December 31, 2016 and 2015
(With Report of Independent Registered Public Accounting Firm Thereon)






 


GE RETIREMENT SAVINGS PLAN
December 31, 2016 and 2015
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, 2016 and 2015
  
 
4
Statements of Changes in Net Assets Available for Plan Benefits
 for the Years Ended December 31, 2016 and 2015
5
   
Notes to Financial Statements
6 - 18
   
Supplemental Schedule: (i)
  
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 as of December 31, 2016
19 - 24
 
  
 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:
We have audited the accompanying statements of net assets available for plan benefits of the GE Retirement Savings Plan (the Plan) as of December 31, 2016 and 2015, 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, 2016 and 2015, and the changes in net assets available for plan benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
The supplemental information in the accompanying schedule H, line 4i – schedule of assets (held at end of year) as of December 31, 2016, has been subjected to audit procedures performed in conjunction with the audit of the Plan's 2016 financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule H, line 4i – schedule of assets (held at end of year) as of December 31, 2016 is fairly stated in all material respects in relation to the 2016 financial statements as a whole.
/s/KPMG LLP
Albany, New York
June 7, 2017
 
 
- 3 -




 
 
GE RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Plan Benefits
December 31, 2016 and 2015
(in thousands)




         
   
2016
 
2015
 
Assets:
 
           
 
 
 
             
 
Investments at fair value (notes 3 and 4)
$
29,063,617
  
$
28,156,362
 
Notes receivable from participants
  
407,309
    
435,736
 
Employer contribution receivable
  
3,448
    
7,549
 
Accrued dividends and interest
  
83,292
    
84,221
 
Other assets
  
35,695
    
32,669
 
     Total assets
  
29,593,361
    
28,716,537
             
             
 
Liabilities:
 
  
 
 
  
             
 
Other liabilities
  
25,079
    
63,165
 
     Total liabilities
  
25,079
    
63,165
             
 
Net assets available for plan benefits
$
29,568,282
  
$
28,653,372
             


















See accompanying notes to financial statements.
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GE RETIREMENT SAVINGS PLAN

Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 2016 and 2015
(in thousands)





   
2016
 
2015
 
Additions to net assets attributed to:
 
           
 
 
 
 
    Investment income:
    
 
    
 
        Net appreciation in fair value of investments
$
1,258,985
 
$
1,323,101
 
        Interest and dividend income:
    
 
    
 
            Common stock
  
322,885
 
  
337,538
 
            Registered investment companies
  
351,225
 
  
617,406
 
            Other investments
  
18,992
 
  
13,828
     
1,952,087
 
  
2,291,873
       
 
    
 
    Interest on notes receivable from participants
 
18,157
 
 
18,562
       
 
    
 
    Contributions:
    
 
    
 
        Employee
  
1,084,832
 
  
1,131,091
 
        Employer
  
487,102
 
  
505,011
     
1,571,934
 
  
1,636,102
       
 
    
 
        Total additions
  
3,542,178
 
  
3,946,537
       
 
    
 
Deductions from net assets attributed to:
    
 
    
 
    Participant withdrawals
  
2,627,268
 
  
2,343,184
       
 
    
 
        Net increase
  
914,910
 
  
1,603,353
             
 
Net assets available for plan benefits at:
    
 
    
 
    Beginning of year
  
28,653,372
 
  
27,050,019
 
    End of year
$
29,568,282
 
$
28,653,372
       
 
    








See accompanying notes to financial statements.
- 5 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

 
 
(1)
Description of the Plan
The GE Retirement Savings Plan (the "Plan") is a defined contribution plan sponsored by General Electric Company (the "Company").
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").
Fidelity Investments is the Plan's recordkeeper.  The Plan Trustees have appointed Fidelity Management Trust Company ("FMTC") as the directed Trustee of the Trust.
On July 1, 2016, the Company announced that it had completed the sale of the asset management and advisory services business conducted by GE Asset Management Incorporated ("GEAM") and certain of its subsidiaries to State Street Corporation ("SSC") (the "Transaction").
In connection with the Transaction, GEAM was replaced as the investment adviser by (1) SSGA Funds Management, Inc. ("SSGA FM"), an affiliate of SSC, for three of the Plan's investment options (collectively the "GE Institutional Funds"); (2) SSGA FM for two of the Plan's investment options (collectively the "RSP Mutual Funds"); and (3) State Street Global Advisors ("SSGA"), an affiliate of SSC, for one of the Plan's investment options.
Additionally, in connection with the Transaction, there were changes to the GE Institutional Funds' names effective on or about November 30, 2016.  GE Institutional International Equity Fund, GE Institutional Strategic Investment Fund and GE Institutional Small-Cap Equity Fund changed to State Street Institutional International Equity Fund, State Street Institutional Strategic Investment Fund and State Street Institutional Small-Cap Equity Fund, respectively.
There were no changes in the investment objectives or policies of any of the RSP investment options or any changes to RSP benefits in connection with the Transaction.
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 thirteen Target Retirement Date Funds.  SSGA is the investment manager for the GE RSP Government Money Market Fund.  Evercore Trust Company, N.A. ("Evercore") was the independent fiduciary and investment manager for the Synchrony Stock Fund prior to its liquidation in November 2016.  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.  FMTC was also the custodian of the Synchrony Stock Fund prior to its liquidation.  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.
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GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

(b)
GE RSP Income Fund (the "Income Fund") – The Income Fund managed by SSGA FM 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") – The U.S. Equity Fund managed by SSGA FM 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)
State Street Institutional International Equity Fund, formerly GE Institutional International Equity Fund (the "International Fund") – The International Fund managed by SSGA FM 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.
(e)
State Street Institutional Small-Cap Equity Fund, formerly GE Institutional Small-Cap Equity Fund (the "Small-Cap Fund") – The Small-Cap Fund managed by SSGA FM 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)
State Street Institutional Strategic Investment Fund, formerly GE Institutional Strategic Investment Fund (the "Strategic Investment Fund") – The Strategic Investment Fund managed by SSGA FM 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-U.S. 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 Bloomberg 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 Bloomberg Barclays U.S. Treasury Inflation-Protected Securities Index by investing in substantially all of the securities that make up the index.
- 7 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

(m)
GE RSP Short-Term Interest Fund (the "ST Interest Fund") – The ST Interest Fund managed by SSGA 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 Government Money Market Fund (the "Money Market Fund") – The Money Market Fund managed by SSGA seeks a high level of current income consistent with the preservation of capital and maintenance of liquidity by investing at least 99.5% of its net assets in short-term U.S. government securities, cash and/or repurchase agreements that are collateralized by cash or 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.  Amounts held in the participant's account insufficient to purchase a Savings Bond are invested in money market instruments and other short-term debt securities.  Effective September 8, 2014, this option was closed to new contributions.
(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:
 
Target Retirement Income Fund
2025 Target Retirement Date Fund
  2050 Target Retirement Date Fund
 
2005 Target Retirement Date Fund
2030 Target Retirement Date Fund
  2055 Target Retirement Date Fund
 
2010 Target Retirement Date Fund
2035 Target Retirement Date Fund
  2060 Target Retirement Date Fund
 
2015 Target Retirement Date Fund
2040 Target Retirement Date Fund
  
 
2020 Target Retirement Date Fund
2045 Target Retirement Date Fund
  

(q)
Synchrony Stock Fund – The Synchrony Stock Fund was established on November 23, 2015 as a temporary investment option in connection with the Company's one-time offer in 2015 to exchange shares of Synchrony Financial common stock for shares of GE common stock.  The Synchrony Stock Fund invested at least 95% of its assets in Synchrony Financial common stock, with the remainder held in cash or cash equivalents to provide for the Synchrony Stock Fund's estimated liquidity needs.  As required by the terms of the Plan, the Synchrony Stock Fund was liquidated in November 2016 and eliminated as an investment option.  Proceeds were invested in the TRD Fund consistent with the participant's age.
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, the TRD Funds and the Synchrony Stock Fund 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, Money Market Fund, U.S. Bond Fund, Index Funds, TRD Funds and the Synchrony Stock Fund; and the GE Retirement Savings Plan Supplemental Information document containing certain
- 8 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

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 ("IRC") limits the amount of pre-tax contributions that can be made each year.  The limit for participants under age 50 was generally $18,000 in 2016 and 2015.  For participants who were at least age 50 during the year, the limit was generally $24,000 in 2016 and 2015.  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 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.
Certain eligible salaried employees (whose first day of work is on or after January 1, 2011) and certain eligible production employees (whose first day of work is on or after January 1, 2012) also receive a Company Retirement Contribution generally equal to 3% of their earnings, irrespective of any employee contributions.  Those production employees may also be eligible for an Additional Company Retirement Contribution ("ACRC") equal to $600 per year credited in the following January and a one-time additional $300 for a total of $900 credited in January 2016.  Hereinafter, the Company Retirement Contribution and the ACRC shall be referred to collectively as "Company Retirement Contributions" ("CRCs").  The CRCs are in addition to the employer matching contribution.  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.
Newly hired non-union employees who are eligible for CRCs and who have not made an affirmative election regarding the amount (if any) of their own savings are automatically enrolled 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.

Effective January 1, 2016, the Plan was amended to automatically enroll current and newly hired union employees who are eligible for CRCs and who have not made an affirmative election regarding the amount (if any) of their own savings as electing to contribute 2% of eligible pay as pre-tax contributions.  This election entitles these employees to a 1% 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.

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 IRC.  For the years ended December 31, 2016 and 2015, transfers from other qualifying plans or arrangements were $85.9 million and $85.7 million, respectively, and are included in employee contributions in the statements of changes in net assets available for plan benefits.
- 9 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

Withdrawals
Subject to certain limitations prescribed by the Plan and the IRC, 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 IRC 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.  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.  Effective October 1, 2015, partial prepayments in amounts not less than the regular repayment amount are permissible without penalty and without re-amortization of the remaining principal amount.  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.
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.
In connection with the Company's April 10, 2015 announcement of its plan to dispose of a predominant share of General Electric Capital Corporation and its subsidiaries, the Plan was amended to provide earlier vesting to certain participants who experience a layoff in connection with that plan.
Forfeitures
During 2016 and 2015, forfeitures of approximately $8.7 million and $10.0 million, 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
- 10 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

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, the Money Market Fund and the Synchrony Stock 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.
The Financial Accounting Standards Board issued Accounting Standards Update No. 2015-07 Fair Value Measurement (Topic 820) Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ("ASU 2015-07") effective for plan years beginning after December 15, 2015.  Early adoption is permitted.  ASU 2015-07 permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment.  The Plan adopted the provisions of ASU 2015-07 in 2016 and prior year amounts have been reclassified to current year presentation.
(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.
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.
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GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

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 common stock, registered investment companies, certain short-term money market instruments, and U.S. Savings Bonds.

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 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).
- 12 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015


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.

Investments in collective funds held by the Plan, are generally valued using the net asset value ("NAV") per share as a practical expedient for fair value provided certain criteria are met.  The NAVs are determined based on the fair values of the underlying investments of the funds.  Investments that are measured at fair value using the NAV as a practical expedient are no longer classified in the fair value hierarchy.
(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 $36.8 million and $39.7 million during 2016 and 2015, 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.
 
 


- 13 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

                 
(3)
Investments
            
                 
 
A summary of the fair value of the Plan's investments at December 31, 2016 and 2015 follows.
                 
         
2016
    
2015
                 
       
(in thousands) 
 
Common Stock:
          
 
    GE Common Stock
$
10,566,428    
  
$
11,046,325    
 
    Synchrony Financial Common Stock
  
—    
    
19,240    
 
        Total Common Stock
  
10,566,428    
    
11,065,565    
                 
 
Registered Investment Companies:
          
 
    GE RSP Income Fund
  
1,848,758    
    
1,856,666    
 
    GE RSP U.S. Equity Fund
  
3,477,196    
    
3,496,467    
 
    State Street Institutional International Equity Fund
  
1,019,943    
    
1,151,000    
 
    State Street Institutional Small-Cap Equity Fund
  
1,299,060    
    
1,101,531    
 
    State Street Institutional Strategic Investment Fund
  
585,341    
    
595,930    
 
        Total Registered Investment Companies
  
8,230,298    
    
8,201,594    
                 
 
Collective Funds:(a)
            
 
    Non-U.S. Equity Index Fund
  
1,028,277    
    
844,833    
 
    U.S. Aggregate Bond Index Fund
  
819,493    
    
645,596    
 
    U.S. Large-Cap Equity Index Fund
  
3,619,658    
    
3,115,340    
 
    U.S. Mid-Cap Equity Index Fund
  
1,159,607    
    
902,028    
 
    U.S. Small-Cap Equity Index Fund
  
736,780    
    
576,135    
 
    U.S. Treasury Inflation-Protected Securities Index Fund
  
340,524    
    
281,070    
 
        Total Collective Funds
  
7,704,339    
    
6,365,002    
                 
 
Other Investments:(a)
            
 
    Short-Term Money Market Instruments
  
297,597    
    
326,215    
 
    U.S. Treasury and U.S. Government Agency Debt Obligations
  
1,899,180    
    
1,750,514    
 
    Commercial Mortgage-Backed, Corporate Notes and Asset-Backed Securities
  
302,572    
    
380,059    
 
    U.S. Savings Bonds
  
63,203    
    
67,413    
 
        Total Other Investments
  
2,562,552    
    
2,524,201    
                 
 
              Total investments at fair value
$
29,063,617    
  
$
28,156,362    
                 
                 
 
(a)
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).
     
- 14 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015



Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risk.  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, the Synchrony 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, the Synchrony Stock 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.


- 15 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015

                         
(4)
Fair Value Measurements
      
 
The Plan's investments measured at fair value on a recurring basis at December 31, 2016 follow.
                         
   
Level 1
  
Level 2
  
Level 3
 
Total
   
(in thousands) 
 
Investments
                      
 
Common Stock
$
10,566,428    
  
$
—   
  
$
—   
  
$
10,566,428    
 
Registered Investment Companies
  
8,230,298    
    
—   
    
—   
    
8,230,298    
 
Other Investments:
                      
 
  Short-Term Money Market Instruments
  
1,016    
    
296,581    
    
—   
    
297,597    
 
  U.S. Treasury and U.S. Government  Agency Debt Obligations
—   
    
1,899,180    
    
—   
    
1,899,180    
 
  Commercial Mortgage-Backed, Corporate Notes and
                    
 
     Asset-Backed Securities
—   
    
302,572    
    
—   
    
302,572    
 
  U.S. Savings Bonds
  
63,203    
    
—   
    
—   
    
63,203    
 
          Total Other Investments
  
64,219    
    
2,498,333    
    
—   
    
2,562,552    
   
$
18,860,945    
  
$
2,498,333    
  
$
—   
    
21,359,278    
 
Investments measured at net asset value (a)
                      
 
Collective Funds
                    
7,704,339    
 
Total investments at fair value
                  
$
29,063,617    
                         
 
The Plan's investments measured at fair value on a recurring basis at December 31, 2015 follow.
                         
   
Level 1
  
Level 2
  
Level 3
 
Total
   
(in thousands) 
 
Investments
                      
 
Common Stock
$
11,065,565    
  
$
—   
  
$
—   
  
$
11,065,565    
 
Registered Investment Companies
  
8,201,594    
    
—   
    
—   
    
8,201,594    
 
Other Investments:
                      
 
  Short-Term Money Market Instruments
  
1,117    
    
325,098    
    
—   
    
326,215    
 
  U.S. Treasury and U.S. Government Agency Debt Obligations
—   
    
1,750,514    
    
—   
    
1,750,514    
 
  Commercial Mortgage-Backed, Corporate Notes and
                    
 
     Asset-Backed Securities
—   
    
380,059    
    
—   
    
380,059    
 
  U.S. Savings Bonds
  
67,413    
    
—   
    
—   
    
67,413    
 
          Total Other Investments
  
68,530    
    
2,455,671    
    
—   
    
2,524,201    
   
$
19,335,689    
  
$
2,455,671    
  
$
—   
    
21,791,360    
 
Investments measured at net asset value (a)
                      
 
Collective Funds
                    
6,365,002    
 
Total investments at fair value
                  
$
28,156,362    

(a)
In accordance with ASU 2015-07, certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the level hierarchy.  The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for plan benefits.
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, 2016 and 2015.
- 16 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015


(5)  Related Party Transactions (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.  Parties in interest to the Plan are noted in the Schedule H, Line 4i - schedule of assets.  Any fees paid by the Plan with respect to those or other transactions 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 IRC and that the related trust is tax-exempt.  Although the Plan has been amended and restated since receiving the determination letter, the Plan administrator and the Plan's counsel believe that the Plan's current design and operations comply in all material respects with the applicable requirements of the IRC, and that the letter remains valid.

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.

U.S. generally accepted accounting principles 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.  For the years ended December 31, 2016 and 2015, the Plan has not recognized a tax liability (or asset) related to uncertain tax positions.

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 2013.
 
(7)
 Subsequent Events
 
Subsequent events after the statement of net assets available for plan benefits date through June 7, 2017, the date that the financial statements were issued, have been evaluated in the preparation of these financial statements.

On June 2, 2017, the U.S. Bond Fund was liquidated and eliminated as an investment option.  Proceeds were invested in the GE RSP Government Money Market Fund.

On or about June 30, 2017, it is anticipated that the Asset Management Plan for Affiliated GE Companies ("AMP") and the GE Asset Maintenance Plan ("AMX"), each a frozen defined contribution plan, will be merged into the Plan.  The Plan will be amended to reflect the merger and in order to preserve certain AMP and AMX provisions with respect to the AMP and AMX account balances transferring to the Plan.
- 17 -
GE RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2016 and 2015



 (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 a distributable event occurs and they are 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.


             
     
2016
    
2015
   
(in thousands) 
             
 
Total investments per financial statements
$
29,063,617
  
$
28,156,362
             
 
Total notes receivable per financial statements
  
407,309
    
435,736
 
Deemed distributions
  
(12,337)
    
(9,282)
 
            Total notes receivable per Form 5500
  
394,972
    
426,454
             
 
Total investments per Form 5500
$
29,458,589
  
$
28,582,816
 
 
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.
 
 

    
             
   
2016
  
2015
   
(in thousands)
             
 
Total deductions from net assets per financial statements
$
2,627,268
  
$
2,343,184
 
Deemed distributions offset against plan assets
  
(3,734)
    
(2,370)
 
New deemed distributions
  
6,789
    
2,490
 
Total expenses per Form 5500
$
2,630,323
  
$
2,343,304
- 18 -
GE RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2016
                 
                 
                 
Description
      
Shares
    
Fair Value*
  
Corporate Stocks - Common
                
GE Common Stock
      
334,380,620
  
$
10,566,427,577
(g)
                 
Registered Investment Companies
                
GE RSP Income Fund
      
162,456,727
    
1,848,757,553
(b), (g)
GE RSP U.S. Equity Fund
      
70,574,300
    
3,477,195,778
(b), (g)
State Street Institutional International Equity Fund
      
89,312,031
    
1,019,943,397
(b), (g)
State Street Institutional Small-Cap Equity Fund
      
68,806,140
    
1,299,059,927
(b), (g)
State Street Institutional Strategic Investment Fund
      
50,114,835
    
585,341,270
(b), (g)
Total Registered Investment Companies
            
8,230,297,925
  
                 
Collective Funds
                
Non-U.S. Equity Index Fund
            
1,028,276,757
  
U.S. Aggregate Bond Index Fund
            
819,493,201
  
U.S. Large-Cap Equity Index Fund
            
3,619,657,322
  
U.S. Mid-Cap Equity Index Fund
            
1,159,607,302
  
U.S. Small-Cap Equity Index Fund
            
736,779,869
  
U.S. Treasury Inflation-Protected Securities Index Fund
            
340,524,373
  
Total Collective Funds
            
7,704,338,824
  
                 
Other Investments
                
 
Rate of Interest
  
Maturity
    
Fair Value*
  
Short-Term Money Market Instruments
                
BNP Paribas Tri Party Repo
0.500
%
  
01/03/2017
  
$
115,000,000
  
BNP Paribas Tri Party Repo
0.520
    
01/03/2017
    
71,273,000
  
Merrill Lynch Tri Party Repo
0.510
    
01/03/2017
    
105,000,000
  
State Street Time Deposit
0.010
    
01/03/2017
    
5,308,337
(f), (g)
Fidelity Institutional Money Market Government Portfolio (Class I)
            
1,015,917
(a), (g)
Total Short-Term Money Market Instruments
            
297,597,254
  
                 
U.S. Treasury and U.S. Government Agency Debt Obligations
                
Federal Farm Credit Banks
0.786
    
01/17/2017
    
4,700,400
(d)
Federal Farm Credit Banks
0.796
    
04/27/2017
    
11,199,748
(d)
Federal Farm Credit Banks
0.651
    
10/03/2017
    
3,299,748
(d)
Federal Farm Credit Banks
0.720
    
08/30/2017
    
7,999,465
(d)
Federal Home Loan Banks
0.833
    
01/13/2017
    
14,100,000
(d)
Federal Home Loan Banks
0.827
    
01/11/2017
    
13,900,000
(d)
Federal Home Loan Banks
0.823
    
02/08/2017
    
5,199,973
(d)
Federal Home Loan Banks
0.827
    
02/10/2017
    
25,999,857
(d)
Federal Home Loan Banks
0.781
    
04/20/2017
    
14,300,000
(d)
Federal Home Loan Banks
0.674
    
03/09/2017
    
35,000,000
(d)
Federal Home Loan Banks
0.705
    
03/14/2017
    
29,998,841
(d)
Federal Home Loan Banks
0.887
    
06/20/2017
    
2,199,943
(d)
Federal Home Loan Banks
0.644
    
06/09/2017
    
21,000,000
(d)
Federal Home Loan Banks
0.741
    
08/28/2017
    
35,000,000
(d)
Federal Home Loan Banks
0.621
    
06/01/2017
    
20,000,000
(d)
Federal Home Loan Banks
0.542
    
07/07/2017
    
20,000,000
(d)
Federal Home Loan Banks
0.476
    
07/12/2017
    
14,500,000
(d)
Federal Home Loan Banks
0.480
    
07/17/2017
    
5,900,000
(d)
Federal Home Loan Banks
0.574
    
08/11/2017
    
2,900,000
(d)
Federal Home Loan Banks
0.468
    
07/13/2017
    
14,000,000
(d)
Federal Home Loan Banks
0.566
    
04/18/2017
    
6,000,000
(d)
Federal Home Loan Banks
0.418
    
04/19/2017
    
2,400,000
(d)
Federal Home Loan Banks
0.561
    
04/19/2017
    
2,399,964
(d)
Federal Home Loan Banks
0.462
    
07/24/2017
    
5,200,000
(d)
Federal Home Loan Banks
0.706
    
08/17/2017
    
7,400,000
(d)
Federal Home Loan Banks
0.677
    
08/16/2017
    
5,300,000
(d)
Federal Home Loan Banks
0.704
    
08/17/2017
    
3,200,000
(d)
Federal Home Loan Banks
0.675
    
08/16/2017
    
3,200,000
(d)
Federal Home Loan Bank Discount Notes
0.436
    
01/04/2017
    
58,998,155
(c)
Federal Home Loan Bank Discount Notes
0.335
    
01/05/2017
    
6,999,743
(c)
Federal Home Loan Bank Discount Notes
0.442
    
01/06/2017
    
34,997,885
(c)
Federal Home Loan Bank Discount Notes
0.380
    
01/11/2017
    
13,998,546
(c)
Federal Home Loan Bank Discount Notes
0.455
    
01/18/2017
    
29,993,653
(c)
Federal Home Loan Bank Discount Notes
0.493
    
01/25/2017
    
34,740,498
(c)
Federal Home Loan Bank Discount Notes
0.457
    
02/03/2017
    
14,993,813
(c)
Freddie Mac Discount Notes
0.406
    
01/04/2017
    
24,149,195
(c)
Freddie Mac Discount Notes
0.508
    
04/25/2017
    
12,580,050
(c)
Freddie Mac Discount Notes
0.529
    
05/09/2017
    
12,576,704
(c)
See accompanying notes to schedule of assets on page 24.
(continued)
- 19 -
GE RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2016
                 
Other Investments, continued
                
Description
Rate of Interest
  
Maturity
    
Fair Value*
  
U.S. Treasury and U.S. Government Agency Debt Obligations
                
Freddie Mac Discount Notes
0.508
%
  
05/15/2017
  
$
10,779,900
 (c)
Freddie Mac Discount Notes
0.559
    
05/18/2017
    
6,386,604
 (c)
Federal Home Loan Mortgage Corp.
7.000
    
11/01/2031
    
21,656
  
Federal Home Loan Mortgage Corp.
7.000
    
04/01/2032
    
233,528
  
Federal Home Loan Mortgage Corp.
7.000
    
04/01/2032
    
34,117
  
Federal Home Loan Mortgage Corp.
7.000
    
06/01/2032
    
31,648
  
Federal Home Loan Mortgage Corp.
7.500
    
01/01/2027
    
18,176
  
Federal Home Loan Mortgage Corp.
7.000
    
04/01/2036
    
169,067
  
Federal Home Loan Mortgage Corp.
8.500
    
03/01/2027
    
5,824
  
Federal Home Loan Mortgage Corp.
1.104
    
06/15/2041
    
54,079,717
 (d)
Federal Home Loan Mortgage Corp.
7.500
    
01/01/2027
    
107,969
  
Federal Home Loan Mortgage Corp.
1.654
    
12/15/2031
    
441,480
 (d)
Federal Home Loan Mortgage Corp.
5.246
    
08/15/2043
    
4,303,039
 (d), (e)
Federal Home Loan Mortgage Corp.
0.526
    
04/17/2017
    
12,200,000
 (d)
Fannie Mae Discount Notes
0.456
    
01/03/2017
    
45,998,850
 (c)
Fannie Mae Discount Notes
0.312
    
01/04/2017
    
18,749,519
 (c)
Fannie Mae Discount Notes
0.355
    
01/09/2017
    
19,898,452
 (c)
Fannie Mae Discount Notes
0.406
    
01/17/2017
    
14,797,369
 (c)
Fannie Mae Discount Notes
0.488
    
02/14/2017
    
18,589,088
 (c)
Federal National Mortgage Assoc.
0.771
    
01/26/2017
    
8,000,096
 (c)
U.S. Treasury Bills
0.345
    
01/05/2017
    
79,997,040
 (c)
U.S. Treasury Bills
0.401
    
02/02/2017
    
14,994,733
 (c)
U.S. Treasury Bills
0.510
    
03/02/2017
    
39,967,021
 (c)
U.S. Treasury Bills
0.564
    
03/30/2017
    
69,910,130
 (c)
U.S. Treasury Bills
0.656
    
06/22/2017
    
19,938,367
 (c)
U.S. Treasury Bills
0.365
    
01/12/2017
    
24,997,250
 (c)
U.S. Treasury Bills
0.497
    
01/19/2017
    
54,988,810
 (c)
U.S. Treasury Bills
0.345
    
01/26/2017
    
49,988,234
 (c)
U.S. Treasury Bills
0.513
    
02/16/2017
    
49,967,736
 (c)
U.S. Treasury Bills
0.487
    
02/23/2017
    
39,971,733
 (c)
U.S. Treasury Bills
0.497
    
03/09/2017
    
39,963,522
 (c)
U.S. Treasury Bills
0.553
    
03/16/2017
    
45,948,697
 (c)
U.S. Treasury Bills
0.525
    
03/23/2017
    
49,942,006
 (c)
U.S. Treasury Bills
0.503
    
04/13/2017
    
14,978,963
 (c)
U.S. Treasury Bills
0.631
    
06/01/2017
    
14,961,411
 (c)
U.S. Treasury Bills
0.626
    
06/08/2017
    
19,946,017
 (c)
U.S. Treasury Bills
0.656
    
06/15/2017
    
19,940,875
 (c)
U.S. Treasury Notes
0.640
    
01/31/2017
    
53,001,142
 (d)
U.S. Treasury Notes
3.125
    
01/31/2017
    
29,563,852
  
U.S. Treasury Notes
3.000
    
02/28/2017
    
9,237,010
  
Federal National Mortgage Assoc.
7.500
    
05/01/2026
    
9,485
  
Federal National Mortgage Assoc.
7.500
    
01/01/2025
    
46,263
  
Federal National Mortgage Assoc.
7.500
    
11/01/2021
    
11,735
  
Federal National Mortgage Assoc.
7.000
    
03/01/2029
    
44,051
  
Federal National Mortgage Assoc.
2.900
    
07/01/2033
    
490,115
 (d)
Federal National Mortgage Assoc.
7.500
    
02/01/2031
    
83,737
  
Federal National Mortgage Assoc.
7.000
    
06/01/2031
    
14,069
  
Federal National Mortgage Assoc.
7.500
    
07/01/2027
    
33,497
  
Federal National Mortgage Assoc.
7.000
    
10/01/2031
    
239,697
  
Federal National Mortgage Assoc.
7.500
    
04/01/2032
    
69,915
  
Federal National Mortgage Assoc.
7.000
    
02/01/2017
    
728
  
Federal National Mortgage Assoc.
7.000
    
03/01/2017
    
690
  
Federal National Mortgage Assoc.
7.000
    
03/01/2017
    
410
  
Federal National Mortgage Assoc.
8.500
    
08/01/2030
    
6,179
  
Federal National Mortgage Assoc.
8.000
    
05/01/2032
    
25,930
  
Federal National Mortgage Assoc.
1.156
    
08/25/2046
    
44,727,667
 (d)
Federal National Mortgage Assoc.
7.500
    
06/01/2032
    
77,463
  
Federal National Mortgage Assoc.
1.156
    
09/25/2046
    
29,501,269
 (d)
Federal National Mortgage Assoc.
7.000
    
03/01/2017
    
1,021
  
Federal National Mortgage Assoc.
7.000
    
05/01/2017
    
1,413
  
Federal National Mortgage Assoc.
8.000
    
03/01/2032
    
71,706
  
Federal National Mortgage Assoc.
7.000
    
07/01/2017
    
1,319
  
Federal National Mortgage Assoc.
7.000
    
07/01/2017
    
4,369
  
Federal National Mortgage Assoc.
2.873
    
06/01/2033
    
575,569
 (d)
Federal National Mortgage Assoc.
2.915
    
06/01/2033
    
640,180
 (d)
Federal National Mortgage Assoc.
1.156
    
09/25/2046
    
26,778,220
 (d)
Federal National Mortgage Assoc.
7.000
    
05/01/2017
    
429
  
Federal National Mortgage Assoc.
0.100
    
05/25/2018
    
253
  
Federal National Mortgage Assoc.
4.500
    
02/25/2040
    
2,709,439
  
 
See accompanying notes to schedule of assets on page 24.
(continued)
- 20 -
 
GE RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2016
                 
Other Investments, continued
                
Description
Rate of Interest
  
Maturity
    
Fair Value*
  
U.S. Treasury and U.S. Government Agency Debt Obligations
                
Federal National Mortgage Assoc.
7.500
%
  
10/01/2030
  
$
23,932
  
Federal National Mortgage Assoc.
2.762
    
12/01/2032
    
299,812
 (d)
Federal National Mortgage Assoc.
2.288
    
05/01/2033
    
626,012
 (d)
Federal National Mortgage Assoc.
3.015
    
06/01/2033
    
5,515
 (d)
Federal National Mortgage Assoc.
2.935
    
05/01/2033
    
24,018
 (d)
Federal National Mortgage Assoc.
3.018
    
06/01/2033
    
300,604
 (d)
Federal National Mortgage Assoc.
3.242
    
06/01/2033
    
39,965
 (d)
Federal National Mortgage Assoc.
7.000
    
04/01/2033
    
113,630
  
Federal National Mortgage Assoc.
7.500
    
04/01/2033
    
45,574
  
Federal National Mortgage Assoc.
2.976
    
07/01/2033
    
619,279
 (d)
Federal National Mortgage Assoc.
7.500
    
11/01/2033
    
25,759
  
Federal National Mortgage Assoc.
8.000
    
11/01/2033
    
30,476
  
Federal National Mortgage Assoc.
7.000
    
11/01/2033
    
234,332
  
Federal National Mortgage Assoc.
7.500
    
03/01/2034
    
156,176
  
Federal National Mortgage Assoc.
7.000
    
03/01/2034
    
18,542
  
Federal National Mortgage Assoc.
7.000
    
06/01/2034
    
38,116
  
Federal National Mortgage Assoc.
7.500
    
05/01/2034
    
55,531
  
Federal National Mortgage Assoc.
8.500
    
08/01/2029
    
34,377
  
Federal National Mortgage Assoc.
7.000
    
01/01/2035
    
130,199
  
Federal National Mortgage Assoc.
7.000
    
01/01/2036
    
236,316
  
Federal National Mortgage Assoc.
7.000
    
05/01/2035
    
80,980
  
Federal National Mortgage Assoc.
7.000
    
05/01/2035
    
217,642
  
Federal National Mortgage Assoc.
7.000
    
04/01/2036
    
104,546
  
Federal National Mortgage Assoc.
2.903
    
06/01/2044
    
37,170,272
 (d)
Government National Mortgage Assoc.
7.000
    
05/15/2032
    
87,622
  
Government National Mortgage Assoc.
7.000
    
11/15/2032
    
33,833
  
Government National Mortgage Assoc.
7.000
    
03/15/2031
    
75,775
  
Government National Mortgage Assoc.
7.500
    
05/15/2031
    
37,292
  
Government National Mortgage Assoc.
7.500
    
03/15/2031
    
13,545
  
Government National Mortgage Assoc.
7.500
    
01/15/2031
    
158,166
  
Government National Mortgage Assoc.
7.500
    
01/15/2031
    
43,004
  
Government National Mortgage Assoc.
7.500
    
09/15/2031
    
144,977
  
Government National Mortgage Assoc.
7.500
    
07/15/2031
    
51,870
  
Government National Mortgage Assoc.
9.000
    
11/15/2017
    
479
  
Government National Mortgage Assoc.
7.000
    
12/15/2018
    
17,136
  
Government National Mortgage Assoc.
7.500
    
12/15/2018
    
25,746
  
Government National Mortgage Assoc.
7.000
    
11/15/2023
    
131,130
  
U.S. Treasury Bond
2.875
    
11/15/2046
    
1,674,148
  
U.S. Treasury Notes
0.750
    
08/15/2019
    
22,914,447
  
U.S. Treasury Notes
0.875
    
06/15/2019
    
135,918,965
  
U.S. Treasury Notes
1.250
    
10/31/2021
    
23,089,513
  
U.S. Treasury Notes
1.375
    
09/30/2023
    
9,751,404
  
U.S. Treasury Notes
2.000
    
11/15/2026
    
20,791,010
 (f)
Vendee Mortgage Trust
0.117
    
10/15/2026
    
44,223
 (d)
Total U.S. Treasury and U.S. Government Agency Debt Obligations
            
1,899,179,537
  
                 
Commercial Mortgage-Backed, Corporate Notes and Asset-Backed Securities
                
Abbott Laboratories
2.350
    
11/22/2019
    
5,003,420
  
Abengoa Finance S.A.
7.750
    
02/01/2020
    
45,000
 (h), (i)
Abengoa Finance S.A.
8.875
    
11/01/2017
    
45,000
 (h), (i)
Abengoa Greenfield S.A.
6.500
    
10/01/2019
    
45,000
 (h), (i)
Actavis Funding SCS
2.350
    
03/12/2018
    
10,056,520
  
Aetna Inc.
1.900
    
06/07/2019
    
4,987,245
  
Anheuser-Busch InBev Finance Inc.
1.250
    
01/17/2018
    
998,992
  
Anheuser-Busch InBev Finance Inc.
1.900
    
02/01/2019
    
5,006,060
  
AT&T Inc.
1.700
    
06/01/2017
    
2,002,740
  
AT&T Inc.
1.750
    
01/15/2018
    
500,270
  
AT&T Inc.
2.450
    
06/30/2020
    
4,961,640
  
Bank of America NA
1.750
    
06/05/2018
    
9,998,050
  
Baxalta Inc.
2.000
    
06/22/2018
    
7,999,160
  
Berkshire Hathaway Finance Corp.
1.700
    
03/15/2019
    
6,992,146
  
Capital One NA
2.350
    
08/17/2018
    
2,513,945
  
Celgene Corp.
2.125
    
08/15/2018
    
7,026,894
  
Charter Communications Operating LLC & Capital
3.579
    
07/23/2020
    
2,548,817
  
Chevron Corp.
1.961
    
03/03/2020
    
4,983,620
  
Citigroup Inc.
2.050
    
12/07/2018
    
4,998,405
  
Citigroup Inc.
2.050
    
06/07/2019
    
9,958,080
  
Comcast Corp.
5.700
    
05/15/2018
    
1,055,467
  
CVS Health Corp.
1.900
    
07/20/2018
    
7,025,732
  
 
See accompanying notes to schedule of assets on page 24.
(continued)
- 21 -
GE RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2016
                 
Other Investments, continued
                
Description
Rate of Interest
  
Maturity
    
Fair Value*
  
Commercial Mortgage-Backed, Corporate Notes and Asset-Backed Securities
                
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
3.480
%
  
06/01/2019
  
$
5,102,740
(h)
Discover Bank
2.600
    
11/13/2018
    
2,521,203
  
Emera US Finance LP
2.150
    
06/15/2019
    
4,989,625
(h)
Energy Transfer Partners LP
2.500
    
06/15/2018
    
5,017,545
  
Fortive Corp.
1.800
    
06/15/2019
    
3,974,088
(h)
General Motors Co.
3.500
    
10/02/2018
    
3,059,136
  
General Motors Financial Company Inc.
3.200
    
07/13/2020
    
5,011,570
  
Gilead Sciences Inc.
1.850
    
09/04/2018
    
7,025,165
  
Honeywell International Inc.
1.400
    
10/30/2019
    
4,951,335
  
ING Bank N.V.
2.450
    
03/16/2020
    
9,991,380
(h)
JPMorgan Chase & Co.
1.850
    
03/22/2019
    
9,964,600
  
Kraft Heinz Foods Co.
2.000
    
07/02/2018
    
10,000,640
  
Lockheed Martin Corp.
1.850
    
11/23/2018
    
5,018,895
  
Marathon Oil Corp.
5.900
    
03/15/2018
    
2,610,075
  
McDonald's Corp.
2.100
    
12/07/2018
    
5,028,655
  
Medtronic Inc.
1.375
    
04/01/2018
    
998,153
  
Microsoft Corp.
1.550
    
08/08/2021
    
4,845,000
  
Molson Coors Brewing Co.
1.450
    
07/15/2019
    
3,939,268
  
Morgan Stanley
2.450
    
02/01/2019
    
10,065,050
  
Mylan N.V.
2.500
    
06/07/2019
    
6,960,331
(h)
Newell Brands Inc.
2.600
    
03/29/2019
    
5,053,660
  
Perrigo Company PLC
2.300
    
11/08/2018
    
3,864,098
  
Shell International Finance BV
1.625
    
11/10/2018
    
5,008,205
  
Shire Acquisitions Investments Ireland DAC
1.900
    
09/23/2019
    
4,934,295
  
Sumitomo Mitsui Banking Corp.
1.950
    
07/23/2018
    
4,995,615
  
Teva Pharmaceutical Finance Netherlands III BV
1.700
    
07/19/2019
    
4,910,480
  
The Goldman Sachs Group Inc.
2.000
    
04/25/2019
    
8,960,670
  
The Huntington National Bank
2.200
    
11/06/2018
    
5,013,210
  
The Southern Co.
2.150
    
09/01/2019
    
2,894,021
  
The Toronto-Dominion Bank
1.750
    
07/23/2018
    
5,006,985
  
United Technologies Corp.
1.500
    
11/01/2019
    
4,962,750
  
UnitedHealth Group Inc.
1.900
    
07/16/2018
    
5,021,380
  
Verizon Communications Inc.
1.375
    
08/15/2019
    
4,919,945
  
Walgreens Boots Alliance Inc.
1.750
    
05/30/2018
    
4,003,388
  
Zimmer Biomet Holdings Inc.
2.000
    
04/01/2018
    
500,544
  
Invitation Homes 2014-SFR2 Trust
1.836
    
09/17/2031
    
7,299,924
(d), (h)
Citigroup Commercial Mortgage Trust 2013-GC15
1.184
    
09/10/2046
    
1,506,017
(d), (e)
JP Morgan Chase Commercial Mortgage Securities Trust 2007-C1
6.055
    
02/15/2051
    
7,206,966
(d)
LB-UBS Commercial Mortgage Trust 2008-C1
6.113
    
04/15/2041
    
6,683,536
(d)
Total Commercial Mortgage-Backed, Corporate Notes and Asset-Backed Securities
            
302,572,346
  
                 
U.S. Savings Bonds
      
Units
    
Fair Value*
  
1984 U.S. SAVINGS BOND EE SERIES
      
6
  
$
1,384
  
1985 U.S. SAVINGS BOND EE SERIES
      
24
    
5,535
  
1986 U.S. SAVINGS BOND EE SERIES
      
26
    
5,904
  
1987 U.S. SAVINGS BOND EE SERIES
      
25,290
    
5,089,131
  
1988 U.S. SAVINGS BOND EE SERIES
      
27,933
    
5,404,636
  
1989 U.S. SAVINGS BOND EE SERIES
      
38,809
    
7,215,039
  
1990 U.S. SAVINGS BOND EE SERIES
      
40,360
    
7,209,488
  
1991 U.S. SAVINGS BOND EE SERIES
      
40,695
    
6,992,213
  
1992 U.S. SAVINGS BOND EE SERIES
      
61,033
    
10,069,798
  
1993 U.S. SAVINGS BOND EE SERIES
      
40,424
    
5,349,927
  
1994 U.S. SAVINGS BOND EE SERIES
      
34,706
    
4,233,635
  
1995 U.S. SAVINGS BOND EE SERIES
      
9,799
    
1,119,784
  
1996 U.S. SAVINGS BOND EE SERIES
      
69
    
7,155
  
1997 U.S. SAVINGS BOND EE SERIES
      
106
    
10,938
  
1998 U.S. SAVINGS BOND EE SERIES
      
177
    
18,023
  
1999 U.S. SAVINGS BOND EE SERIES
      
316
    
31,782
  
2000 U.S. SAVINGS BOND EE SERIES
      
398
    
30,786
  
2001 U.S. SAVINGS BOND EE SERIES
      
535
    
39,270
  
2002 U.S. SAVINGS BOND EE SERIES
      
562
    
39,479
  
2003 U.S. SAVINGS BOND EE SERIES
      
962
    
65,330
  
2004 U.S. SAVINGS BOND EE SERIES
      
1,372
    
90,473
  
2005 U.S. SAVINGS BOND EE SERIES
      
1,721
    
122,758
  
2006 U.S. SAVINGS BOND EE SERIES
      
2,494
    
179,626
  
2007 U.S. SAVINGS BOND EE SERIES
      
3,641
    
250,378
  
2008 U.S. SAVINGS BOND EE SERIES
      
3,990
    
234,878
  
2009 U.S. SAVINGS BOND EE SERIES
      
6,790
    
364,328
  
                 
 
See accompanying notes to schedule of assets on page 24.
(continued)
- 22 -
GE RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2016
                 
Other Investments, continued
                
Description
                
U.S. Savings Bonds
      
Units
    
Fair Value*
  
2010 U.S. SAVINGS BOND EE SERIES
      
10,359
  
$
561,148
  
2011 U.S. SAVINGS BOND EE SERIES
      
8,973
    
470,495
  
2012 U.S. SAVINGS BOND EE SERIES
      
8,876
    
454,960
  
2013 U.S. SAVINGS BOND EE SERIES
      
13,738
    
690,450
  
2014 U.S. SAVINGS BOND EE SERIES
      
16,089
    
810,421
  
2015 U.S. SAVINGS BOND EE SERIES
      
25,601
    
1,283,763
  
2016 U.S. SAVINGS BOND EE SERIES
      
95,005
    
4,750,250
  
Total U.S. Savings Bonds
            
63,203,165
  
                 
Total Other Investments
            
2,562,552,302
  
                 
          Total Investments
            
29,063,616,628
  
                 
Notes Receivable from Participants
Rate of Interest
    
Maturity
    
Fair Value*
  
                 
Various (70,419 notes receivable)
3.67 - 9.26%
    
1 month - 15 years
  
$
394,972,466
 (g)
                 
Total Notes Receivable from Participants
            
394,972,466
  
                 
Total Assets (Held at End of Year)
          
$
29,458,589,094
  


See accompanying Report of Independent Registered Public Accounting Firm.
 
 
See accompanying notes to schedule of assets on page 24.
(continued)

- 23 -
GE RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2016
   
   
Notes to Schedule of Assets:
   
(a)
Funds managed by an affiliate of Fidelity Management Trust Company (FMTC).
(b)
Funds managed and administered by SSGA Funds Management  (SSGA FM), an affiliate of State Street Corporation (SSC), the Funds' custodian and accounting agent.
(c)
Coupon amount represents effective yield.
(d)
Variable or floating rate of security. The stated rate represents the rate at December 31, 2016.
(e)
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.
(f)
At December 31, 2016, a portion of this security was pledged to cover collateral requirements for futures.
(g)
Represents a party-in-interest to the Plan.
(h)
Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  At December 31, 2016, these securities amounted to $38,453,088 or 5.26% 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, except for the securities identified as in default.
(i)
Security is in default.
   
*
Cost omitted for participant directed investments
- 24 -
 

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 7, 2017
    /s/ Jan R. Hauser  
Date
  
Jan R. Hauser
Vice President and Controller
General Electric Company
  

- 25 -