I’m in the process of rolling over my legacy Honeywell pension, and wow. The online resources are full of dead links, out of date phone numbers, references to an app that is no longer used, and just overall pretty cr-ppy. If you’re sitting on a pension, I’d say consider rolling it into something else. Anything else. I sincerely believe that if they could walk away or dump the pension obligations, they’d do it in a heartbeat.
If you’re under 50, you can Google what a pension is.
The most frustrating part of this discussion is confusing a defined-benefit (old school/traditional) pension and defined-contribution (401k) benefit plan.
The two are completely different. When I left HW for a new company 9 years ago, rolling over defined-contribution (401k) to new employer's plan was a piece of cake. I merely contacted my new employer's administrator, and they took care of everything in a rapid manner.
The defined-benefit (old school/traditional) pension could not be rolled over, so I left it and will (maybe) start collecting in April 2025 when I turn 65. The longer I delay dispersments, the larger the dispersments are (around 7.5% for every year delayed)
As has been mentioned in a previous post, there were several different defined-benefit (old school/traditional) pension plans over the decades, and I will be collecting from 2 different ones. One (the largest) I can take monthly dispersments until death OR a lump sum payout. The other (and much smaller) only allows a monthly payout until death.
Do not trust Honeywell with your pension money if you leave the company before retiring! When I left in '22, I rolled my pension and 401(k) into a rollover IRA. No taxes and I get to decide where to invest. The only down side is that you can't put contributions into it like you would a regular 401(k) or IRA.
@wtu+1vVvZSXo Good points on different companies owning us too. Allied, Dow cant recall who else owned us.
Honeywell has dozens of legacy pension accounts from the companies it has taken over or merged with. Some of them allow you to receive a lump sum payment and to roll it over to a personal IRA in your name which you could set up a beneficiary. Some of them don't allow lump sum payments.
In my case I did NOT have the option for a lump sum payment. I was on the old AlliedSignal pension plan prior to the Honeywell/AlliedSignal merger and had to accept the monthly payments until I die. When I die the payments stop and the there is no money for any inheritance.
You might call and find out the options for your pension.
OP, I with you on their pension site. I hoping retire in few years and wanted to check my option for the pension and how much it is but I keep on getting that its to complicated to do online and call Honeywell one stop thats the number in one comments above 1-877-258-3699 in which I will do but not fun calling it too, my brother retired few years ago and called the number to start drawing his pension but he said was bad experience trying to talk to them since they dont speak English but he finally got in touch with someone who spoke our language :) and he got all set and started pulling his. He did state to the person that was nice to speak to someone he can understand and they were like you not only person who said that. For me once I do retire Im taking lump some and rolling it over since single and I pass now one gets it I cant put my sons on it I tried says have to be married? So rolling it over at least if any left sons cant get it.
https://www5.lifeatworkportal.com/honeywell
Here's the web link I use for my Honeywell pension. I just logged into it to verify it is still active. You would need to register as a first-time user to get an account.
If you have any questions, contact the Benefits Service Center at 1-877-258-3699. This phone number is also active.
Honeywell sold your pension to an insurance company. Except they paid the company to take on your liability and now its on them to wait until you or your spouse are no longer around to collect. So in theory if the said insurance company goes broke, so will your pension.
Get it early and get it now.
You can move 401k into outside accounts 100% if you are 59 1/2 years old.
There is also some latitude to move before that age, but I don’t remember the rules. I moved back when we had state street managing because you could never understand the NAV of any of their investments.
Honeywell can't wait for the day the last pension check goes out. My guess is ~ 30 to 35 more years and it will end. Hopefully they fulfill their obligations unlike when they pulled the medical rug out from so many.
Before I left HW, I had already talked to my financial advisor and had a plan in place to move the monies into IRAs. I next investigated the paperwork that was required by Fidelity (??). I had all monies moved within 1 month of leaving HW. Even while at HW, I moved the money out of HW stock into other mutual funds on the 30-day mark after the deposit from HW in January. Always understand the correct method of moving money as to not trigger a tax event.
You can’t roll over pension. 401k yes. You have to ‘accept’ a pension from several choices (lump sum, 50/50, 100/100), so assume you are talking about rolling over lump sum pension into IRA? Your financial advisor can handle this for you.
Is there even an option to roll it over before you leave?
Thanks