401k match plan was changed from bi-weekly matching which equates to Dollar-Cost Averaging which all financial advisors tell you in the best approach, to the current lump sum. This was sold as for your loyalty up till December 15th to get the payout in January. The last RIF in the US was also based on your length of service per separation agreement language. So much for loyalty. In the latest US RIF of 1795 employees the majority were between the ages of 50 and 62...some just before retirement. So you clear out the older employees due to salaries and increasing medical claims, etc. Keep in mind this doesn't impact those at the top. Yet in the SPS Town hall leadership stated that SPS hired 20,000 in 2020 and plan another 15,000 in 2021. So much for loyalty and age and the US jobs.
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What if you’ve been at Hw for less than 3 years, but it’s showing the last years amount as vested. Do they retroactively take it back? I would think that’s not possible.
@2hjj+193lwOuT Yeah, that post is wrong. It is three years to be vested after you hire in. Any employee match after that immediately vested.
@1zlw+193lwOuT Right on the nose,
@1csu+193lwOuT That is sound financial strategy to reduce risk. I did it a few years ago. While it DID reduce risk in retrospect Honeywell substantially outperformed the market and I would have even more 401k wealth than now. That is NOT saying that I was wrong to do what I did, especially at my age with less time to make up losses.
Hey Darius, hope you're enjoying drinking up my portion. "People are our most important assets" yet you lad us off without even a pro-rated share.
It’s a rolling 3 years to be vested? I’ve never heard of that. Grainger is 3 years to be fully vested
You should go into your 401k periodically and divest from HON.
It is not a good idea to have your salary, pension, and /or investments all in the same organization.
If it were to tank (RIF, stock decline, etc) you would be better off limiting your exposure.
Most people feel a locality to their employer or feel safer because they feel they know the company.
With HON, neither is true.
Take the money, re-invest.
Get out while you can. Things will continue to worsen on a downward spiral. This company has no future.
So as I do my basic math - they paid out the 401K match using Honeywell Common Stock fund at about $116/ share. But the stock fund price is different than the actual HON stock price of $200 per share. The funds 12 month low-high was $60 - $122. So rather than benefiting from any investment made during March / April etc when the stock was in the tank, they pay out when the stock is at an all time high. So the actual # of stock fund units they paid out is essentially at an all time low.
Remember when VP of HR (MJ) said that we would all benefit from this type of investment? Yeah ... right.
There is a vesting period for the match (3 years if I remember). Most companies match when you contribute, so any Jan 2020 match needs 2 more years for full vesting. Not HON though, anything you get now is vested only in 2024 (Assuming you are still stuck at HON). BTW, HON is the only company I know that attempts this golden handcuff using 401K
Match is a percentage of your contributions.
Is anyone really surprised you didn't get a match for the weeks you didn't contribute? This is a rather simple math calculation.
Discussing the weeks of furlough and the impact of that is a whole other issue but which really did hurt some folks.
The cheapskates reduced the match because of the furloughs..... The financial engineering knows no limits. They can squeeze a dime out of a nickel.
Thanks CEO. Proud to be a part of HW future
Get out while you still can!