Still getting 8% 401k match & 6% Pension vesting (yes we still get it) and looking forward to $300k+ lumpsum pension payment the day I yank ripcord (took the ‘new’ plan the minute it was offered. So that $2k/month benefit plus having health insurance will help bridge the gap until I get an additional $60k+ (26 week severance) when they finally ‘pick’ the hand-raisers who keep offering to help MM cut costs. Looking forward to the 6 months off before they call me back to work as contractor (won’t do that). Did I mention unlimited vacation?!?
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Like everyone else in my group, I was let go last year. In November. Therefore, I got boned out of 11/12ths of the year's 401(k) match. I feel warm and fuzzy for those who run the company. Not.
@lhb+1ahTXW0T One thing that people should not complain about is the Honeywell 401k plan. It's a pretty good one. The only thing to complain about with it is the Golden Handcuffs aspect of losing the entire year's match if you "part ways" any time before the middle of December, even if you are let go in a RIF. That is really cr—y.
I think @3lil+1ahTXW0T is saying that if you delay retiring for a year, you lose out on your retirement benefit during that year ($40k in their example). But if you are still working during that year, you are making far more than your retirement benefit, so overall there is a net gain, if you want to or can continue to work.
@3lil+1ahTXW0T I'm not sure where your 40k per year came from. Definitely not from MY estimate.
While it goes up each year, make sure to take into account the year of not taking your benefit. If your monthly benefit goes up a 100 a month and you lost out on $40,000 a year of not collecting. That's 33 years to break even. If your 65, you need to live to 98. SSA claims that probability is <2%.
Just sayin
If you want to know how much you get and when, go on HR Direct and model your retirement. Pick a date i.e Dec 2021 and then model Dec 2022. You can see the yearly increase based on YOUR plan and YOUR circumstances. Lump sum or annuity.
Honeywell does not offer “unlimited vacation”
Honeywell simply stopped paying you for unused vacation as a defined benefit on separation.
In practice vacation hours are down significantly due to a simultaneous rule that all direct charge folks must average 40 hrs per week chargeable labor. Vacation time is made up by either the person on vacation or their peers.
Honeywell doesn’t even bother to learn your name.. you are just billable hours to them. Shhhh we can’t say EEI... that could get us in trouble.... HR department is a tool.
Honeywell does not offer “unlimited vacation”
Honeywell simply stopped paying you for unused vacation as a defined benefit on separation.
In practice vacation hours are down significantly due to a simultaneous rule that all direct charge folks must average 40 hrs per week chargeable labor. Vacation time is made up by either the person on vacation or their peers.
Honeywell doesn’t even bother to learn your name.. you are just billable hours to them. Shhhh we can’t say EEI... that could get us in trouble.... HR department is a tool.
Wow, the company is getting desperate with this pr—a
The old annuity plan is not capped at 30 years, at least not the Signal or Bendix plans. Because of the numerous mergers and takeovers, there are Allied, Honeywell, and UOP plans among others, and they are all slightly different. The only common factor is that if you started before 2000 and opted for an "old" annuity plan and were able to survive the work environment long enough to reach either early or full retirement age, you recoup the lump sum amount provided under the "new" 6% X years of service X Final Average Compensation plans within approx. 5 years.
Lump sum does continue to grow. Old annuity plan is capped at 30 years and 2015 pay level. Not including a few crumbs it goes up because you are older, not collecting and have a high probability of dying sooner
Absolutely false about HW not paying into pension after 30 years. Still getting 6% per year added to lump sum. You should only post if you have real knowledge of topic.
Truth- people 50 and older got the royal scr-ew job when they rammed these down our throats.
The longer you stay the better for them. It’s a rigged system
They stop paying into your pension plan after 30 years of service.
Just out of curiosity who else offers 7% match on 401K?
I started in 2012 and I have a pension on the new plan. Pension plans for newbies ended circa 2014.
TXW0T got it right, glad you got out when you did, I self-nominated several times.
401k is now 87.5% of 8%, I did take the new plan, make over $100k, and been there 30+ years. So not a HR troll, and all facts from original post are accurate.
OP never mentioned 6 years of employment... 6% of base salary added to pension per year is accurate, although the salary portion was capped about 5 years ago, so salary increases no longer factor in to pension benefit. 8% match was reduced ~15 years ago and then ever so slowly raised, to I think 7% currently. If $60K is value of 6 months severance, OP is making >$120K per year, so to get $300K pension, the OP worked for about 40 years. All sounds correct to me. The only thing the OP may have done wrong is that if they stuck with the old plan that paid out over life, they would be getting around $55K per year, so in 6 years or a bit more (accounting for pay me now or pay me over time), the old plan would have worked out better. I am an "old plan" retiree of 4+ years and am very satisfied with that decision.
Nice work HR dude! The ALT must be getting pretty desperate when they hire trolls to spew B.S. on websites like this one, where company truths are posted 24/7.
- The 8% 401k match ended in 2008, and never came back. Thanks Dave!
- Pensions for new hires ended in the early 2000's. You couldn't have worked here 6 years and be getting a Pension, especially one worth $300k.
- Unlimited vacation is a mirage.