I know noone is safe with Honeywell, but our dear D said he didnt anticipate any right now for Aero beciase they cant hire enough right now. Trust no one here. Did you know they dont allow 401k loans? I guess its a kindness because when you get RIF’d you owe the IRS penalty as it is counted as a withdrawal.
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@ 4szw+1jWpb4PL,
Xhl here. That is exactly what I meant. I know how the loans work because back in the day that is what I did to buy my house.
The repayments come of your check.
If you aren't an employee you have to pay the loan back or take it as a distribution with a penalty if you aren't a certain ahe. Which I think may be 55.
No, the risk isn't with Hon but the employee.
Your summary is spot on. They just don't want to administer the program.
Being a devils advocate for a minute Hon outsources the administration to a 3rd party so I'm not sure why Hon stopped the loans.
The additional costs would be baked into the overall 401K fees the administrator would charge.
@xhl+1jWpb4P
the loan is to yourself from your own vested funs. You pay yourself back with interest also paid back to you.
Most commonly people use this loan to make a 20% down-payment on a home to avoid PMI. The only risk to the employee is if they get laid off, and don't have funds to pay it back, the outstanding balance converts to an early 401k withdraw.
There is zero risk to the company.
Honeywell just doesn't want to be bothered with the paperwork.
Bring it on. Code to identify the target midway was AF. Hey I had a water condenser problem. Which was a false statement. In order to find out if AF's good for Midway.
You don't need any codes for Honeywell Minneapolis. When the tape measures come out. So they can measure with length and height of our equipment, and then have people come out and make sure the process is are correct. Match what we're doing. That's all the proof I need.
The rest of you guys can wait until you have your all hands on meeting. Then it's too late. If they would have waited until midway got attacked it would be too late, if you wait until they tell you that the doors are closing, it's too late.
I wish you luck but I'm not going to have the door hit me in the a-s or bu-t.
Start sucking up big time to your bosses and their bosses to gain that ever so important visibility especially during HPD season. All those heads will cluster around during their MRR sessions to justify your existence and if you have gained some visibility, there’d just be that less chance you get to keep your job. Or, reduce the chance of being in the number of persons getting RIF to make up the headcount numbers. Doesn’t matter if you meet your goals less alone exceed them. Those don’t matter much in Honeywell. Its kissing ar-e and loadsa of it that thrives in this god awful corporation.
Honeywell will just set the average raise at 2.3%
This is effectively an 8-10% labor cost reduction after they pass all inflation on to customers in price.
Couple that with mandated revcog accelleration and the impact is closer to 15%
Why layoff an entire body when you can just smash a limb?
Tougher for employees to run if they have no feet.
They stopped the loan program about 4-5 years ago. If I remember correctly, it was said too many people were taking them. Gee, borrow your own money and pay yourself interest instead of a bank!
At the same time, they restricted the movement in and out of Honeywell stock, requiring a one week waiting period between trades. Why? Because too many people were doing it.
Pretty lame explanations.
Meh, vesting issue most likely. Cant borrow what you dont own
You do realize that most companies, if not all, require immediate repayment of the 401k loan if you leave the company. For any reason. Why would a company administer a loan for someone who isn't an employee?
Need to understand the rules.