Thread regarding Honeywell International Inc. layoffs

There are medical insurance policies called shares, One is Medishare, a fiend chose this over Honeywell insurance. Google it and see what you think!

In florida you can be getting severance and unemployment at the same time. In fact the companies encourage it!

@JXALutR-rkd Yes, but you'd get only 5 weeks of severance as it is 1 week per year of employment.

After the severance runs out you can and should apply for unemployment (it's your money, but in AZ it's not alot). Also, at 59.5 yrs old you can start drawing from 401K without the 10% penalty.

I have a hubby working at a company with med insurance. I'm almost 59.5. Does anyone know if we can go on unemployment after the severance runs out?

Regarding your pension, a RIF does not automatically start your pension or cause a cashout. You have to initiate that. Which you would not want to do while drawing severance since doing that ends your severance payments.

I'm volunteering. I'm sick of this bullsht and its not getting better; it's only getting worse. It's time to bail on HON.

You get 1 week per year of service up to the 26 weeks of severance. During the severance period you are still covered by the company medical plan at the existing HON rate. After the severance period you are eligible to continue the HON medical plan thru Cobra for up to 18 months. The Cobra premium is 102% of the actual program cost ( the HON contribution goes away). For my wife and I that translates to around $950 per month for 2016. Don't have the 2017 rates yet but suspect they will go up. For us, private insurance would run ~ $1400 a month in 2017. We will see how the new Cobra rates compare.

Can't speak to unemployment compensation.

What about pension? If you volunteer or get the RIF do you get this in a lump sum?

Unemployment benefits vary state to state, but my understanding is that within the company you have "volunteered for a RIF", while outside the company (and to the state employment security division) you have been "laid off", which means you meet the basic requirement to qualify for unemployment.

I think there's a cap at 26 weeks . Plus vacation unused, plus accrued vacation plus some are saying 30 days

Im in the same spot, nearly 59 but as another poster said health care cost is HUGE.

My investigation puts it at ~$2500 a month for my wife and I and we are both in very good health. That is a chunk that i don't want to take on now.

Been looking for another job now for a year now but I think Ageism is very much alive so i'm going to stick it out as long as i can. I find that I need to drag myself out of bed on work days, I no longer

work evenings or weekends. screw it.

The severance package is usually 1 week of pay for each year you have been here. To you that have been here 5 years- that is 5 weeks of pay. / :

The problem of retiring at 59- according to my financial advisor- is the health care situation. Unless you have some way to get your health care covered until you are 65, it can be a huge expense. I have saved well, and have the pension- but because of the health care situation I cannot retire until 65, or close to. Again, s---s!

Why is almost 59 too young to retire? That's where I am and I think that this gets me close enough to 59 1/2 to make it very attractive. I figured I'd take the next one - just didn't expect it so soon.

Also, can you apply for unemployment if you volunteer?

This company will not exist in 1 year. They are positioning it to be sold by division. I am with you on not knowing exactly what to do at nearly 60 yrs old. It is awful tempting.

I've been here about 5 years. What happens if I volunteer? Do I get the same severance package that the older guys whom they discriminate against get?