Thread regarding Honeywell International Inc. layoffs

If you are on a Bridge to get you to the full benifits at 55, you will need to wait until you turn 55, then call one stop. They will have to calculate the numbers manually to the policy. It should work out to what you calculated while you were still employed. Call one stop and make sure you actually qualify for the Bridging of your service.

I was laid off 10 months ago. I was within 2 years of turning 55 and 27 years of service. At the time of being laid off I contacted the benefits department to see what my pension would be per month after turning 55. I was told a number somewhere a little less than $500. I am in the allied plan. I thought this number was extremely low based on some of the projected retirement calculations I had entered prior to being laid off. I have since moved on to a better higher paying job with better benefits but, I'm curious to know what I need to do to find out what my actual monthly retirement should be wether I decide to start drawing at 55, 60, or 65.

I knew it was wrong amount because it was only about 1/3 of what I was expecting - a big difference. I had sent in for the pension estimates a couple times so I had an idea of what I would get if I started early retirement at 55 or 57 or 62. I also had made a request to get a copy of both of my plans - it was not on line - to read the details. When I got laid off my severance took me to age 54 and 10 months and a couple weeks. I thought Honeywell could target those close to a certain age and lay those off to avoid having to make pension payment now. (Current leaders don't like making pension payments, they just care about today's numbers, they could care less about 10 years from now.) I knew my plans had a bridging clause, basically if laid off within 18 months of a target age I could be bridged to that age (If I leave on my own or get fired I can not get bridged and no $$ until 65). So first they sent me letter stating I was not eligible for pension, I disputed and they came back with a "oops my bad". Then I got a letter showing the very low $$ I would be getting. Initially they said this was due to early retirement penalty. I disputed and they said "oops sorry" again. My first 3 months deposits were the lower amount then I got a deposit to make up the difference and now get correct amount. It takes a while to get it straightened out roughly 2-3 months for each dispute. Before I got any $$ I had to sign forms showing the option I picked and it showed the lower amount. Didn't feel right doing that, but about 3 months later, they corrected it.

"Any comment on using the Honeywell site that projects pension benefits?"

The number on that website is an estimate. I was laid off last September and went on severance, and the projected pension benefit appears to include pay-based credits for my severance benefits which are not covered by the plan. Also, the estimated balance reported elsewhere on Honeywell sites seems to be updated only once a year and may be a year or two out of date.

I worked for aero and was Riffed last year after 30 plus years of service. After the pension was frozen, I made copies of it. On top of that, I made copies of the Corporate policy that supports the pension. I am not without accurate data.

How did you know the pension amount was wrong? Any comment on using the Honeywell site that projects pension benefits?