Trying to “Stop the Bleeding” and force out old timers. Definitely won’t be good news
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I would count tomorrow, November 1 or at latest November 3rd as 60 days notice. Unless Honeywell does some strange HOS math where November 17th is 60 days before the end of the year!!!
This week should be the point for 60 days notice before end of year. Salary freeze of pension was announced about 7th of November 2015... if we make it to 15th of November we should be safe for another quarter. There is nothing special about end of year or quarter so they could do at any time. UK change was 30th of June this year
I believe there is a lot of confusion about the pension changes that might be happening. This article, although dated, explains some of the options rather nicely. https://www.forbes.com/sites/ashleaebeling/2012/11/26/what-to-do-if-your-pension-is-frozen-or-youre-offered-a-lump-sum/#147d2f192954
To get rid of pension risk, companies have 1.) frozen pension benefits. Because pensions are back loaded, this is where you get screwed the most if you have more years to go. 2) Offered lump sum payouts. If you don't accept the lump sum, they may put it in an annuity with another company such as Prudential for an "equivalent" annuity payout rate. However, the risk is now pushed onto the pensioner.
Looks like USA made it through October 20 2017 with no pension announcements but Ireland is ending their defined pension and switching to employees contributions model starting 2018
Now we just need to make it past about November 6 or 10 which is when they told us salary portion was freezing in 2015
60 to 90 days notice ?
Sure, they simply state a “New Policy” goes into affect January 1 so you ( the employee) has until Janyary 1st to announce your intentions to retire this year or fall under the new policy your choice.
Remember the medical insurance coverage for retirees ultimatum then a year later renigged on that promise? Same thing here.
Probably by November 1st.
It would not be before the town hall. Too many people would be asking questions
They have to give 90-60 days notice per PBGC
Go to www.pbgc.gov and search for filing for termination or the FORM 500
I read it as must notify employees 90-60 days before. And I am sure Honeywell will notify exactly at 60 and not before
Not fake news but not sure about the timing expressed here.
I expect a buyout option at some point and allowing early lump sum. Other companies been doing the same. Take a one time charge.
Fake news. It would be announced to employees before discussed with Wall Street analysts at 9am. I expect something to happen but not tomorrow.