We finally got valuable information in a TAM call. First time ever. Our HR person informed us that everything HON is doing is legal. The past match reduction from $1 to 60 cents and now the increase are all legal. Including that at any time before the actual deposit they can reduce or increase or zero out the 401k match. Basically since the match is not yours until the actual deposit they can change the amount to anything including ZERO!!! HR honesty for once. So loyal employees could get rewarded with zero in January If Darius chooses that at any time prior to the actual deposit You just have to pray they keep their promises. Fortunately HON has a great track record of treating employees well, improving benefits, compassion, etc. so what is better.... getting your match every two weeks is better because you get the money
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Unless u work to a legal contract they owe u nothing. Within the law, they can do what they want. U nolikey u leave.
Because any employees who get RIFed before December are OBVIOUSLY NOT LOYAL!!! Darius can take his "loyalty" and SHOVE IT UP HIS UNLOYAL A**
Stop participating altogether. I haven't put a dime into this 401k in years. They can keep their match. There are plenty of investments out there. HON stock is the biggest Ponzi scheme stock market fraud since Enron.
Many of my peers didn't even read the whole email or FAQ to see they could be involuntary RIF'd on December 14 and loose all the match. When people don't pay attention the leadership just gets more bonus!
They were honest about saying it could be taken away. But as far as it all being completely legal .... yeah I would not trust that. It might be, might not be. But just because a hon lawyer says it's legal doesn't mean diddly squat. I am truly disgusted with this greedy company. Definitely time to get out. This was just a big slap in the face by a bunch of fat old arrogant lonely white men who think they are above everyone.
I agree with everyone else, HON is going to reneg on this just they do with everything else. They will find a reason to not pay it. They'll claim market conditions, economy, sales, the weather, price of tea in China, etc. Anything to stiff YOU and keep it for themselves. Don't get Hoodwinked again. Everyone needs to heed dairyasses warning and GET OUT OF HONEYWELL. That is what they WANT!! Why do we continue to fight it and stay? The economy is going crazy (thanks Trump!) and companies are hiring and expanding while HON is shrinking down to become the software failure it's destined to be. Stop putting it off. Dust off your resume and find a job in a company that isn't ran by greedy dipshits. A company that values people. A company that isn't trying to go out of business.
Lol pray that they don't take it away? What kind of b.s. is that? Start being in control and find something better at a different company. No need to slave away at this dumpster company. That should be the plan for everyone.
The last 2 entries where close about the 401k match but is even worse then they are relating. Not only can the dictate the amount, but it is only paid out anally. So not only do you loose the shares and the dividends you would have gotten that year, but if you leave before payout time you loose all the Honeywell matching contributions. Honeywell is loosing its engineers in droves at it Tucson facility to Raytheon before this announcement and more will leave. It is a 40+ billion dollar a year company but it has the attitude that it is to big to fail with its employees. Well It is failing miserably.
This benefit increase is definitely a negative. The beatings will continue until moral improves
I bet on closing the books on 2018 Darius announcements at earnings call that while we met all the expectations of Wall Street, we didn't quite do well enough to pay anything for the 401k match
Just like Dave reduction from dollar for dollar. They can change the amount at any time as OP said. And now since it isn't yours until deposit, there will be incentives for the executives to cut the match to improve cash flows and earnings per share which are factors in calculating their bonus payouts
This is absolutely a negative and another in a series of reasons to give up and move on
Their great track record certainly does not treat US employees well! The cuts in jobs and benefits just keep coming. Finally, there may have been a small glimmer of hope/morale booster with the increased match...then BAM - NO matching throughout the year. So our supposed money will be working for this ravenous pig instead. Disgusting slime balls pull this type of stunt.