It is just a matter of time before HW raids the pension plan....If your not retiring soon beware...
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When I retired I cashed out. I took every dime I could and all the plastic silverware I could carry. Unfortunately I ran out of RTV yesterday. Bummer
If everyone that is RIFed pulls there pension that’s gotta hurt this balance sheet, no?
@ddr...EXACTLY !
They will rob and steal all they want, and take the one day media hit....if any. Spot on!
If they can rob it, they will. Negative press only lasts a few days. They will say they give to BLM or veterans for PTSD in lieu of pension contributions.
All of the sub-plans, are listed in "The signal plan". Yes, they are all different, read THE SIGNAL PLAN, find the company you are primary under (UOP, Singal prime, Honeywell-Red, AlliedSignal, Allied-Signal,Garrett SBP, Lycombing, Sperry, etc). The sub plans vary significantly. Read the first page of the plan, it clearly states, that this is NOT a guaranteed benefit. Repeat, THIS IS NOT A GUARANTEED BENEFIT. in 2012, Honeywell took all pension plans OFF of the Legal description of "Defined Benefits". What that means in layman's terms is, it is up to THEM to decide to payout. PBGC does not apply, that is 100% incorrect understanding of pension laws. I went to an attorney in 2012 when they changed the wording, the attorney confirmed they could covert all plan A's to plan B's, all B's to plan C's (zero), or any combination in between. When HON reports annually for the pension funding, there is always a disclaimer that states that they are NOT under PBGC, and that they are doing this voluntary, and that in no means does this statement constitute a legal agreement that the Honeywell Pension plan, legally referenced as "The Signal Plan" complies to the PBGC or any Defined benefit. Please read the documents you get! WRT lump sum, lump sum was removed from the majority of the plans on 1/1/2020, again, check your specific sub company options. If you go to HR Direct, you can model your pension. If you have a Plan A type of pension, look and see if lump sum is there. For the all of the AlliedSignal's spin offs, that option disappeared in January 2020. It is still there for those from lycombing, and suspect since that was a part of the Strafford buyout. Read the plan, model in HR direct, make an informed decision.
There are many different plans depending on where you originally worked. I'm no HoneyHell lover but I'm sure I'll get some negatives for my comments. Doubtful that HH will rob the pensions. Maybe change them again. Some of the pensions are in 3rd party hands, I think these are most of the ones without a cash payout. HH must prove they overpaid to take out money. Not aware they ever have. The account has been underfunded but HH has always paid into it to fund the difference (And then tooted their own horn about how wonderful they are). If there is a pension failure PBGC would fund it. I will begin to hit mine soon and don't have any worries about collecting.
I'm listed as being on the UOP pension, and was told there is no lump sum option!? I was hoping to take the lump sum and safe guard my funds.
I'm pulling mine out as soon as I'm RIFd. I've worked here too long to know how these guys think. Not stealing my money, dairyass
As soon as Honeywell finds or manufactures a legal way to claw back people’s pensions, they’ll do it.
Get your lump sum as soon as you can!
Completely agree! Last pension disclosure listed a liability of $13.6 BILLION in pension liability. Plan A pensions account for roughly 40% of the liability, Plan B "portable" account for roughly 60%. Per Federal disclosure, both pension funds are 69% funded, which is why HON inserted fake cash to raise to the 80% federal goal. It is all funny money, as there is no longer a dedicated pension account in the company. The same account that does payroll, buys parts, MIP's, services, etc, is the Pension account. Does anybody think they are not looking at the $13.6 BILLION and salivating? Read "The Signal Plan" all HON sub company's pension calculations are listed in the combined plan. You will be shocked at how they manipulate the numbers.