I am currently interviewing in a software role and relocating from Idaho. Do they still have a pension plan for new employees?
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This post is from February. So, did you take the job? If so, how's it working out for you?
I would stay away from HW if I were you.
Pensions were done away with for new hires in 2012. Anyone who hired on after that was not eligible to be enrolled in the pension plan. Like the others said above, another change was made to not include pay raises after 2015 for pension increases, it was only then based on number of years of service. (Although that depended on where and what division you worked for.)
They decrease your pension by how much your SSN will increase for each you work.
i.e. pension + ssn = save amount from year to year.
1iwt
Come again?
“The longer you stay, the smaller your pension will be”.
?
Not for a new hire in any position.
@1iwt: There are dozens of different pension programs at Honeywell depending on the company you started with. Mine was with the AlliedSignal plan.
In 2015 when Honeywell changed the pension calculation my plan stopped counting an increase in salary for the final benefit but continued going up with additional service every month I was employed. I retired in 2018 with a final monthly pension benefit of about $3,600/month and get a direct deposit the 1st of each month from an insurance company. With my plan I had no choice for a lump sum payout.
Also note that if you have been here long enough to get pension, the longer you stay, the smaller your pension will be.
Not anymore.
People working at HW 30+ years promised a pension awoke one day back in 2015 to find out their future was impacted big time with one stroke of the Cote pen. Slashed pensions and frozen salaries. No phase in like other big companies. It was criminal to do that to loyal employees.
Made it mistake. If you’re in the bonus category, push the he-l out everybody. Didn’t catch the mistaken time. You can tell this site is run like Honeywell. The creator should be able to edit the post.
You can tell I work for Honeywell. Because it doesn’t have proper grammar , or spelling. Maybe that’s why we have so much scrap at Honeywell. Also why we have to rework everything. Stop hiring people like us.
Maybe your quality will go up. Also grammar and spelling on this site will be done properly.
You don’t need a pension. The company pays you very well. If you’re working a lot of overtime, you can save a lot of money for your 401(k).
If you’re not category of a bonus, push the he-l out everybody below you. You’re working at the greatest company on earth. Everyone around here drinks Kool-Aid.
What’s great about this company. They act like a cult. So welcome to the family, at least in his family. You won’t have to have s-x with children.
Cote wrote this. Lol
Get all the employees fired up so he can get a good laugh.
I guess I was wrong, his pension as stated in 2015 is around $800K/mth. No wonder he had to eliminate those pensions for the little people.
That is actually a funny question. Mr. Cote' stopped those before he left with his bag of cash. Of course he gets a $1M / Yr pension.
No
Pensions at Honeywell were Frozen on Dec 31st 2015.
This is a joke question right?
You better ask for a high salary. It’s all downhill once you’re in.
I think you have the upper hand since Honeywell’s reputation sucks, they’re having a tough time hiring and lots of people are leaving.
I hope it’s worth the money
They did away with the pension circa 2013/2014.
Nope. 401k match if you make it through 3 years. Also paid out once a year if you make that. It’s like playing shoots and ladders
No.
No, there is no longer a pension at regular employee level. Not sure about executive levels.