Honeywell has already begun working to eliminate the regulated 401k matching plan that annoying requires actual cash to be held to back it. Goodbye 401k match and hello defined benefit, below market rate return, under regulated RBA account.
Bend over for the long term pay cut.
Once a year match is still a big check. Now they will just “credit” you for that burger and you can pick it up on the first Tuesday after you retire.
21 replies (most recent on top)
@Pfpi
I think the talk about changing the 401K is related to something put out by IBM. Corporations follow other corps in the employee benefits area. Once one corp gets away with it, others follow. I fully expect Honeywell to follow suit. You can bet that Honeywell wants to limit expenditures on employees as much as possible. Executive compensation is the supreme goal in this organization.
Sorry to dig up an old post. Have not heard anything about this elimination of the 401K match at all. Wondering if anyone has any new information on this? Since it is end of year would have thought we heard something on it before January if it is legit...
Brilliant idea by Honeywell. They don’t wanna have older workers. Keep the whole workforce at the age of 18 to 26. Then you don’t have to pay health insurance. Since you’ll be under their parents.
I really believe this is a good motivation from Honeywell. In order to give a clear message. We don’t want you to be around and retire with us. No 401(k) match. This will make sure that we have a workforce. Which won’t stay around for long.
Thus, there’s no incentive for you to make this a career job. By doing this, you’ll will move on and we can keep our wages low. We should buy Honeywell a candy bar. You’re a future shaper. Other side of candy bar. Please don’t stay around unless you’re 18 to 26 years of age.
Hit the company where it hurts. Aerospace Engineering union.
Very hard to outsource those jobs because of EAR/ITAR restrictions.
And before someone says that Boeing does that and it's horrible, go look at the pay, benefits, and compensated overtime and explain how Honeywell is better.
We have a union. No backbones and totally controlled by a union breaking outfit. They hired their employees as regular Honeywell employees. Then they became the union leadership.
Everything passes. This is up the fact that there's going to be no matching 401k.
Too bad Honeywell employees don't have a way to team up and negotiate retirement benefits.
The company is soooo worried about you all complaining in here.
Here is a secret, no matter your pay or benefits, you are right now more expensive than any foreign location. If you job isn't outsourced, it's because there are legal reasons it must be performed here.
Each step taken is a step towards no retirement benefits whatsoever. Step 1- phase out defined pension. COMPLETE
Step 2- Freeze existing pension. COMPLETE
Step 3- Reduce 401K match. COMPLETE
Step 4- phase in 401K for new hires with an out clause. COMPLETE.
Step 5- Pay match yearly at lowest rate possible. COMPELTE.
Step 6- 401 K account "Yearly Credits". In-work.
Step 7- No retirement. No medical. No nothing.
Bilking and throwing the hardworker under the bus is a specialty of the corporate cankers that dominate our economy.
I'm sure it will be announced with great fanfare as a huge benefit to the employees like the previous changes.
Under the Employee Retirement Income Security Act, companies must fund 401(k) matches with real dollars. If IBM’s “credit” is just that, with “no cash in there, and it’s just listed on the books, if something bad happens, and IBM couldn't make good on its liabilities,” employees would be on the hook, Hulme said....
Is the paragraph that worries me.
https://www.usatoday.com/story/money/personalfinance/2023/11/09/ibm-401-k-match-change-retirement-account/71506331007/
Do the research. This is slimy and another step toward the shift from "employment" to the gig economy.
the company does match...
Not really. In these rba plans you get credits not money.
They dont have to "fund" the account until you claim retirement.
You also have no goverment protected rights so they could hold it forcdecafes preventing transfer without a taxable event.
In every case you get less. a lot less
@wtm+1pwMJxdd
The company does match your 401k.
Rather they keep the money in a company savings account that pays typically just a horrible 5 or 6% APY.
So, you are not allowed to use the funds to buy stocks, mutual funds, or any other investments.
Over 30 years, this will likely cost you hundreds of thousands in compounding savings that the company will keep.
Hineywell can't make money the traditional way so they take it from the employees. Been seeing this for years. It's all about the next quarter and the execs never pay for their incompetence.
Can someone explain what this means? Sorry if I’m being slow here.
I see ibm announced a similar plan.
Why would the big shots want to give you their bonus money by giving you a 401 k match
This is the season to be happy. Goodbye 401k match. Hopefully it's not 2023. I just got promoted and left the union. Please bend me over.
When does this memo come out. Just curious will the 2020 3 year be matched in my 401k.
Does this start officially 2024. If I know Honeywell, it will probably start this year. May y'all have a happy Thanksgiving and a Merry Christmas from Honeywell international incorporation.
I notice that the new leadership immediately canned employee engagement surveys.
Truth hurts.
Make noise before this path becomes set in stone.
Whoa!! This company truly hates its employees. Not many benefits left. Mass exodus incoming- all that’ll be left are the power hungry narcissists and the executives. Customers will suffer too. Getting pretty ugly here at Honeywell.