RIF is pushed back due to overwhelming amount of volunteers scaring management and the fact of the packages they would have to pay out. Honeywell is going to force everyone on to a new retirement plan so they can force people out a lot cheaper than they can now. Here it comes!
10 replies (most recent on top)
HON is a house of cards.
You are apparently under the illusion anyone really cares.
It's all about money and corporate greed. From Engineering to IT, it's not that the US doesn't have the people, companies don't want to pay it. This is why unions first started.
I heard a rumor among other workers at my plant. That the pension plan will change later this year . Company wants to give us the option of going to the "cash value plan" of 2.5X annual amount of salary as pay out , or an outside annuity in place of the pension plan (old company annuity plan ) those of us that have it. I might be forced to retire to keep the old plan, if I can.
When my son was hired last year , I asked him about pension plan. He said, "whats a pension ?". Then 11 months later they RIF him before even the co matching contributions to 401K started. 401k is NOT a pension plan. It is like an IRA .
in 1999 employees were able to choose to stay with the "old" AlliedSignal or move to the Honeywell pension plan. 2015 Q4 Honeywell no longer has a pension plan of any kind for new employees and vested employees pension amounts were frozen based on earnings to 12/31/2015
Now you know where the money to buy JDA is coming from. 3 billion dollars is a lot of jack
Thanks for the info 35 years started with AiResearch
By traditional pension plan I meant that 1.1% x yrs of service x ave salary of highest 5 yrs
From what I heard, the Allied/Signal pension plan stopped at 1999, after that new hires only got some kind of non-traditional "pension" plan, and that was phased out a few years back. There is only 401k for recent new hires. Thus, people started with AlliedSignal before 99 are the most loyal employees. No idea on the Honeywell side of people, same situation?
Correct me if I am wrong.
RIF volunteers were finalized July 27, 2016 for Salary employees. Only 8% of all employees still have the old Allied Signal/Garrett retirement plan which was frozen on Dec. 31, 2015. Honeywell retirement plan disappeared last year. All non-vested salary employees and new hires no longer have a retirement plan.
How accurate are you on this......gotta make 10 more months to 55