I just wanted to start a thread on this - old vs new pension plan... If you have thoughts, please chime in here - there is nothing that tracks this so I thought consolidating bits and pieces in this thread may help some folks - I know it may be redundant with a few threads we had so far but here it goes anyway - tagging it as #HoneywellPensionPlan
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How did you even FIND this old post????
If you actually had worked for Honeywell, how could you possibly be so disconnected that you don't know how to apply for retirement????
We’re do you apply for retirement
I have been dealing with Honeywell since August and getting nothing but emails saying my email was received. I am Power of Attorney for my Sister-in-law who according to what records I can find is entitled to 100% survivor benefits. Her husband was an Allied Signal/ Bendix salaried employee (engineer) that was contracted to NASA. He was employed from 1959 - 1996. The only comment from HR services is they are looking into it. He set up tracking stations, help program the computer in Bermuda, was the safety officer and has so many certificates. When he passed away his wife got a call; no condolences at all, just one comment: "there are no benefits" ! Which is BS, I guess since his wife is 79, they are just trying to delay it until I they think she might pass away as well. Has anyone dealt with the Dept. of Labor for a similar situation?
that is because you took the front-loaded option for retirement...the "income leveling" plan. Why on earth you would not know your options and repercussions for such an important and irreversable decision is beyond understanding. At 58 y/o and 33 years with the company, I took the same option, understood what it meant, and am pleased with the results. With over twice the years as yourself, it was a good option. Had I only had 15 years in, it would have been a terrible option, as you are just now discovering.
I retired from AlliedSignal/Honeywell at age 55 with 16 years of service; was drawing 1,543.00 a month; until age 62; when i started getting my 1,500.00 a month Social Security. My pension dropped down to 43.00 a month. I was thinking i would get both; but when u get SS; they subtract the difference and this is all you get. What a rip off...........
Question, I have a 75% / 100% pension plan and it says in the papers I got from them 20 years ago when I started receiving my pension that I can switch primary beneficiaries from my wife to someone else as long as it is done before my wife or I pass on ( and yes I have her permission) we have a disabled child that is listed as secondary beneficiary but we wanted to make her the primary beneficiary so she can receive it as long as she lives. The papers we have say we can switch this if done before my wife or I pass on, but when I called the retirement center at Honeywell to get the address to send the papers to change beneficiaries, they said that it could only have been done before I started to receive my pension (20 years ago) and that even though It doesn't say that in "my" papers its in their bylaws ( and they wouldn't tell me if that was their bylaws 20 years ago when I signed up.) My papers don't say that, they just say I can change it , So do have a legal right to insist they change this?
Are vested plans affected by this lawsuit?
-gsct. Absolutely agree, good post. Take what you can as soon as you can. I took mine right at 55. And got my wife to sign docs. The point is to get money when you are together and alive! Expenses typically go down when you get older - less energy, sit around all day, no need for big purchases - except for healthcare. But you should have SS and Medicare at that point - and a lot less energy.
If you are retiring from Honeywell, DO NOT sign up for any of the plans that you receive a reduced pension by paying a premium that guarantees your pension check will go to your spouse upon your death. Those are plans that wold make Bernie Madoff proud. Here is the catch that they do not tell you; If your spouse (beneficiary) dies before you, NO ONE can replace her as beneficiary, but here is the catch, you continue to pay the premium at the same rate as before. I was retired for four years when my wife died. I called the Plan Administrator and was informed that I cannot name another beneficiary, then I said, well then return my pension checks to me to the full value. (I was in the 100 % plan), they said, "no, it doesn't work that way" your premiums continue to be deducted same as before for the rest of your life. Bottom line is you pay just as if someone would get your pension check. I protested that saying that I was not informed of that, and after 90 days they sent a letter back declining my protest. Then I was allowed to appeal the protest. An accomplished attorney wrote my appeal letter pointing out that they did not inform me that in the event of my spouse pre-deceasing me that I would have to continue paying the same premium. About 4 months later I got a letter saying my appeal was denied. They said It didn't matter that they withheld information from me, but anyway I should have consulted an attorney to read the plan before I signed it. (never mind that there was nothing printed in the plan documents that covered the event of your beneficiary pre-deceasing you). If you sign up for one of those plans, then IMMEDIATELY upon processing that paper you are committed for Life to contribute the specific amount of your pension. If your beneficiary dies the NEXT DAY, you still keep on paying. DO NOT sign up for the Honeywell plan, go to a private insurance company and buy a term life insurance policy to cover the amount of your pension over time. If you don't believe me, call the Plan Administrator and ask this question. If at any time during my life, my beneficiary pre-deceases me, will my premium payments stop ? Don't take anything but a "Yes" or "No" answer. (The answer will be "No", but don't let them dance around it with a lot of verbosity, the answer is "No". ) Thus, be fore warned, I hope this precludes anyone else from getting screwed out of part of their pension.
Per Federal ERISA regulations, you are entitled to a summary plan description document that will outline all pension plan details. Clarifications can be provided verbally but when it comes down to it, the plan document will be the most reliable source.
Call the plan administrator and ask the question !
Consult the actual plan documents to have accurate information rather than relying on people posting here who may very well have misinterpreted information and are passing it along.
Relative to the Honeywell Pension, Please do me the courtesy of not telling me that for the last year I am not experiencing what I just explained to you. Call the plan administrator and ask the question before you come off as an informed source.
This NOT TRUE
"I take the 100% option if either of us die the amount stays the same. If I take the 50% option and I die my spouse gets 50% but if my spouse passes first then the pension I receive will go up slightly."
This is NOT TRUE
"deductions do not continue until the retiree dies."
I would highly recommend you login to HRDirect and navigate or search for pension details. For me it's buried deep in there under benefits. If you take the time to read it and understand it you can make better decisions. For example for my pension if I take the 100% option if either of us die the amount stays the same. If I take the 50% option and I die my spouse gets 50% but if my spouse passes first then the pension I receive will go up slightly. All clearly outline in the pension details and in the calculator for generating estimates
I believe what happens is the survivor deduction from the pension stops at the time the spouse dies; however, you can't recoup those deductions already taken out of the pension checks. In this case, the deductions do not continue until the retiree dies.
When you signed up to have your Honeywell pension check go to your wife upon your death, did they tell you that if she dies before you that you do not get to re-assign your pension check to someone else, however you will still have to continue paying the monthly deduction from your pension for the rest of your life? The bottom line here is you are paying the rest of your life for something that will never happen.
" am a millennial, which means I don't have a pension plan. But at least I have an updated cafeteria to keep me interested in working for Honeywell." Oh, you must mean Glendale Az.. I heard 200k went into that thing of beauty! IF you here long enough they will bring back the 10% free OT requirement. and hit you with Fat Tax from eating that cafeteria grease.
Hey millennial - be smart! Get yourself on a budget and, fund your own pension plan by putting maximum annual amount allowed into a ROTH IRA, take advantage of 401(k) and any company match, and, if you can afford it, other long term investments for retirement years. I see so many families buying new cars, expensive toys, more house than they need, etc. and having way too much credit card debt. A strong budget you are committed to will help you and your family in the long run!
OK, getting off the soapbox now.
I am a millennial, which means I don't have a pension plan. But at least I have an updated cafeteria to keep me interested in working for Honeywell.
I'm 60 YO, worked for both Bendix and Allied-Signal for a total of 36.7 years and I just retired at the end of this month after 6 mos. severance which the 6 mos. did go toward the calculation for retirement.
I get both Bendix and Allied funding into retirement plus a boost until 62 YO.
Do all in all I came out very well and I decided to go with what helps my wife best if I should pass before her. It ended up being about 800.00/ mo. Less than what a made while working.
Not sure this info helps anyone just stating my situation and outcome.
Rumors about potential pension changes do nothing more than stir folks up and serves no other purpose. I agree that these rumors tend to take on a life of their own when layoffs are looming. I, too, know of people who opted to retire earlier than planned due to rumored changes which never came about. Would recommend looking into official correspondence/documents before believing anything posted here.
I'm starting to wonder if they are even going to change the pension at all. This type of discussion seems to pop up around layoff time. I personally know a couple of folks that partly based their retirement decision on this pension change rumor. It was not the only factor but did help push them out the door(probably a bit earlier than they needed to).
Still bet they end the plan like they did in UK this July and if they offer anything it will be defined contribution. Which you can read as pay for yourself and don't get much benefit. Another way to drive out those over 55
Around page 71
Schedule SB Attachment (Form 5500)—2014 Plan Year Honeywell Retirement Earnings Plan
EIN: 22-2640650 PN: 201
Plan Provisions—Grimes Retirement Participation in Plan
Eligibility for Benefits Normal Pension
Deferred Vested Pension Preretirement Spouse’s Benefit
Salaried employees at locations historically covered by the Grimes Aerospace plan.
Employees hired before 2000 who were active on October 1, 2000 had the one time option of electing the retirement earnings formula. Employees hired after 1999 participate in the retirement earnings formula.
A participant may retire prior to his normal retirement date at age 55 with five years of benefit service.
Ten years of benefit service. Five years of benefit service. Five years of benefit service.
Go to this site and search for Honeywell and 2014
Search for Schedule SB or 5500. It lists all the various plans Honeywell has
Actual plan details start around page 55
Example from Allied Hourly plan
A participant may retire prior to his normal retirement date under the following conditions:
(1) Age 62 with 10 years of service.
(2) Age plus service equals 80 points.
(3) Age 55 with 10 years of service.
Ten years of service.