Here is the newest policy for 401k matching from Honeywell. They increased the match but only issue the match once a year. you loose the stacks any stock gain, the dividends and you loose it if you leave before that time. As usual they make it sound like they are give you something but it is you loosing something.
"Dear Colleague:
As announced in Darius’ January 8 Global Town Meeting, Honeywell will be enhancing the standard match formula in the Honeywell 401(k) Plan for eligible participants effective on or about April 6, 2018.
This is great news for our U.S. participants. It marks the third increase in the Company match since the Great Recession and reflects the sustained improvements we have been able to make in our performance as well as passage in December 2017 of comprehensive tax reform within the U.S.
The new match is outlined below:
· For those currently at 75 percent of the first 8 percent of eligible pay (maximum 6 percent match), the match will increase to 87.5 percent of the first 8 percent (maximum 7 percent match).
· For those currently at 37.5 percent of the first 8 percent of eligible pay (maximum 3 percent match), the match will increase to 43.75 percent of the first 8 percent (maximum 3.5 percent match).
In addition, rather than having a match each pay period, any match will be paid annually in a lump sum by the end of the January following the calendar year. This benefit rewards loyal employees who choose to remain at Honeywell with an increased match formula. To be eligible for any match for a given year, participants generally need to remain actively employed by Honeywell through and including December 15 of that year.
Finally, the 12-month waiting period for new plan participants to become eligible for matching contributions will be removed, including for participants currently within the 12-month period.
We encourage everyone who is eligible to take advantage of the 401(k) plan – it is an essential retirement savings tool.
For more information, refer to these Frequently Asked Questions, visit the 401(k) website via HR Direct, or contact HR Help at 1-877-258-3699 (option 1) with any questions.