Thread regarding Honeywell International Inc. layoffs

True they do have an agenda. The same letter was sent to several other organizations with lists or that have provided positive press to HON regarding the 401k change as well as several news organizations.

Maybe local news would be interested in covering this and getting HON to provide comment where HON has big footprints (Twin Cities, Phoenix, etc).

While I would like to think that ATR is unbiased about the list of companies that are trickling-down the tax reform benefits to employees, it is apparent when reviewing the website that they are biased towards making the tax reform look as positive as possible - regardless of facts.

They won't remove Honeywell from their "good company" list. It would go against their agenda.

Well written message Sandals, thanks.

I just sent it to ATR, I encourage others to do the same. I also included the lost benefit of dollar-cost averaging.

What a great company to work for, so proud!

Leadership at all levels should be ashamed and have a hard time looking themselves in the mirror as they get ready to go into the office to plan more ways to screw the guys and gals just trying to earn a living and support their family.

SHAMEFUL & DISGRACEFUL

No longer want to be a part of this.

Yes, that's why I posted my letter & e-mail address. Change whatever you want & send.

-ynt bravo! Maybe we should all copy and paste and send that letter in? Strength in numbers? Opinion?

@ynt Well written, thank you!

https://m.facebook.com/story.php?story_fbid=10156208890652049&id=24330467048&ref=content_filter&_rdr

Seems that Honeywell employees will also lose any gains that wold have been earned on that match during the year, Who gets the interest on the funds during the year ???

ATR Staff,

Honeywell is included in your running list of companies passing through the tax reform benefits to employees. On net Honeywell reduced their 401k program benefits and should be removed from your list.

While Honeywell increased the 401k match less than 1% they changed the matching funds from being deposited every paycheck to annually. Employees that leave Honeywell voluntarily or are let go (fired or part of a reduction in force [RIF]) prior to Dec 15th LOSE any matching funds. This includes employees who retire prior to Dec 15th.

The change from bi-weekly match contributions to annual allows Honeywell to change their 401k match policy at any time prior to Dec 15th. In other words until the match is earned (Dec 15th) it can be adjusted down to zero if deemed necessary by Honeywell. This means that this is less of a benefit and more of a promise.

For both reasons stated above it seems highly likely that the net result for US citizens working at Honeywell will be LESS saving in their 401k & less retirement savings overall. Anyone considering alternate employment opportunities, retirement, or that works in a field highly targeted by RIFs (like engineering) would rationally be less likely to contribute to their 401k due to the very real risk of losing their match.

Finally this policy change from bi-weekly to annual is likely to remain Honeywell's 401k policy going forward (so long as a 401k plan exists). Given that all employees will eventually stop working for Honeywell and the likelihood that their eventual departure will happen sometime other than December 15th means that all contributing employees are likely to lose their matching funds at some point in the future.

To summarize - In the end this is a cost cutting measure by Honeywell that provides the corporation with benefits not just this year but in all years going forward. Even employees that initially benefit from the increase in the match will be hurt by this policy change through the loss of their match when they ultimately depart Honeywell. On net Honeywell's policy change seems more likely to result in less retirement savings for US workers.

Regards,

xxxxxx

ideas@atr.org is the general email address for Americans for Tax Relief