Anyone recently get a letter on a pension settlement giving the employees an option of a lumps sum or a very small monthly annuity?
If you did is there a website or phone number to call? I heard the small monthly amount is the default for obvious reasons.
So if you could reply with the website or phone number to call it would be much appreciated.
May apply more to the legacy Allied people since there were a slew of lawsuits on pensions over the years.
legacy plan with Secured Benifts Account.Relocated to Spokane and retired.They took 6 mo. to start paying planned it about the time of pension drop from 2800 to 1100 but they kept giving me the phone lies after I had requested the pension estimates on two different days months before.The were tryning to give me 400 and some change,I had kept all correspondence of their HR commitments before I came here.I suggest starting early and keep all docs and internet mail.Still ripped me off but it could have been worse.
Any changes would need to be communicated for year end soon. They must give USA people 60 days notice of any pension changes however they only gave 56 days notice when they froze the salary component
When my daughter was laid off after almost 5 years, she got a lump sum because her pension plan hadn’t accumulated a lot of money yet.
Received nothing, legacy Garrett
Legacy Allied. I did not receive a letter.
Don't get your panties in a bunch folks. Here's a pasted statement from a Honeywell pension doc I have on personal file from Aug 2017 when I started receiving my pension payment. It's likely what the OP is asking about.
"An immediate lump-sum payment option applicable for benefits valued at $10,000 or less at employment termination is described in the SPD."
Call the Honeywell Benefit Resources number 1-877-258-3699, Option 5 (9 a.m. to 6 p.m. Eastern Time, Monday through Friday).
To OP - have you received such a letter or just trying to track down, or start, a rumor? I have seen pension change letters before coming to H and they are full of the necessary information and contact info, so why did you phrase your post as you did?
Okay but can you wear a green shirt next Wednesday though...
I believe in some pension plans if you leave or are RIF'd in the USA and the value of your pension is less than some amount Honeywell can just pay you a settlement rather than keep you in the pension plan
I am in a legacy pension plan from an acquisition and as of the home mail delivery today June 15 I didn't receive anything. But I have over 30 years of service in the plan
OP- did you quit or get RIFd this year?
OP-no I have not received one (legacy Allied). Did you receive one? If not, what is prompting you to ask? If so, can you release any specifics in your letter?
I’m legacy Allied and did not receive a letter
No letter - legacy Allied
I did not receive and I am not legacy Allied