Thread regarding Honeywell International Inc. layoffs

Your Lump Sum will steadily rise over the years, with occasional dips, based on Bond Market. That is, when these interest rates increase, the value of the pension lump sum decreases, and vice versa. When bonds dropped last year (rates went up), my wife's estimated payout dropped to the previous year's value. We have tracked this every 3 months for years. Companies are allowed to do this annually. Every year the rate changes and the estimated payout is based on that rate for a year and if projected further out, those rates are predicted too. The last year or two prior to retirement, the value can really start to change unexpectedly if interest rates are fluctuating, as "real" rates are used rather than projections.

Your estimated payout projections were just that: Estimated. On that date. Nothing more.

There is no Third-Party error here, just simple financial math.

My last day was Jan 2. I was on severance for 16 weeks. The pay came as it should although first week I had a half check, then was fixed. I called about my lump sum. They said it gets recalculated after my severance ends. My severance ended April 30. They said it would come in june.

I am not an employee or retiree of Honeywell, but a retiree of another S&P 100 corporation that offers a pension choice of annuity or lump Doeurge you to closely read your company’s Retirement Plan. If yours is anything like my former employer’s Retirement Plan, the calculation of the annuity pension involves a “Social Security Offset” in the calculation. Don’t overlook this important estimated amount. If Honeywell uses a-- Offset to reduce the annuity (also affects the lump sum), the language in the Plan should also indicate that you have the right to submit your actual social security wages by providing a copy of your Social Security Statement to HR. In my case, and perhaps more than 95% of employees with less than 25 years of service, providing the company with your actual SS wage history will boost the pension amount. Read your Retirement Plan carefully and if there’s a-- Offset that’s part of the computation, ask questions and put your thinking cap on. Don’t gloss over this chance to boost your pension amount by up to 15 or 20% more than the estimates Honeywell provides you.

It's because it is all done by untrained 3rd party with no stake in the game and the actual people doing the work really don't care. I had an incorrect annuity about - roughly 1/3 only of what I was supposed to get. At first they insisted it was correct and Honeywell folks tell you, we don't do this you have to deal with the other guys. I had to file a dispute. It took about 2 months and they came back and said you are right. So roughly 4 months after retiring I got the correct check and the "make up the difference check". Once the dispute was filed, then a Honeywell person was assigned to help me and actually he was pretty good. Really shocking it would get screwed up.

And do check and double check the details. My retirement went smoothly but I know of others with horror stories similar to the OP's.

plan on 3-4 months to get your payout.