With the spin off coming next year, are we going to get two or three Layoff.com forums? I've been retired for a little bit and I like keeping up with Honeywell's shenanigans so I visit once a week or so.
What do you all think?
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It is my understanding regarding Honeywell “defined pensions”: There are two options: 1) Northern Trust Insurance is paid by Honeywell your pension in a lump sum and they pay you or you and your spouse (reduced with spouse) a lifetime annuity fixed monthly payments. Typical this is between 4%-5% of the full amount. The lump sum 4%-5% is then divided by 12 months to achieve your monthly annuity payment .
Or option (2) you take the lump sum and do with it what you want (ie. Invest, IRA, etc.). You will pay taxes on the income from both the annuity and IRA accounts per USG tax guidelines.
I know for a fact when Resideo split from Honeywell they no longer paid into the Honeywell defined pension plan. I hope this 3 way split is not a move by Honeywell to get out of paying for defined pension plans
@e3+1jkknfmrg Very good question it was brought up in our VOE skip 1 level meeting other day and HR lady had no answer and said will get back to us on it. I planning on retiring few years and will pull it out for lump sum and invest it as who knows as you stated whats going happen with it. Also here being single I pass and if did monthly no one gets it, but I pull invest at least my sons will get it.
I retired in 2020 on the defined pension plan (annuity ) . What happens with that after the split?
You said there's going to be two or three. I know this is one of them. I want to know if you get updates on where the other two are going to be.
@ae+
Umm, you are posting on one. Or do you not know how internet stuff works?
Please list the forums about Honeywell layoffs.
It is rumored that none of the 3 companies will keep the name Honeywell. It is also rumored this is a attempt to make higher profits by trying to get out of paying into pension plays for retired Honeywell employees
The lemming, the bootlicker and the stooge are the holy trinity going forward. Migration offshore will accelerate.
yep, new companies, new forums.
The post-Allied buyout honeywell will be finally dead.
By most measures this merger was considered a success compared to the S&P.
approximately (600% vs 400%) over 20yrs
future is unknown.
sure hope it goes better than resideo and garrett motion.
hard to be optimistic. the energy is gone