How many people with HAC payroll number prefix are left in Raytheon Technologies? They all should have retired by now. If any are left they probably were not in the Hughes retirement plan and need to continue to work to get social security.
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Hired in in 2003. I have a HAC number.
Up until 2003 I believe people were given modified HAC numbers. At Hughes Aircraft it changed to Raytheon Space and Airborne Systems (after a short GM transition in between). I believe they were given a modified "HACV..." number as well as a Peoplesoft number. But, those folks had the non-contribute Raytheon pension, and not the generous Hughes one.
The majority of people (at least at SAS) retired in 2013 because of the low rate. But it got down to as low as 1.5% in the later years and my financial advisor encouraged me to retire. But I was not ready yet and stayed on for a few more years. The merger forced me to retire at the new rate of 0%.
Honestly, I don't think it matters. 2 or 3 years ago Social Security went into insolvency, and Medicate did about a year ago. Meaning, the government is borrowing to maintain current entitlement levels (YES, SS and Med are 2 of the 13 main entitlement programs that take up 54% of the federal budget). There are projections for getting less for people like me that will be retiring later, but I doubt that money will be available to me at all (in about 20 years).
They stopped doing HAC numbers from 2002 to 2003. Pensions in Raytheon were no longer offered starting 2005. Bear in mind that the Pension plan changed from Hughes to Raytheon when Raytheon Acquired Hughes (late 90s?). Most of the people in the Hughes Contrib plan bailed in 2007, and I believe in 2015 when interest rates were to their advantage. If you factor in the hiring gap (20 to 30 years) between Baby boomers, and Gen X then the Hughes heritage community is extremely small, or non-existent. I would think with the last three years they would've all gotten fed up and bailed.
There are still quite a few around. Anyone hired before 1998 probably has a HAC number. All the people on the original Hughes contributory plan probably have retired. That plan was stopped in 1988 or 1991 I think. Those hired before 2008 (I think) still have the non-contributory, defined benefits pension plan until it's frozen 1/1/23. There is a follow on cash balance plan for those of us with the pension plan but it's much weaker than the frozen plan. Not worth sticking around for considering the bump you can get switching companies.
They wouldn't all be retired yet (but getting close). I worked at HAC, while in college about 1980. So would be almost 42 years since I first had that number. I'm 60 now.. I'm not sure when the HAC payroll numbers stopped, but they were still in place when I left in 1988. So I suspect there are potentially folks in the early 50s around at RTX.
I was given both a HAC number and the current method one when I started working in year 2000. I never made use of the HAC number. So I don't even know it! LOL