I just heard Resideo sold/paid Securian Life Insurance to take over the liabilities of the pension fund. (Who in the world is this insurance company?!?)
This is not just payment processing, Resideo is no longer paying into the pension. This impacts those currently receiving payments. I don’t know if people still working for Resideo are impacted or not. People received a brief letter. It promises more information later…. When does Honeywell follow ?!?!
As of May 20, 2023, I haven’t received a letter. If you dig through the Honeywell Hr site in the USA you can find the 5500 documents which are legal descriptions of the plans. Nothing in there that would block them from selling the various 13 or 14 different plans and their assets to an insurance company. As long as it pays out the same it can be done
"when the market get strong"...good one..LMFAO ! So, retired and still trolling this site, and waiting for your lump sum to increase , which was half of the projected vested amount, to mature? Short bus much?
When I retired I took the lump sum pension (not everyone has that option, unfortunately). I don't think the ongoing payments get larger with inflation. In 20 years, that monthly amount will look mighty small. I invested it, and when the market get strong, my money will grow. Besides, I don't trust Honeywell to tell me the time of day.
when I was riffffeeeddd in 2020, I took the lump sum as quick as I could, and moved it into my own account, as far away from HON as possible. There was no way I was signing up for ongoing payments, for reasons exactly like this
According to the Pension letter sent out in February, ALL Plan A pensions are under the "new" Fiduciary as of 1/1/2023, with a new -LOWER- pay out scheme, that will be documented in the Honeyhe!! pension document, which is called "The Signal Plan" circa 5/1. Note, how they CHANGE the Plan, then in May, TELL YOU what they did, classic. So, if you are lucky enough to have a Plan A pension, and have the low IQ to be working for the F palace, then watch your backside, as it is coming in dry! For those on the Plan B, aka "Portable", Honeyhe!! has changed from being the payout/fiduciary to the "new" company. So, they will SELL your Plan B pension, similar to an annuity, to the fiduciary. Honeyhe!! is now completely OUT of the Pension gig. If there are issues, wrong numbers, can't find you file , paid out already, whatever the excuse to grift YOU, NOT THEIR PROBLEM, call the non help line !
I looked on Resideos website on the investors page and the Pension change was in the 10-Q
I checked Honeyhell’s website on investors page and 10-Q does not mention changes or sales of Pension plans. However it mentions they did not earn as much as expected on pension investments. It was $0.15 negative impact on earnings so I bet more bad news on the horizon
I wonder if Honeyhell will do this to those collecting pensions
Perhaps they cannot do it to those of us still working…. Anyone in Legal know??