Just when you thought these f---ing scumbag m------f----s couldn't get any lower, they have removed the monthly match for the 401k in favor of a yearly lump sum. This means your 401k will grow much slower, not having the monthly accrual in which to help build upon. To anyone considering HON, DO NOT unless you have ZERO other choices.
As announced in Darius’ January 8 Global Town Meeting, Honeywell will be enhancing the standard match formula in the Honeywell 401(k) Plan for eligible participants* effective on or about April 6, 2018.
This is great news for our U.S. participants. It marks the third increase in the Company match since the Great Recession and reflects the sustained improvements we have been able to make in our performance as well as passage in December 2017 of comprehensive tax reform within the U.S.
The new match is outlined below:
· For those currently at 75 percent of the first 8 percent of eligible pay (maximum 6 percent match), the match will increase to 87.5 percent of the first 8 percent (maximum 7 percent match).
· For those currently at 37.5 percent of the first 8 percent of eligible pay (maximum 3 percent match), the match will increase to 43.75 percent of the first 8 percent (maximum 3.5 percent match).
In addition, rather than having a match each pay period, any match will be paid annually in a lump sum by the end of the January following the calendar year. This benefit rewards loyal employees who choose to remain at Honeywell with an increased match formula. To be eligible for any match for a given year, participants generally need to remain actively employed by Honeywell through and including December 15 of that year.