The first priority of the Association is the preservation of the current level of pension benefits whether those benefits are provided through the legacy Raytheon Salaried or Hourly pension plans or through other pension plans. As with retiree health, we recognize that we do not have complete visibility on all pension plans. We will work to close that knowledge gap and serve all retirees of the Company. We intend to monitor any pension plan amendments and all other aspects of plan performance such as the plan investment experience and the Company’s funding policy that directly affect the security of the promised benefits.
Our health benefits do not have the same protection as pension benefits which are partially protected by the Employee Retirement Income Security Act (ERISA). We are dependent on the Company carrying out its contracts to provide medical benefits. We intend to continue to make sure that the Company is aware of member concerns about the high cost of health benefits and the dwindling level of coverage provided by the current retiree plan. There are employee groups that have different coverage or no coverage (as compared to the legacy Raytheon group) and our goal is to understand these situations and provide help and support and a voice for their concerns to the extent possible.
We believe the popularity of the various health related articles in past issues of our newsletters have resulted in more informed decision making by our fellow retirees. We intend to continue that service and in fact improve and expand it to cover more items of interest to retirees throughout our nation.
Medicare Part D