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Does anyone have any idea what the newly merged company RTX plans to do with the Non-Contributory pension plan? My understanding this year it is staying the way it was under Raytheon.
Are they going to freeze pension, you get what you have earned but you cannot earn any more credit in the plan?
Will there a move towards Lump sum payouts? UTC has done this kind of thing in past acquisitions.Typically (for the non contributory plan) the plan payouts are updated in the October November time frame
for the next calendar year. Things like PBGC rate are updated during this time period.Does anyone know when a roll out of the changes to the pension plan is expected and when will changes take affect?
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Greetings Scott: WOW! Six months and no reply? Everyone now dead here, not paying attention or what? I’m a noob here so please forgive my cynical snark. You’ll get used to it (or not).
Now to your question:
Roll-out? Naw. RTN already is a multiple convicted felon so doubtful they want more turmoil, bad press and stock declines that ensuing vociferous litigation would provide.
I am assuming you have already retired. If not yet retired take an afternoon, spend ~$800 (might be more now) and have a talk with an Edelman RFA and then maybe your Lawyer <[;) You can thank me later.
Correct me if I am wrong, however my understanding and experience is that PBGC rate(s) apply only to actual pension inception date and thereafter have no importance and no subsequent influence on your contract payout.
Also “probably””depends” (along with YMMV, hate those caveats) on which part of RTN/RTX and where you retired out of.
Keep in mind that *all* pensions are fixed annunities; contractual fiduicary obligations whose provisions are locked upon your DOR. However, over time payouts might even increase.
If this helps: As a 38-year SoCal HAC>RTN retireee with Salaried and Hourly (unionised), Non-Con and Con pensions, as yet have experienced no negative changes. In fact, received a sweet ~$700 increase(!) on my Nov and Dec monthly DD Summaries. Pension Administrator’s disburesement software may have found errors or just good fortune? I don’t care. Paid is paid and cannot be clawed-back.
No, I am not a Lawyer but do know that the junkyard dogs are the best kind to have on your side. Cheers!
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