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I am not a retiree yet but I read somewhere that if I retire from RTN after age 60, I can continue the employee health insurance.
My questions are:
1. Is it a Cobra-like plan?
2. What are the rates like?
3. I started at Raytheon back in 2014. Do I need a need a bunch of service years to qualify?I joined ARR tonight to start retirement preparation (because everybody around me is retiring). I plan to retire in 4 years.
If you qualify, and retire after age 60, you can stay on the Raytheon plan for Medical and dental. You just pay the full amount (Raytheon’s part and your part).
I just retired so, if comes out of your retirement check, and is pretty seamless.
I am not sure if there are other qualifications needed, but I did have a bunch of years. You can call or chat with the Raytheon Benefit center or find someone in HR who knows the answer.
Bob B
I believe RayTech is an internal thing, inside IIS. It is a means for them to provide contract people, often to other businesses in Raytheon.
Does anyone have ideas what will happen to legacy Raytheon retirees’ pensions after the pending “merger” with United Technologies?
Anyone have any insight on this ?
https://www.cnbc.com/2019/06/08/raytheon-and-united-technologies-are-in-talks-to-merge-wsj.html
John,
I don’t think there is any cause for concern. Raytheon is general has been responsible in funding their pension obligations and continues to be in good financial health.
The proposed merger looks like it will not add debt to the new entity, so Raytheon / UT would be in a better financial position, than say it was after the Raytheon (classic), TI, Hughes, E-Systems merger.
There is always a possibility of issues involving in-fighting, cultural misunderstandings, confusion between commercial and defense practices that could exposure the new company to compliance risks, but that would be down the road.
The track record of these sort of mergers, where the market rationale is not compelling, is poor, but again that likely would show up 5-10 years from now in reduced business value.
I don’t think this forum is particularly active, perhaps a good sign that Raytheon retirees have better things to do.
Regards,
Bob
I am getting ready to retire also. I would like to know if your talking about the Raytheon Medicare Plus Plan. This is a Medicare Supplement for Parts A, B, and D or A and C. I want to know if you can get a list of health care providers prior to signing up. I use the University of Colorado Medical Hospital and University Physicians.
I just completed my relocation from Massachusetts to Windsor, Colorado in July 2019. If any of you are planning to move and intend to use a national carrier then I would suggest you log into Raytheon.Benefithub.com and investigate “Consumers Relocation Services”.
They arrange bids from 2 – 3 reputable moving companies (ie Allied, Atlas, etc), compare the bids, help you select the best bid, explain the contract, serve as the middleman when you can’t get answers, and of significant interest to all of us provide a nice discount for Raytheon retirees. In my case it was 60% off of the listed price.My friend is working on a PT boat from WWII. This particular boat was near the end of WWII, and should have an SO5 radar on it. He needs details so that he can model it accurately. Your help would be appreciated.
Thanks.Hi All,
The Raytheon/UTC merger proxy prospectus just landed in my mailbox today.
The first thing I looked for was, “What will this do to my Raytheon Common Stock?” Not that I own tons of it, but…
If I read Appendix A, Section 3.1 correctly, each share of Raytheon Common will be multiplied by 2.3348 (the “Exchange Ratio”). That in turn will become the number of shares in the new RTC. That sounds good, but of course says nothing of how the new stock will be valued.The next question I had (ok, ok, attribute this one to my wife…), was, “How will this effect my pension?”
So this is not as clear, but it seems that Appendix A, Section 6.11 paragraph (b) has words to the effect that, however the original (Raytheon or UTC) company handled (treated? managed?) pension agreement(s), that will be how the new RTC will handle them.
I take this to mean that, inasmuch as Raytheon has consistently been supportive of existing retiree pension benefits, we can expect the new company to continue that support.I’d love to hear any other interpretations of the legalese in this document.
Cheers!
MikeThanks for the valuable information.
It appears that I am not a current member. What is the “REFERRAL CODE” that we need to join?
Hi Pedro Saenz:
My experience with he Raytheon Medicare Plus Plan is that it is very expensive. Most other Medicare plus plans cost nothing. Some even help pay for the Medicare Part B primum, which is getting more expensive each year. I am still trying to figure out what exactly are we paying for. I stay with this plan because you can not switch back if you switch out. I hope your are still young enough to figure this out. This is more important than if your preferred hospital is include or not.
On the surface we pay almost $5k annually ( premium and threshold before benefit kick in) more than most plans when we are healthy. This part is certain.My hope is the plan would cover most end of life cost if we fall in the small number that need a lot help without long-term insurance coverage. But I am not sure how much Raytheon Medicare plus really covers; such as how many nursing home days? (Medicare covers 100 days)
I assume we are paying about $5k annually for equivalent of a long-term insurance. If this is not true then we should switch. We need to know what we’re paying for. But I am too lazy or old to figure it out.
I hope you are young enough to figure out what we are paying for and share your finding with those who have lost their will to figure out.
Tom Chen…
I just joined ARR. I retired last year and will turn 65 in April so I am looking at the various options. How do you get to $5k per year? I assume it depends on years of service. I have 40 and my cost for the plan would be $0. There is still the $1750 max out of pocket.
Standard Medicare Advantage plans can be $0 too but have limited doctor networks.
What did you find out about long term care? I think this Raytheon plan just covers normal medicare services.
What are others’ views of this plan verses a Part G such as from UHC that would cost me $128/month?
NeilI have signed up for the Raytheon Medicare Plus Plan. I start Medicare on April 1.
I am surprised at the various Part D plans with their different premiums, deductibles, and costs. The info from Raytheon says to be sure the provider interfaces with OptumRX so it interfaces with the Raytheon plan.
Does anyone have any good or bad results with a particular part d provider?
Thanks,
Neil
