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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?
What do I need to know about returning to work at Raytheon after 10 years absence and having started my pension at age 60?
I’m writing on behalf of my step-father, Joseph Moschera. Due to a diagnosis of Alzheimers Disease, Joe was put on long term disability and has filed for his pension benefits. My 85 year old mother and I have been trying to speak to someone at the Benefits office for an update on when he will be receiving his pension. It has been impossible to get an answer. The hold times are often 30 mins or more and the rep who answers cannot assist. They pass us to someone else or promise to call back at a specific time. They do not return calls on the promised date/time and we start the process again. This has been going on for two months now. Does anyone have a suggestion on how to get through to a supervisor who can assist?
Thank youHi All,
Contemplating retirement soon, but I have a dependent (grandchild) who will be 15 when I hit 65. I know the retiree insurance has an option for Employee and Family; but what about after we go on Medicare? Does RTX offer retiree insurance for children only, or do I just buy it on the exchange?
Thanks!
Found my answer – thanks. After 65 the employee can buy medigap, but continues to be able to purchase insurance for children until they age out.
This looks like the Radar
Dear colleagues,
I’d just got a letter from Raytheon Technologies stating that starting 2022 Fidelity service for managing RAYSIP will be discontinued and transferred to Alight Solutions. I believe this is a follow up of the Raytheon and UTC merger, since Alight formerly manager such plans for the United Technologies. Both these companies had got somewhat different benefits, and obviously those benefits plans should be realigned to each other.
Unfortunately, not much details is provided in the letter about potential changes for Raytheon retirees. In particular, nothing is said about currently active pension funds/plans, if those will be moved as well. Please let me know if extra details are already known.
Thank you advance,
Vladimir ShkunovI received the same letter. Raytheon has disclosed nothing about the conversion other than what what was in the mailing. Raytheon Benefits Center (RBC) will begin disclosing info to us in November (they did not say beginning or end of November).
I also found the following with a google search for
Alight solutions negotiating recordkeeper with Raytheon
It’s a link to a PDF of the pionline (Pensions&Investments) issue containing an interview with the combined company’s chief investment officer:
Raytheon Technologies overcomes challenges in merging retirement plans
FEBRUARY 22, 2021 12:00:00 AM
United Technologies and Raytheon’s merger presented challenges for CIO Robin Diamonte and her staff in merging the firms’ retirement plans.Here’s a link to a pdf of the http://www.pionline.com issue from February 22
I have been working through Raytheon Benefits since September in order to receive my pension. My Termination Date is incorrect on the paperwork I received from the Benefit Department and I have uploaded a form that shows I was working past the Termination Date. No one seems to be able to help me. I’ve been calling every week. I joined this organization hoping you could help me.
Any ideas??????
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!Now that Raytheon and UTC have merged and have moved Benefits handling over to Alight, has anyone had issues with having Medical/Dental/Vision still deducted, as the 2021 amounts, which don’t match the new Medical/Dental/Vision premium amounts? Seems they took the same amount our of my 1/1/2022 Pension Payment, but did not send the payment to Alight, did not correct the premium deduction amounts? Also, Alight states they don’t accept Medical/Dental/Vision from Raytheon Pension Services, we must pay directly. That would be great, but Raytheon has the monies and Raytheon isn’t able to tell me why they continued to take it out or what happen to those monies? Alight’s escalation supervisor states this is an oversight on Raytheon’s behalf and they have no control on deductions from Pension Payments, Raytheon Payment Services states it was for insurance premiums and they don’t know what Alight did with the payments, Alight states they have no payments. It is a big loop, the hand isn’t talking to the foot and I’m out almost $1,000! Anyone have recommendations? When you call Raytheon Pension Services, they have NO IDEA who to connect me with regarding deductions out of my Pension Payment? Really? There has to be a department that sets a retiree up in the system for Pension Payment and enter the deduction amounts ~ but they’ve no idea who this would be? I’ve been looking for an answer about the deductions for over a month and NO ONE at Raytheon or Alight seem to be able to assist! This is absurd to say the lease ~ any recommendations? Is there an Email address for whomever is the Head of Raytheon Pension Services?
Paul ,
hope your problem is solved by now, but in case it is not.
I can tell you I was on that revolving treadmill from last December to
now the middle of February. Dozen of phone calls , multiple hours on hold
Only to be told it’s someone else’s fault. What I have learned and in fact was told to do is immediately ask for a supervisor . Debbie at the
old benefits center ( now called the Pension center ) most change comes from them . At Alight ask for Richard . Hope this helps.
