I retired 12/31/2015 after 30 years at Honeywell. I was a direct charge and had a high yield average (far north of 100%) because I worked a lot of hours as we were always short handed. I did this to help my co-workers as we had deadlines and everyone was always stressed. Since I turned 66 Early in 2015, I actually went past my normal retirement age by more than 6 months. I was told our retirement policy used the social security index to increase the pension of those who worked any time beyond their SS retirement age. One of my co-workers in Engineering helped me with the calculation presented in the HI Policy and we determined I was eligible to receive a 6 percent increase to my pension over what I normally would make had my 66th birthday been in December. I called One Stop about it and also asked about the inclusion of my 2015 earnings in the formula for determining my pension. They said that since they did yet have the 2015 figures, I would have to wait until I had received 6 pension checks (I guess they hope you die before that!) and then request a recalculation of the amount. They are to calculate the average of your 5 highest earning years - which for me was 2011 thru 2015. In actuality, they initially calculated my pension based on 2009,-2011 2013, and 2014. This is what the retirement specialists told me when I called in late Decemcer. In 2012, I got a really great raise. My raise for 2015 was also above the average so I knew that by recalculating based on 2011-2015 they would need to increase my pension (plus the 6% for working past my SS retirement age.). When I contacted them, they said they did a recalculation and there was no change to my pension. I told them about the difference in the 5 year average plus the late retirement as spelled out in the Honeywell policy. They then informed me that they only calculated my yearly income from Jan, 2011 thru June 2015. When I told them I worked the full year, they refused to recalculate the pension. How can they leave out 6 months of salary?
I now wish I had reversed my retirement decision so I could have volunteered for layoff. Unfortunately, they sent out the notification of upcoming RIFs pretty late in December so I didn't think they would allow me to change it. If I had, I would have received 26 weeks of severance and retired mid-year 2016. I think then I would have benefited with a higher pension.
I say this to make sure you all know that if you are eligible for pension, you should be sure to check the policy and know your options. Also wanted to make you are aware that Honeywell also cheats their retirees as well!
I am keeping you all in my thoughts and prayers as this year ends. I understand how stressful this has to be and I wish you ALL the best! Honeywell used to be a good company to work for (years ago) but with all the changes to the cost of benefits, lack of decent salary increases, and also their disregard for recognizing exceptional employees, it has become a very mediocre employer - not one people would be dying to work for like they were years ago.
The best part of working for Honeywell was the wonderful co-workers I had. It was like an extended family. Remember, what you're going thru is not your fault - it is due to the corporate greed that exists in the higher level of management!