Thread regarding Honeywell International Inc. layoffs

Early Retirement Bridging Data request from those terminated

Does any know of a coworker who was bridged after being terminated by RIF or other? I was terminated by RIF in January 2017. I was terminated less that 24 months (8 months after severance) from early retirement at age 64 instead of 66. I requested HR to bridge me and they sent me an email stating they would and to let them know when I got 90 days from retirement and HR would bridge me. So, I let HR know last week that I was retiring in 90 days and asked them to bridge me the 8 months. HR answered that their email granting me the bridging was a mistake and the HRBP (Honeywell Retirement Benefit Plan) states 55 (not 64) as early retirement so I was denied the bridging. I read thru the HRBP and it states the earliest you can retire is 55 but I do not see anywhere where it defines early retirement as 55. In fact, it states normal retirement is 66 so why is 64 not early. So I am trying to find out if others were bridge after 55 or better yet anyone who was 62+ and was bridged to 64. I need this data as legal proof that Honeywell has bridged others older than 55. Please help me. Thanks.

Honeywell policy states:

Q18: Will any special pension benefits be given to an employee who is close to retirement when terminated?

A18: For those employees who elected to remain in the Honeywell Retirement Benefit Plan (“HRBP”) during pension choice, the HRBP will be amended to provide an unpaid bridge leave if an employee is close to retirement when their employment is terminated. More specifically, if an employee chose to remain in the HRBP and is within either 24 months of an early retirement pension or 36 months of an 85 point early or normal retirement pension at the end of their severance period, he or she will be eligible for an unpaid bridge leave to reach the applicable milestone. This leave will be without pay, but the employee will receive vesting and credited service under the HRBP during the leave. The bridge leave continues until such time as the employee reaches the applicable early or normal retirement milestone or elects to commence their pension benefit.

It should be noted that neither the new pension bridging under the HRBP, nor the pension enhancement provisions of the legacy Honeywell Severance Plans, apply to employees who participate in the Honeywell Retirement Earnings Plan.

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Wishing you all the best in retirement. Each Honeywell legacy business does have varying pension benefits as -pcf indicated (legacy BX has both an age 55 and an 80-point provision in their plan).

There should be a definition of early retirement somewhere in your plan. You might be reading from a shortened summary of your plan, rather than the actual plan (you should be able to ask the benefits center for the "Summary Plan Description", if that is not what you already have).

From the wording you provided, "is within either 24 months of an early retirement pension or 36 months of an 85 point early or 'normal retirement' pension", it appears that you should be bridgeable for the time between end of severance and when you reach "normal retirement" (at age 66?). You may find that the additional year+ of service time is not worth waiting for and that taking your pension now will provide you with more money over your lifetime than getting the added benefit from another year+ of service, but having to wait the year+ to start payments. I had options to bridge to full retirement, but the Excel results I calculated showed I could do better by drawing early and getting a safe rate of return, rather than waiting to receive a slightly larger benefit.

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QVKoA2T - You got laid off Jan 2017, then at some later point you want to start taking pension payments. If you have reached an early retirement age, (check your specific plan) then you can take early retirement. Mine was 55. You will just get less pension money earlier you start to take retirement. In the good ol' days, there was bridging. I haven't heard of anyone getting a bridge for many years (at least 10). If you choose to retire prior to early retirement age, you can not take any pension until you reach full retirement age (per my plan). If Honeywell lays you off, however, prior to early retirement age (This happened to me) my plan stated I was still eligible for early retirement at 55 if my last day was within 18 months of 55. I was 54 and 6 months old. I started pension at 55 (and moved on to a new job) rather than wait until 65 (my plans full retirement age). So in a sense you could say I got bridged to 55, didn't give me any extra $ but allowed me to be eligible for early retirement pension.

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Honeywell has a couple of dozen different retirement plans particularly due to legacy plans in place when they acquired a company. Each plan has different rules. My plan allows for drawing the pension as early as age 55 at a reduced payment or as late as 70 at a higher payment relative to that received at a normal retirement age of 65. Your plan is likely different.

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No bridge. I got 6 months and medical. I’m 59 and 37 years.

Don’t cry over spilt milk. Live life happy now that Honeyhell isn’t in it.

Move on. You should be fine with the 401, outside investments and the pension. Tske SS at 62 and make justcas much as you did while working.

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