Honeywell International, Inc. Pension Benefits

Like other large organizations in America, Honeywell offers comprehensive retirement benefits. Part of this is a robust 401K program that involves company matching. Another portion of this is the Honeywell sponsored pension plan. For more information about the Honeywell 401K check out our resources page for links to 401K and Honeywell Savings Plan material. For more about the Honeywell pension and other retirement benefits continue reading below.

 

Honeywell Retirement Eligibility

Before diving into the direct and tertiary benefits of Honeywell's retirement plan including pension plan specifics, it is first necessary to examine the eligibility requirements. While not recommended for maximum plan benefits, the minimum retirement age is 55 years old on the condition that 15 years of work has been served.

The Honeywell pension plan is based on a point system that is calculated by the person's age plus the number of years of employment. The recommended point value is 85 which can be made up a combination of age and tenure. At the current rate in which Honeywell provides pension benefit to employees, each employee who is eligible can get as much as $53.50 per month per year of working for the company. This multiplier is actually much higher than other similarly sized companies.

Retirement Benefits Early Retirement Penalties
If as a Honeywell employee, you wish to retire early there are two early retirement penalties to be aware of. First if you retire prior to the minimum age than early withdraw penalties apply. Additionally if you do not meet the minimum point value an additional penalty is applied.

It is also important to know that other variables will impact your retirement. The total list of retirement factors is listed below.

  • Retirement Age
  • Years of Service
  • Hourly vs Salary Employee
  • Band Level
  • Location of Plant Worked At
  • Year of Retirement

For more information on the Honeywell Pension Plan benefits see our resources page