Medicare and Honeywell Pensions was the subject of discussion at our April 26 meeting, and more than 70 retirees who attended received a comprehensive review of Medicare and the Honeywell pension plans.
The Medicare discussion was conducted by two volunteer members of the SHIP organization (New Jersey State Health Insurance Program), Betti Baldan and Nora Connors, who outlined recent financial and enrollment changes, provided descriptions of the “Medigap”, Medicare Advantage and the drug program, plus listing recent additions to the Preventive Care service made available through Medicare. On a final note a list of publications, and locations was provided where those of us on Medicare can get information and help.
Cindy Robinson, Honeywell Manager of Retirement Plans, reviewed the Honeywell pension plan with us. She noted that the Pension Benefit Guaranty Corporation (PBGC), a federal agency, allowed several methods in calculating pension funding. Depending on the method used, Honeywell pension plans are 82.4% to 96.4% funded. Cindy noted that it’s Honeywell’s goal to fully fund the pension fund by 2015. Cindy also reviewed with us the roll of the PBGC in paying pension benefits when a single-employer pension plan terminates without enough money to pay all benefits. Eric Warren, Honeywell Director of HR M&A and Retirement Plans, joined Cindy in answering retiree questions.
Updated 7/24/12; developed 3/9/2012.