401(k) Plan
Eligible employees can save for retirement by electing to participate in the Honeywell 401(k) Plan. In the plan, you may reduce or defer tax through pre-tax, after-tax, or Roth contributions, with potential investment earnings compounded over time. Honeywell will match the first 8% of eligible pay at a rate of 87.5% (up to 7% of base salary in company annual match).
Employee Contributions
You may contribute up to 30% of your eligible pay in combinations of pre-tax, after-tax, and Roth 401(k) contributions, subject to IRS and plan limits. Eligible employees may also make additional "catch-up" contributions.Company Matching Contributions
To be eligible for annual match, participants need to remain employed by Honeywell through December 15 of that year. Annual match is contributed in January of the following calendar year. Match becomes fully vested after three years of service.Vesting
You are always 100% vested in your own contributions. Match becomes 100% vested after completing three years of service with Honeywell.Investment Options
Target Date Funds have a diversified investment mix that becomes more conservative as you approach your target retirement date. The plan offers 10 additional funds intended for participants who want to more actively manage their asset allocation.
Health Savings Account (HSA)
The Health Savings Account (HSA) is an important component of the Honeywell Medical Plan. You can open an HSA* to save a portion of your compensation (pre-tax) to pay for qualified medical expenses or save for future medical expenses.
*Subject to eligibility.
*Subject to eligibility.
Commuter Benefit
The Commuter Benefit provides the opportunity to save by purchasing qualified public transit and parking passes and vouchers with pre-tax dollars.
Short Term Disability
This benefit is equal to 100% of annual base pay (minus state disability where applicable) and is provided for absence due to a non-work related disability up to 26 weeks.
Long-Term Disability
The employee funded benefit is 60% of annual base pay after short term disability ends.
Basic Life Insurance and Accidental Death and Dismemberment
The basic life insurance amounts to 1.5 times the annual base pay and the accidental death and dismemberment payment, to 1.5 times the annual base pay (with the option to purchase additional coverage).
Business Travel Insurance
Honeywell provides up to five times the annual base pay for employee business travelers.