Honeywell offers employees a retirement plan. The Honeywell pension plan and Honeywell-funded retirement programs such as retiree medical benefits and the company's 401K plan are managed by Aon Hewitt, states HonPension.
The Honeywell pension plan is a company funded annuity which is set up in the employee's name. The company adds to the fund over the course of the employee's time working. Then, after retiring or separating from the company, the employee can access the funds. Funds can be deposited directly into the employee's bank account from the annuity accounts, with earnings statements mailed out to employees twice per year, notes Honeywell.