L3Herris Top Pension Questions

Top Pension Questions for L3Herris Employees

These are the most frequently asked questions for L3Herris employees from our weekly webinars.

Question 1: How does the L3Harris Salaried Pension Plan ensure the long-term viability and funding of its pension obligations to employees, and what role does the Funding Target Attainment Percentage play in this process?

Answer: The long-term viability and funding of the L3Harris Salaried Pension Plan are supported by following the Pension Protection Act (PPA), ensuring the plan is funded adequately through contributions and investment strategies. The Funding Target Attainment Percentage (FTAP) plays a crucial role by indicating how well-funded the plan is relative to its liabilities. For 2022, the plan had an FTAP of 104.05%, meaning it had more than enough assets to cover its obligations, reflecting strong financial health(L3Harris Technologies I…).

Question 2: In what ways does L3Harris Technologies Inc. support the pension plan participants in understanding their benefits and what resources are available through the company to assist them in navigating their retirement planning?

Answer: L3Harris supports pension plan participants through resources like the My Benefits Portal, where employees can review their accrued benefits, model retirement projections, and update personal information. The portal provides access to information about pension summaries, estimates, and more, ensuring employees can easily navigate retirement planning(L3Harris Technologies I…).

Question 3: How does L3Harris Technologies Inc. handle the investment of its pension plan assets, and what strategies does the company employ to optimize returns while mitigating risks associated with those investments?

Answer: The pension plan assets at L3Harris are invested under the guidance of the L3Harris Investment Committee, which employs a diversified investment strategy. The committee focuses on conventional and alternative investments, including equities, fixed income, and alternatives, aiming to optimize returns while managing risks over the long term(L3Harris Technologies I…).

Question 4: What are the specific implications of the Pension Benefit Guaranty Corporation (PBGC) insurance for L3Harris pension plan participants, and how does this federal insurance impact employee confidence in their retirement benefits?

Answer: The Pension Benefit Guaranty Corporation (PBGC) provides federal insurance to protect participants if the plan terminates. For L3Harris employees, this insurance guarantees basic vested benefits, including normal retirement and survivor benefits, up to legal limits. This federal guarantee helps bolster employee confidence in the security of their retirement benefits(L3Harris Technologies I…).

Question 5: How can L3Harris Technologies Inc. employees access information about their accrued benefits under the pension plan, and what steps can they take to project future benefits based on different retirement scenarios?

Answer: Employees can access their accrued benefits via the My Benefits Portal, where they can log in to view current pension information and project future benefits under various retirement scenarios. This tool allows employees to plan effectively by adjusting assumptions for different retirement ages(L3Harris Technologies I…).

Question 6: What are the critical differences between standard and distress terminations of pension plans at L3Harris Technologies Inc., and what processes and repercussions should employees understand regarding these potential scenarios?

Answer: A standard termination of the pension plan at L3Harris occurs when the plan is fully funded, allowing the purchase of annuities or lump-sum payouts to cover all obligations. In contrast, a distress termination happens if the company is in financial distress, transferring responsibility to the PBGC. Employees must understand the different protections under each scenario(L3Harris Technologies I…).

Question 7: How does L3Harris Technologies Inc. communicate changes to pension plan policies and federal compliance requirements to employees, ensuring transparency and clarity in their retirement planning?

Answer: L3Harris communicates pension plan policy changes and federal compliance updates through legally required notices, such as the annual funding notice. These communications ensure transparency and provide employees with the necessary information to stay informed about their retirement benefits(L3Harris Technologies I…).

Question 8: In what capacity does the L3Harris Employee Benefits Committee provide oversight and governance of the pension plan, and what are the key considerations they must take into account when making decisions regarding plan changes?

Answer: The L3Harris Employee Benefits Committee oversees the pension plan, ensuring its compliance with legal requirements and financial stability. The committee considers factors such as funding levels, investment performance, and regulatory changes when making decisions about plan modifications(L3Harris Technologies I…).

Question 9: What considerations should L3Harris Technologies Inc. employees keep in mind related to their vested rights under the pension plan, particularly concerning eligibility and the types of benefits guaranteed by the PBGC?

Answer: L3Harris employees with vested rights are protected by both the pension plan and the PBGC guarantee. Employees must be aware of their eligibility criteria, including service requirements, and understand that only certain vested benefits are covered by the PBGC(L3Harris Technologies I…)(L3Harris Technologies I…).

Question 10: For employees seeking more information about their benefits or assistance with their retirement planning, how can they efficiently contact L3Harris Technologies Inc., and what channels are available for comprehensive support?

Answer: For more information or assistance, L3Harris employees can contact the Benefits Service Center via the My Benefits Portal or by calling the toll-free number. The service center provides support for all pension-related queries and helps employees navigate their retirement benefits(L3Harris Technologies I…).

Question 11: What are the eligibility criteria for participants under the L3Harris Salaried Pension Plan, and how does this eligibility impact the retirement benefits each employee can expect to receive from L3Harris?

Answer: Eligibility Criteria: To participate in the L3Harris Salaried Pension Plan, employees must have been hired before January 1, 2007, and worked in non-union or ASPEP-represented positions. Employees with five or more years of vesting service qualify for retirement benefits. Retirement benefits vary depending on service length and earnings, calculated based on final average pensionable earnings and years of benefit service(L3Harris Technologies I…).

Question 12: How do the defined benefit components of the L3Harris Salaried Pension Plan, including Normal Retirement and Early Retirement, differ in terms of financial implications for employees planning their retirement?

Answer: Normal vs. Early Retirement: L3Harris offers a Normal Retirement at age 65 and an Early Retirement at age 55, provided employees have five years of vesting service. Early retirement leads to reduced pension benefits since the payments are made over a longer period. The reduction percentage is based on age and vesting service, with the reduction increasing as retirement happens earlier(L3Harris Technologies I…).

Question 13: For L3Harris employees who are nearing retirement, what steps should they take to ensure a smooth transition into receiving their pension benefits, and how can understanding the types of payment options offered by L3Harris affect their financial planning?

Answer: Transition Steps: Employees nearing retirement should contact the L3Harris Benefits Service Center 60-90 days before their anticipated retirement date to request a pension calculation and select a payment form. Payment options, including the Single Life Annuity and Joint and Survivor Annuity, differ in monthly benefit amounts and survivor continuation terms(L3Harris Technologies I…).

Question 14: Considering the potential for plan amendments or terminations, what rights do L3Harris employees have regarding their accrued pension benefits, and how can they protect these rights before making a retirement decision?

Answer: Plan Amendments and Employee Rights: L3Harris reserves the right to amend or terminate the plan, but accrued benefits as of the amendment date are protected. ERISA ensures that employees’ pension rights are safeguarded, particularly regarding fiduciary responsibilities and the right to appeal denied benefits(L3Harris Technologies I…).

Question 15: How does the L3Harris Salaried Pension Plan handle survivor benefits, and what should L3Harris employees know about the specific criteria that determine the amount and eligibility for survivor benefits?

Answer: Survivor Benefits: Survivor benefits are available for employees who die while vested. The benefit amounts vary based on whether the employee was eligible for early retirement at the time of death. Spouses typically receive 50-75% of the employee's pension, depending on the selected survivor annuity form(L3Harris Technologies I…).

Question 16: In light of the IRS limits affecting pension plans, how might current contribution and benefit limits influence the retirement planning strategies of L3Harris employees?

Answer: IRS Contribution Limits: IRS limits restrict how much compensation can be considered when calculating pension benefits. Employees should stay updated on IRS limits and their impact on retirement planning by contacting the L3Harris Benefits Service Center(L3Harris Technologies I…).

Question 17: For employees opting for the Cash Balance benefit under the L3Harris plan, what specific details should they understand about how pay and interest credits are accrued?

Answer: Cash Balance Benefit: Employees eligible for the Cash Balance benefit accrue pay credits and interest credits to a separate account, which operates differently from traditional pension benefits. The Cash Balance benefit is influenced by eligible compensation and Treasury interest rates(L3Harris Technologies I…).

Question 18: What procedures must L3Harris employees follow to obtain necessary documentation regarding their benefits from the L3Harris Benefits Service Center?

Answer: Documentation Process: To obtain benefit documentation, employees must submit requests to the L3Harris Benefits Service Center. Keeping contact information current is essential for timely benefit communication, as outdated information can delay benefits(L3Harris Technologies I…).

Question 19: How does the management of pension plans at L3Harris integrate with overall corporate governance?

Answer: Corporate Governance and Compliance: L3Harris ensures pension compliance with federal regulations through its governance structure. Plan administrators manage compliance with ERISA, IRS rules, and other applicable laws, affecting how pensions are administered(L3Harris Technologies I…).

Question 20: If employees have further questions about the details of the L3Harris Salaried Pension Plan, what are the best methods for them to contact L3Harris?

Answer: Contacting L3Harris: Employees with retirement questions can contact the L3Harris Benefits Service Center at 1-844-786-6586, available Monday to Friday from 8:30 a.m. to 5:30 p.m. EST. The My Benefits Portal also provides access to plan information(L3Harris Technologies I…).

Question 21: What are the eligibility requirements for participating in the L3Harris Technologies pension plan?

Answer: Eligibility Requirements: Employees of L3Harris Technologies are eligible to participate in the pension plan if they were hired before January 1, 2007. The plan considers both service years and earnings to calculate benefits. To be eligible for benefits, employees must complete at least five years of vesting service(L3Harris Technologies I…).

Question 22: Can you explain the different forms of pension payment options available under the L3Harris Technologies retirement plan?

Answer: Pension Payment Options: L3Harris Technologies offers several pension payment options, including Single Life Annuity and Joint and Survivor Annuity for married participants. A Joint and Survivor Annuity pays a reduced monthly income to the employee during their lifetime, with a percentage continuing to their spouse after death(L3Harris Technologies I…).

Question 23: How does the L3Harris Technologies pension plan ensure that benefits are calculated based on an employee's eligible pay?

Answer: Benefit Calculation: The pension benefit is calculated based on the employee's earnings and years of benefit service. Earnings include base pay, overtime, and bonuses, but exclude items like stock options and deferred compensation(L3Harris Technologies I…).

Question 24: In the event of a divorce, how does a Qualified Domestic Relations Order (QDRO) affect an employee's pension benefits at L3Harris Technologies?

Answer: QDRO Impact: A Qualified Domestic Relations Order (QDRO) can affect an employee’s pension benefits during a divorce by mandating that a portion of the benefits be paid to a former spouse or dependent(L3Harris Technologies I…).

Question 25: Can you detail the implications of early retirement at L3Harris Technologies?

Answer: Early Retirement: L3Harris allows early retirement starting at age 55, with benefits reduced depending on how early the employee retires before the normal retirement age of 65(L3Harris Technologies I…).

Question 26: What measures are in place for L3Harris Technologies employees to stay informed about the status of their retirement benefits?

Answer: Staying Informed: Employees can stay updated on their retirement benefits by contacting the L3Harris Benefits Service Center or using the My Benefits Portal(L3Harris Technologies I…).

Question 27: How does the L3Harris Technologies pension plan interact with Social Security benefits?

Answer: Interaction with Social Security: L3Harris pension benefits are paid in addition to Social Security benefits(L3Harris Technologies I…).

Question 28: What procedures does L3Harris Technologies have for addressing delays or complications in receiving pension benefits?

Answer: Addressing Delays: If employees experience delays or complications in receiving their pension benefits, they can contact the L3Harris Benefits Service Center for assistance(L3Harris Technologies I…).

Question 29: How can employees at L3Harris Technologies initiate the process of beginning their pension benefits once they are eligible?

Answer: Initiating Pension Benefits: Employees must notify the L3Harris Benefits Service Center at least 60 days before they wish to start receiving their pension benefits(L3Harris Technologies I…).

Question 30: For employees looking to learn more about the L3Harris Technologies pension plan and its provisions, what contact options are available?

Answer: Contact Options: Employees can contact the L3Harris Benefits Service Center by phone or through the My Benefits Portal(L3Harris Technologies I…).

Question 31: How does L3Harris Technologies, Inc. structure its retirement benefits, and what are the eligibility requirements for employees to qualify for these benefits under the L3Harris Combat Propulsion Systems Pension Plan?

Answer: Retirement Structure and Eligibility: L3Harris Technologies structures its retirement benefits through the L3Harris Combat Propulsion Systems Pension Plan, which includes Normal, Early, and Disability Retirement. Employees are eligible for Normal Retirement benefits at age 65 without a minimum service requirement(L3Harris Technologies I…).

Question 32: In what ways does L3Harris Technologies, Inc. ensure that retirement benefits are communicated effectively to its employees, particularly for those considering retirement?

Answer: Communication of Retirement Benefits: L3Harris ensures retirement benefits are communicated effectively through resources like the L3Harris Benefits Service Center and the My Benefits Portal(L3Harris Technologies I…).

Question 33: What steps should an employee at L3Harris Technologies, Inc. take if they wish to leave the company before retirement?

Answer: Leaving Before Retirement and Impact on Benefits: If an employee leaves L3Harris before retirement but has vested benefits, they are entitled to receive deferred benefits starting at age 65(L3Harris Technologies I…).

Question 34: Can you elaborate on how the L3Harris Combat Propulsion Systems Pension Plan calculates retirement benefits and the factors that influence this calculation?

Answer: Calculation of Retirement Benefits: The pension benefit is calculated based on years of Credited Service and a Monthly Multiplier(L3Harris Technologies I…).

Question 35: How does L3Harris Technologies, Inc. handle the reemployment of former employees under the Combat Propulsion Systems Pension Plan?

Answer: Reemployment and Vested Service Restoration: If a former employee is rehired, their Vesting Service and Credited Service can be reinstated immediately if there is no significant break in service(L3Harris Technologies I…).

Question 36: What are the implications of selecting different payment options for retirees under the L3Harris Combat Propulsion Systems Pension Plan?

Answer: Payment Options for Retirees: Retirees can select between options like Single Life Annuity or Surviving Spouse Option(L3Harris Technologies I…).

Question 37: How does L3Harris Technologies, Inc. support employees in understanding their rights and responsibilities under the Employee Retirement Income Security Act (ERISA)?

Answer: ERISA Rights and Resources: L3Harris supports employees by providing information on their rights under ERISA through the L3Harris Benefits Service Center(L3Harris Technologies I…).

Question 38: What factors should employees of L3Harris Technologies, Inc. consider when deciding whether to take an early retirement versus waiting until they reach the Normal Retirement Age?

Answer: Early vs. Normal Retirement: Employees considering Early Retirement before age 65 will face a reduction in benefits based on their age at the time of retirement(L3Harris Technologies I…).

Question 39: How can employees at L3Harris Technologies, Inc. access and review their retirement plan documents?

Answer: Accessing Retirement Plan Documents: Employees can access their retirement plan documents through the L3Harris Benefits Service Center or the My Benefits Portal(L3Harris Technologies I…).

Question 40: For employees looking to learn more about the provisions of the L3Harris Combat Propulsion Systems Pension Plan or to clarify specific details, what is the best way to contact L3Harris Technologies, Inc. for guidance?

Answer: Contacting L3Harris for Retirement Guidance: Employees can contact the L3Harris Benefits Service Center at 1.844.786.6586 for direct guidance(L3Harris Technologies I…).

Question 41: What specific factors should L3Harris Technologies employees consider when determining the most suitable form of pension benefit at retirement?

Answer: Pension Options at Retirement: L3Harris Technologies employees have various pension benefit options to consider at retirement(L3Harris Technologies I…).

Question 42: How does L3Harris Technologies determine eligibility for early retirement, and what implications does this have for pension benefits?

Answer: Early Retirement Eligibility: L3Harris Technologies determines eligibility for early retirement based on age and years of service(L3Harris Technologies I…).

Question 43: In what ways do the pension formulas at L3Harris Technologies differ, and how can employees assess which plan is most advantageous for their retirement?

Answer: Pension Formulas: L3Harris employees can choose between different pension formulas, such as the Traditional Pension Plan and Pension Equity Plan(L3Harris Technologies I…).

Question 44: How should L3Harris Technologies employees prepare for the selection of a beneficiary?

Answer: Beneficiary Selection: Choosing a beneficiary is a crucial step for L3Harris employees(L3Harris Technologies I…).

Question 45: What procedures must L3Harris Technologies employees follow to appeal a denied pension benefit claim?

Answer: Appealing Denied Claims: L3Harris Technologies employees must follow a formal process to appeal denied pension benefit claims(L3Harris Technologies I…).

Question 46: How does L3Harris Technologies handle survivor benefits, and what actions should employees take to ensure that their surviving spouses or partners have access to these benefits?

Answer: Survivor Benefits: L3Harris offers survivor benefits to spouses or designated beneficiaries(L3Harris Technologies I…).

Question 47: What resources are available for L3Harris Technologies employees for receiving personalized retirement counseling?

Answer: Retirement Counseling Resources: L3Harris provides personalized retirement counseling services to assist employees with their pension and retirement planning(L3Harris Technologies I…).

Question 48: How can employees of L3Harris Technologies find out more about their eligibility for the Cash Balance Plan?

Answer: Cash Balance Plan: Employees interested in the Cash Balance Plan can research its advantages over traditional pension formulas(L3Harris Technologies I…).

Question 49: What impact do potential changes to the L3Harris Technologies pension plan have on current employees?

Answer: Plan Changes: L3Harris employees should stay updated on any changes to the pension plan(L3Harris Technologies I…).

Question 50: How can employees of L3Harris Technologies contact the Benefits Service Center to address specific questions regarding their pension plan?

Answer: Benefits Service Center: L3Harris employees can contact the Benefits Service Center for any questions regarding their pension or retirement strategy(L3Harris Technologies I…).

Question 51: What factors determine the amount of retirement benefit that an employee can expect when retiring under L3Harris?

Answer: Factors determining the retirement benefit: The L3Harris pension is determined by factors such as your earnings, years of vesting service, and benefit service(L3Harris Technologies I…).

Question 52: In the context of L3Harris's pension options, how does the plan structure differ for employees who choose early retirement compared to those who wait until the normal retirement age?

Answer: Early retirement vs. normal retirement: Employees eligible for early retirement can retire at 55 with at least 10 years of vesting service(L3Harris Technologies I…).

Question 53: What processes must a L3Harris employee follow if they wish to change their form of pension payment after initially selecting it upon retirement?

Answer: Changing the form of pension payment: Once pension payments begin, employees cannot change the form of payment they initially select(L3Harris Technologies I…).

Question 54: How does L3Harris determine eligibility for the different pension payment options available for retired employees?

Answer: Eligibility for pension payment options: Payment options depend on the employee’s marital status at retirement(L3Harris Technologies I…).

Question 55: For employees of L3Harris considering a deferred vested benefit after leaving the company, what are the essential steps they must take to access this benefit?

Answer: Accessing deferred vested benefits: Employees eligible for deferred vested benefits must apply to receive these benefits(L3Harris Technologies I…).

Question 56: How does the pension plan at L3Harris interact with Social Security benefits?

Answer: Interaction with Social Security benefits: The pension calculation takes into account Social Security benefits(L3Harris Technologies I…).

Question 57: What procedures does L3Harris Technologies have for addressing delays or complications in receiving pension benefits?

Question 58: How can employees at L3Harris Technologies initiate the process of beginning their pension benefits once they are eligible?

Question 59: For employees looking to learn more about the L3Harris Technologies pension plan and its provisions, what contact options are available?

Answer: Contact Options: Employees can contact the L3Harris Benefits Service Center by phone or through the My Benefits Portal(L3Harris Technologies I…).

Question 60: How does L3Harris Technologies, Inc. structure its retirement benefits?

Answer: Retirement Structure and Eligibility: L3Harris Technologies structures its retirement benefits through the L3Harris Combat Propulsion Systems Pension Plan(L3Harris Technologies I…).

Question 61: In what ways does L3Harris Technologies, Inc. ensure that retirement benefits are communicated effectively to its employees?

Question 62: What steps should an employee at L3Harris Technologies, Inc. take if they wish to leave the company before retirement?

Question 63: Can you elaborate on how the L3Harris Combat Propulsion Systems Pension Plan calculates retirement benefits?

Answer: Calculation of Retirement Benefits: The pension benefit is calculated based on years of Credited Service and a Monthly Multiplier(L3Harris Technologies I…).

Question 64: How does L3Harris Technologies, Inc. handle the reemployment of former employees under the Combat Propulsion Systems Pension Plan?

Question 65: What are the implications of selecting different payment options for retirees under the L3Harris Combat Propulsion Systems Pension Plan?

Answer: Payment Options for Retirees: Retirees can select between options like Single Life Annuity or Surviving Spouse Option(L3Harris Technologies I…).

Question 66: How does L3Harris Technologies, Inc. support employees in understanding their rights and responsibilities under the Employee Retirement Income Security Act (ERISA)?

Answer: ERISA Rights and Resources: L3Harris supports employees by providing information on their rights under ERISA through the L3Harris Benefits Service Center(L3Harris Technologies I…).

Question 67: What factors should employees of L3Harris Technologies, Inc. consider when deciding whether to take an early retirement versus waiting until they reach the Normal Retirement Age?

Answer: Early vs. Normal Retirement: Employees considering Early Retirement before age 65 will face a reduction in benefits(L3Harris Technologies I…).

Question 68: How can employees at L3Harris Technologies, Inc. access and review their retirement plan documents?

Question 69: For employees looking to learn more about the provisions of the L3Harris Combat Propulsion Systems Pension Plan or to clarify specific details, what is the best way to contact L3Harris Technologies, Inc. for guidance?

Answer: Contacting L3Harris for Retirement Guidance: Employees can contact the L3Harris Benefits Service Center at 1.844.786.6586 for direct guidance(L3Harris Technologies I…).

Question 70: What specific factors should L3Harris Technologies employees consider when determining the most suitable form of pension benefit at retirement?

Answer: Pension Options at Retirement: L3Harris Technologies employees have various pension benefit options to consider at retirement(L3Harris Technologies I…).