What you need to know
To help Futureshapers create their own financial futures, Honeywell offers a 401(k) plan. You can make pretax, Roth 401(k) or after-tax contributions, and we match the first 8 percent of your eligible pay each year at 87.5 percent (up to 7 percent of your base salary). You choose how you want the money to be invested, and you are always 100 percent vested in your own contributions. After three years of service, 100 percent of Honeywell’s matching contributions vest. To receive the annual match, you must actively enroll in the 401(k) plan and have contributions deducted from your eligible pay.
How the 401(k) plan works
You choose how much money to contribute.
You may contribute up to 30 percent of your eligible pay in combinations of pretax, Roth 401(k) and after-tax contributions, subject to IRS and plan limits. Note: Highly compensated employees (with income greater than $135,000) have lower limits. Visit Fidelity’s website for more details.
The IRS may change the annual contribution limits each year, typically for cost-of-living adjustments. In 2024, the limits for pretax and Roth contributions combined are:
- $23,000
- $30,500, if you are age 50 or older by the end of the year
You are always 100 percent vested in your own contributions.
Honeywell makes an annual matching contribution.
We will match the first 8 percent of eligible pay at a rate of 87.5 percent (up to 7 percent of base salary). The match is contributed annually in a lump sum, by the end of the January following the calendar year in which you contribute.
In order to receive Honeywell’s contribution, you must:
- Participate in and contribute to the plan.
- Remain actively employed by Honeywell through and including Dec. 15 of that year.
The matching contributions are allocated to the Honeywell Common Stock Fund. They can be transferred to the fund(s) of your choice after they vest, which occurs after you have completed three years of service.
Looking for free money? When you contribute 8 percent of your eligible pay, Honeywell contributes 7 percent. Don’t miss out.
You choose how you want your money to be invested.
The plan offers several investment options.
Target date funds
These funds have a diversified investment mix that becomes more conservative as you approach your chosen retirement year. This is a good choice for those who do not want to actively manage their assets.
Core funds
The plan offers 10 funds for those who want to more actively manage their asset allocation.
See your investment options.
Are you getting ready to retire? There are many steps to consider
Let us help
Compare your three savings options
You have three ways to save for your future. The table below shows the limits and how withdrawals are taxed.
| Contribution Type | Limits* | Withdrawals |
|---|---|---|
| Pretax contributions are deducted from your paycheck before taxes are withheld, reducing current taxable income. | Up to 30% of your eligible earnings, up to the IRS limit ($23,000 in 2024) If you are age 50 or older in 2024, you can contribute an additional $7,500 | Subject to income tax |
| Roth contributions are deducted from your paycheck after taxes are withheld. | Up to 30% of your eligible earnings, up to the IRS limit ($23,000 in 2024) | Earnings are pretax upon withdrawal if you own the Roth 401(k) account for at least five years and have reached age 59½. |
| After-tax contributions are deducted from your paycheck after taxes are withheld. | Up to the lesser of 30% of your eligible compensation or the IRS limit ($69,000 in 2024) If you are age 50 or older in 2024, you can contribute an additional $7,500 | A withdrawal may be requested at any time. Contributions are not taxed. Earnings are subject to income tax. |
* Contribution limits include the combined total of pretax and Roth contributions. After-tax limit includes the combined total of pretax, Roth and employer matching contributions. These limits assume the employee is not considered highly compensated as defined by the Plan.
Learn more about your savings options.
Manage your savings
Your Honeywell 401(k) plan is administered by Fidelity. Visit Fidelity’s website to:
- Change your contributions or investment funds.
- Check out the many online tools and resources they offer to support and improve your financial well-being and future.
There’s an app for that. Many of our benefits partners, including Fidelity, have mobile apps
