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We are an independent Association of Raytheon Company retired employees who have joined together to improve the conditions of our fellow retirees.
The advertisement by Paradox Scientific, Inc. in our April printed Newsletter on page 12 was incorrect . The error was the fault of the Association and not of either company. Paradox Scientific, Inc (PSI) was incorporated in September of 2005, not in 1997 as stated in the advertisement. The advertisement in the Raytheon Retirees Newsletter is misleading in several respects. First of all Walter Hicks was still employed by Raytheon in 1997. He retired in 1998 and formed a Sole Proprietorship called “Paradox Scientific of Acton” (PSoA) which still exists. He was not associated with William Thibodeau until the year 2000, jointly formed PSI in 2005 and resigned from PSI in July of 2008. This ad leaves the impression that Walter is still associated with PSI which is not true. PSoA is currently a partnership with Walter Hicks and Harold Lynde. Their website is Paradoxscientific.Com. .
George Dolloff Thomas J. Hill
all recently passed away.
Frank Di Resta
Peter Dziekan
Patricia Hatch
Bryan Johnson Kenneth Kung John Linz Joseph McIsaac Jerry Satkus Donnu Lu Snyder Flora Vance
John Cryts (Added 6/3/10) Charles Jacobs Justin Margolskee
all passed away recently (Added 5/6/10)
James Small
Ronald Pfeiffer Gary Gressler
Mark
McGhee
Harold Barton
Benjamin Bashan
George Assad Thomas J Hill
all passed away recently (Added 2/25/10)
(Added 2/1/10) Robert Given William Goodall and welcome back; John Moter
Gerald Maurice passed away. (Added 2/18/10) Thomas J. Hill passed away on October 3, 2009
How about a note or some information ; some retirees are wondering how you are doing.
You Are Not Too Old To Learn by John Rudy (Added 1/27/10)
Making The Most Of My New Found Time by John Rudy (Added 1/9/10) You will be amazed at the various endeavors John has become involved in. Take a look! Beware of COBRA Fine Print by John Rudy (Added 12/22/09)
Our Latest Newsletter is Here (added 12/8/09) Click on document for full screen layout. Ignore "Menu" button
Click Here For 2010 Open Enrollment Article
Welcome New Members! (Added 12/8/09)
Unfortunately, we also recently learned that
as well as
Now is your chance to volunteer! The Re-Seed program at Northeastern University is looking for help. (added 8/16/09)
Mike Muchard was kind enough to send in a copy of the 1954 Raytheon Employee Handbook. It must bring back memories to a lot of you. Just click here to take a trip back over 50 years. Raytheon Employee Handbook (Added 8/8/09)
Our Help Wanted page has just been updated. (Added 8/7/09) Research Division 2009 Reunion slide Show (Added 8/3/09) The reunion this year was a resounding success. Take a look at your co-workers!!
Raytheon Standard Missile-3 Achieves 15th Hit-to-kill Intercept (Added 8/3/09)
Reunion
reminder from Cos Answers to Health Reform Questions from New York Times (Added 7/30/09) President Obama Hosts Raytheon's MATHCOUNTS (Added 7/30/09) Help Wanted At Both Paradox Scientific And Paradox Scientific Of Acton (Added 7/30/09) MEL/MRL Reunion Planned for September (Added 6/16/09) Safeguard Missle Defense System Program Planning Big Reunion . (Added 6/6/09) Bob Wetmore hosting his monthly luncheons again this year. (Added 5/10/09) Welcome to new member Fred Benham (Added 6/6/09) Try our new RSS Feed. (Added 5/14/09) RSS news feeds are articles that are added automatically to this web site as news of the Raytheon Company changes. Just click on the title above. Please come back often to see the latest. The source of the news is provided by searches throughout the Internet by Google and Yahoo at this time. Let us know how you like it. Raytheon Retirees Annual Meeting-Thursday, May 14. View Slide Show of Presentations at the Annual Meeting in PDF Format View Slide Show of Presentations at the Annual Meeting (PowerPoint) The meeting was attended by over 90 members and a great success. There were many interesting questions from the floor that hopefully were answered . Many thanks to our keynote and guest speakers and all those members who were able to attend. Our annual meeting was held at the Farr Conference Center in the National Heritage Museum in Lexington, Massachusetts on Thursday, May 14th, 2009, and 9:30 am to 1pm. Your Directors had a number of items to present and discuss. In particular, we discussed organizational status, health insurance and also provided a summary of our latest meeting with Raytheon Company Pension Fund managers. In addition, our meeting featured three guest speakers:
Mike Adler . President of the Raytheon School Volunteer Association explained many of the projects and benefits resulting from their work. The National Heritage Museum is located 1 mile south of Lexington Center at the intersection of Rt. 2A (Marrett Rd.) and Rt. 4 (Massachusetts Ave). Directions can be obtained from the museum’s web site at: http://www.monh.org/ or by calling 781 861 6559. Thank you, The Board of Directors We welcome the following new members (Added 5/12/09) Richard Poster Joseph Cove Carol O'Brien Unfortunately, we recently learned that: (Added 5/7/09) David C. Crockett Arthur Hubert Robert O. Hofland and John G. Moy recently passed away. March Newsletter is available. Click on
Newsletter- March
2009 LETS HELP HONOR OUR FRIEND, TOM PHILLIPS (Added3/24/09)
We received this note from Anna Martin who works at Gordon College in
Wenham, MA. On Saturday, May 30, they are holding an event in honor of retired
Raytheon Chairman and CEO, Mr. Tom Phillips. They would like to extend the
invitation to the event to all current, former and retired Raytheon employees.
More information about the event can be found here:
http://www.gordon.edu/tomphillips
We just learned that two retirees have passed away. (Added 3/28/09)
Theodore Stamp
Dom Altobello, our Raytheon Lowell Teammate
and later
Sadly, so did Mike Paris, a Business Manager
at RTSC who recently passed away due to complications from diabetes.
(Added3/24/09) We were recently informed that Mr. Sabatino Monaco recently passed away. (Added 3/7/09)
Take a look at "To Roth Or Not To Roth by Joe DeAmbrose (Added 2/20/09)
Raytheon Letter to President Obama (Added 1/27/09) In an open letter to president-elect Obama appearing in Aviation Week & Space Technology, Raytheon Chairman and CEO William H. Swanson calls for government and business to work closely together to upgrade American education. Improving students' abilities in science, technology, engineering and mathematics is an imperative for national security and prosperity, Swanson notes, and is critical to ensuring innovation in industries such as aerospace and defense. We welcome the following new members (Added 2/14/09) Larry Jack Ellen Kaminsky William E. Coleman Jr. Paul Barr Sadly, we were recently informed that Kai H Jensen passed away in October We received a truly heart warming article from and about Mike Briana, an Alzheimer's caregiver to his loving wife Betty
Welcome to the world of retirement and the ARR (1/10/09) Ed Jacobs Kenneth E. Aldrich Helene Dunning Nancy Maher Gerald Richard James Weckback
Unfortunately, we also recently learned of the passing of Richard M. Lynch and
Roger
Travers, age 65 passed away in January from a heart attack. He previously had
been the General Accounting Manager at Raytheon Service Company prior to
moving to Texas.
Summary Annual Pension Report for Salaried Employees
Pension News Update (1/8/09) There is no good news these days it seems. However, on the bright side, the deterioration in employee benefits is clearly linked to liquidity problems of the employer—particularly in the case of GM and the funding of retiree medical with employer stock. It does not appear that Raytheon has any liquidity problems and, remember, Raytheon gets funding for employee benefits, including retiree benefits, as an allowable cost in government contracts. As long as other government contractors continue benefit levels, there is no reason for Raytheon to reduce its benefits—the competitive positions will remain unchanged. Also, government contractors will probably be beneficiaries of anticipated government spending in the next few years according to news reports so these companies are in a good position overall and benefit levels should be under less pressure. I think Raytheon is off its 52 week high by about 15%-20% while the market indices are off 40%-50%. So the news is not all bad for Raytheon employees and retirees. One thing that is troubling as to benefits provided by government contractors is the apparent consistent action in reducing pension benefits, like Raytheon’s action in eliminating pension benefits for new hires. The other major government contractors have had similar reductions. Why did that happen if everyone was on the same playing field in competing for contracts with the benefits? Either one of them decided to change the competitive balance or one or more have different mix of commercial-government business, or the government itself had some input. It would be interesting to get the answer for a better understanding of the pressure (if any) on benefits in the industry. Joe D.
Just So You Know (1/3/09)We just added a new column named "Just So You Know" We will publish emails received from retirees that would like to share information or questions of interest to our membership. Take a look!!
Minimum Distribution Requirement Changing? (1/2/09)Newspaper reports are that the President has signed the legislation which waives the IRA/qualified plan minimum distribution requirements for the 2009 year. That is good news generally but there are bound to be “niche” issues that will require answers. For example, the Raysip 401K plan ties into the RMD rules so that a final distribution has to be made under that plan by April 1 of the year following the first distribution year (the year when age 70 ½ is reached). For those retirees with Raysip accounts having reached age 70 ½ in 2008, the distribution by April 1, 2009 appears to be still required. However the distribution for 2009 required to be made before April 1, 2010 is not required per the legislation. It is possible that Raysip could still require distributions to be made under the old rules-the plan can apparently set a stricter distribution policy than the law requires. So, something to watch out for. The NRLN announcement about its efforts to get Treasury to change the 2008 requirements is good news for those affected but the characterization of the situation as “catastrophic” is an overstatement. Under the RMD rules the required distribution is a percentage of the account balance at the end of the prior year. The percentage is between about 3% of the account balance at age 70 ½ increasing by small increments over the next 27 years or so. If a retiree has already taken a 2008 distribution from an IRA he or she may actually have avoided the market downturn to that extent. The alleged “hurt” is having to take a percentage of an account balance when the balance has deteriorated at the date of distribution. People who do not need the 2008 distribution and would be allowed to give it back probably do not need the relief-time is on their side. Joe D.
3rd Quarter Results Reported (11/20/08) Even though you may have missed the Friday, November 21 deadline to change your Medicare Supplemental Health Insurance provider you may still want to compare the plans. If you still need information you can go the the Benefit Center website at raytheon.benefitcenter.com (do not forget the period after Raytheon) Once there you can locate a “2009 comparisons” feature. When you get to the website, hit “My Resources” at the top of the page. At the next screen scroll down (beyond the drop down list) close to the bottom to the “Benefits Tools Section” and “”Comparison Tools” and “Compare My Medical Plan Choices” (be patient, it may take a few moments) You can compare 3 plans at a time. It turns out to be a pretty decent layout for the comparison. Once you decide you can call the Benefit Center for pricing and enroll over the phone. A Special Message Concerning Raytheon's Pension Plan in Today's Financial Crisis (10/18/08)
We would like to welcome our newest
members to retirement: (updated 11/26/08)
Raytheon Liaison: Latest Raytheon News by Al Swenson (Added 10/18/2008) The Friends of Cosmo Cavicchio Had a Party. Take a look (Added 10/19/08) Research Division Luncheon June 8 Photo Album (Added 6/20/08) Come on, Take a look! Bill Fisher passed away, Tuesday morning, October 28. His wife Mildred called to let a member know and explained he had a serious stroke two weeks earlier. Don Farinato passed away recently We were recently informed that Vincent A. Doyle, Jr. passed away. Vincent retired in 2000 and was a supervisor in Quality Control We were recently informed that Bob E. Williams passed away Click here for more information. (added 8/12/08) John W. Hanson (b. 1936), passed away , June 11, 2008. Mrs. John W. Hanson (Marylyn Rands) would like to hear from those of you who knew John. Mrs. John W. Hanson (Marylyn Rands) would like to hear from those of you who knew John. Her email address is marylynrands@verizon.net John was Deputy program manager of the SPS 49, and many of these retirees know him well.He was also Production Manager of the ROTHR program, and he had friends in this program, also.In addition, there was a group who met monthly at a tavern on a lakeside off of Rt. 30.A memorial service was held Monday, June 16, 2008, at Oteri Funeral Home, Cottage street, Franklin, MA. We were recently informed that Dick Powers passed away - he lived in Scarborough, ME and also James Cooney passed away May 3rd 2008. Jim retired from the Missile Systems Division, Shalimar Florida Office. We were recently informed Ken Hall passed away. (Added 4/16/08)Member Meeting : Annual meeting held May 15, 2008View Slide Show of May 15, 2008 Annual Special Meeting Presentation Take a look at some photos from the meeting Added 5/28/08 Many members joined us at the National Heritage Museum in Lexington, MA where we are held the Annual Meeting on May 15 at 9:30 am. A number of items were presented and discussed. Copies of the presentations will be added shortly. The items included the tally of votes for the amendment to clarify the type of organization we are in the eyes of the IRS. The amendment was passed. Our keynote speaker was Matthew J. Marcus, a partner with Colucci, Colucci, Marcus & Flavin, P.C. Mr. Marcus concentrates his practice in estate planning, elder law, mental health law, and disability law. He is a former Director of the Massachusetts' Chapter of the National Academy of Elder Law Attorneys. It was a great opportunity to have questions answered. Here are the two articles he presented; "Avoiding Probate" and Understanding Estate Planning" (added 5/20/08) A number of brief presentations were then provided by your Directors. Some of them were: A financial overview of retiree medical; A status of your Pension fund based on our meetings with company officials; Our relationship with various national organizations; And several amazing videos that are sure to hold your interest. Check These Out!Bob Wetmore started his monthly luncheons in Lawrence, MA ( Added 4/23/08)
Obtain your Share of the Economic Stimulus Package (Added 2/24/08) RAYSIP Distribution At Age 70 ½ (Added 2/22/08) Letter to Our Legislators (Added 2/22/08) Raytheon Company Recent News (Added 5/10/08) Colonel Benjamin Whitehouse Retired Recently Passed Away Forbes has named Raytheon the best managed company in the aerospace industry. (Added 1/3/08) Want to go to MIT at no cost? (Added 1/3/08) Florida Retirees; Where are you? Added 12/26/07) A Retiring Employee Check-out Guide (Added 10/24/07)Boston Globe Article on Expanding Choices for Retirees (Added 10/25/07)Medicare Premiums Set to Rise 3.1% in '08 (Added 10/2/07)Medicare Drug-Premium Increases May Force Switches by Beneficiaries (Added 10/2/07)Raytheon Wins A Great Navy Contract (Added 9/26/07)Upcoming Gatherings
Review some of our past Newsletters:
Join Us:
Association of Raytheon Retirees, Inc. 336 Baker Avenue, Concord, MA 01742 www.raytheonretirees.org e-mail us at raytheonretirees@verizon.net or call us at 978 369 8410 to request a no obligation free copy of our current newsletter to see for yourself.
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Last modified: 05/06/10 |
