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Special Annual Meeting May 14, 2009 |
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Introduction: Bob Hamilton |
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Tally Votes: Joe DeAmbrose |
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Keynote Speaker: Tom Mitri And The State OF The
Market |
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Break |
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Financial Overview of Retiree Medical: Joe
DeAmbrose |
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Pension Review: Al Swenson |
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Membership: Mel Weinzimer |
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Financial Status: Dave MacLellan |
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Communications: Bob Hamilton |
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Break |
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Guest Speaker: Bob Filosa "The Sum of all
Thrills," A New Disney experience Raytheon sponsors |
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Guest Speaker: Mike Adler, President, Raytheon
School Volunteer Assoc. |
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General Discussion |
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Dom Altobello |
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David C. Crockett |
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Regina Cuomo |
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Robert O. Hofland |
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Arthur Hubert |
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Kai H Jensen |
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Richard M. Lynch |
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Sabatino Monaco |
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John G. Moy |
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Mike Paris |
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Theodore Stamp |
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Roger Travers |
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Tom Mitri is VP Regional Planning for Fidelity
Investments. |
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State of the market and the challenges for
retirees. |
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Tom is joined by Brian Wilder, a VP Senior
account Executive |
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Time to stretch for a few minutes |
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Appears to be Legacy Raytheon Only |
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10% of Pre-Retirement Coverage |
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Funding-Retired Lives Reserve |
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Funding Estimate--$50M-$100M |
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Legacy Raytheon, Hughes, TI, |
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and
E-Systems |
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Pre and Post Age 65 Variations |
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Pre-1993 Retirees—Varies—Legacy Raytheon-- 50% |
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Post 1992 Retirees---Generally $516 Annual Cap |
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Total Participants---58,000----Pay Status—22,000 |
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Funding-VEBA Trusts and Pension Accounts |
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Funding Estimate—About $500M |
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Can Raytheon Terminate? Vested benefits? Benefit
Obligation Has Decreased |
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Persistency Assumption--$77.6M |
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Medicare D--$125M |
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Other Unknowns--$ ??? |
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Are There Alternatives |
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Cash Payout?? |
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Income Tax Exclusion?? |
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Raytheon Commitment |
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Fund balances |
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Changes in fund balance 2007-2008 |
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Funding requirements |
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Services |
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Met with Raytheon Treasury 5/11/09 |
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Annual Report and Raytheon 10K |
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"While the near term outlook for the
financial markets and the economy continues to be uncertain, we remain
committed to meet our pension obligations going forward“ |
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William Swanson- Chairman and Chief Operating
Officer, Annual Report dated March 2009. |
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Domestic Plans (Estimated) |
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75% Accumulated Benefit Obligation |
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71% Projected Benefit Obligation |
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Funding anticipated to be 100% Projected Benefit
Obligation by 2011/2012 |
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Net Sales: 23.2 B 8.9% |
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Operating Income: 2.6 B 13% |
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Backlog: 38.9 B 6.3% |
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ROIC: 10.8% 13.7% |
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Transitioned
from single annual billing to quarterly billing based upon membership
expiration date |
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Initiating advertising campaign in newspapers in cities with
major Raytheon facilities. |
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Contact
your friends, associates, fellow retirees and encourage |
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them to
join and/or renew membership |
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We
welcome your suggestions and ideas |
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Health and pension plan articles remain the
cornerstone of our publication |
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Bruce Nogueira continues to write his most
popular health articles |
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We have added |
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Syndicated columnists |
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Social and luncheon announcements |
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Retiree
written articles of interest |
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Accomplishments, travel, hobbies, public service |
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The format has changed to a booklet form |
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Reduced printing costs by printing at the
Minuteman Regional High School |
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Sometimes Causes Schedule Issues |
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E-mail is still the most cost effective means of
distribution |
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Members Are encouraged to use e-mail |
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We accept paid advertisements when there is a
direct benefit to our retirees |
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Increased the content and changed the format |
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Continue to upload our newsletter |
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Specific articles of interest are highlighted
and dated |
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More current than the newsletter |
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We are able to update it more frequently than
the newsletter |
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Check back periodically for the latest in news
and events |
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14 New
York |
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14
Indiana |
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14
Alabama |
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13
Georgia |
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12 New
Jersey |
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11
Maryland |
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9 Iowa |
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8
Connecticut |
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7
Washington |
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77
Massachusetts |
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74
California |
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42 Texas |
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28
Virginia |
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18 North
Carolina |
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18
Pennsylvania |
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17 New
Hampshire |
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17
Florida |
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17
Arizona |
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Several members provided information in the past |
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We urgently need new volunteers to take up the
challenge |
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Many of you have written inquiring about the memoriam feature |
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Easier to maintain membership list |
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Simplifies office operations |
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Dues continue on an annual basis |
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12 months after last payment rather than each
January |
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We are attempting to increase our distribution
by e-mail |
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Will announce major updates to our website by
e-mail |
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Considering adding a forum where retirees can
communicate directly on items of interest to them |
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Would like more input from members along with photos and
announcements |
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Time to stretch for a few minutes |
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Bob Filosa will present a summary of the new
Disney experience that Raytheon is sponsoring. |
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Bob is Director of Program Management |
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Corporate Affairs & Communications |
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Raytheon Company |
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An interactive, math-based experience to be
unveiled this fall at INNOVATIONS at Epcot. |
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The exhibit will engage children through a fun
and educational experience. |
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"The Sum of All Thrills" will be a core component of
Raytheon's MathMovesU program, an initiative designed to engage middle
school students in math and science. |
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This concludes our membership meeting |
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Please feel free to visit the museum or sample
their food |
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Hope to see or hear from you in the coming
months |
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Stay well |
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Notes
