The directors are aware of a recent plan amendment to the Raytheon Salaried Plan which effectively cuts off membership to new hires. In taking this step, Raytheon is following a troublesome national trend to cut back defined pension plan benefits. It is our goal to make the Company more thoughtful in dealing with the pension benefits of both active and retired employees. We will do that with your help by trying to stay out in front of Company initiatives and we must make sure that the Company knows that retirees are former employees and stakeholders in the Company just as shareholders are.
You can help by informing the Association of any changes that come to your attention, e.g., notices posted on Company bulletin boards about plans. As an Association we will work to gather plan documents, financial, actuarial and other information about the Plans and the Company. We will employ actuaries and accountants, if appropriate, in order to make employees and retirees less helpless in the face of Company cost cutting.
Another goal is to make sure that pension benefits are being administered correctly and efficiently. Please keep the Association informed of problems. We cannot directly solve problems but we will try to point you in the right direction and we will keep a tally and make sure the Company is aware of common deficiencies.
Since its inception, the Association has worked to have the Company provide a cost of living increase in pension payments to retirees even if only to those retirees with the greatest need.
The Company has answered the request with a clear denial of any intent to consider a COLA. The Association will not give up on the goal of achieving some contribution to the financial relief of the most deserving of our fellow retirees. The optimum situation would be one where the Company is convinced that dealing with the plight of retirees in some way is in their interest. The Association will work to that end. As with other goals, the more information the Association has, the more it can do to formulate a plan of action. Please keep us informed of extreme situations.