Honeywell 2003 Annual Report Download - page 312

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As noted above, your active Honeywell group health insurance coverage will
expire at the end of the month in which your Benefit Period ends. At that time,
you may elect to continue your group medical and dental insurance coverage
pursuant to the federal COBRA law, assuming you have not allowed this coverage
to expire during the Benefit Period. Honeywell's COBRA administrator will be
contacting you at the end of your Benefit Period to provide you with further
details and election forms. COBRA coverage is totally employee paid and is
generally available at the rate of one hundred two percent (102%) of the
applicable premium.
Flexible Spending Accounts
As long as the underlying plan so allows, you may elect to retain your coverage
in the Company's Section 125 plan, including both health and dependent care
flexible spending accounts, through the end of the month in which your Benefit
Period ends. Any amounts you elect to contribute to a flexible spending account
shall automatically be deducted from your vacation and Severance Pay. If, at the
time you cease to be treated as an active employee for Section 125 plan
purposes, you are eligible to continue coverage in your health flexible spending
account pursuant to the federal COBRA law, you will be notified by the Company's
COBRA administrator.
Honeywell Savings Plan and Supplemental Savings Plan
As long as the underlying plans so allow, you may continue to participate in the
Company's savings plan and, if applicable, supplemental savings plan during your
Benefit Period to the extent otherwise permissible under applicable law. Your
current deductions will continue until the end of your Benefit Period unless you
decide to change or terminate your contributions. At the end of your Benefit
Period, you will receive information relating to the distribution of your
Savings Plan account balance, if any. Your account, if any, in the Company's
supplemental savings plan will be paid to you in accordance with your previous
payment election(s).
You have a non-forfeitable right to your Company matching contributions under
the Company's savings plan and supplemental savings plan account, if applicable.
Loan payments from the Company's savings plan, if any, will continue to be
withheld during your Benefit Period. At the end of your Benefit Period you will
have 90 days in which to repay any loan or it will default and be treated as
taxable income, subject to regular taxes and an additional early withdrawal
penalty (unless an exception to such early withdrawal penalty applies).
Pension Plans
You have a non-forfeitable right to your accrued pension benefits. Please
consult your plan's Summary Plan Description if you have general questions
regarding your pension plan. If you have specific questions or would like more
detailed information regarding your pension benefits (including the estimated
amount of your pension entitlement, the optional forms of benefit available to
you, your vested status and when you can commence the receipt of such benefits),
please contact the Retirement Pension Planning Department at 877-258-3699,
option 5.