Raytheon Employee Benefits 2023
Raytheon Technologies Corporation is a multinational conglomerate based in Waltham, Massachusetts. It researches, develops, and manufactures advanced technology products in the aerospace and defense industry.
Raytheon cares about the health, well-being, and financial wellness of their employees. To promote healthy lifestyles helping employees build financial wellness, Raytheon offers a range of comprehensive Raytheon Employee Benefits programs.
From compensation and benefits to wellness and financial wellness, Raytheon Technology wants to support employees’ commitment to the job as well as your priorities and interests outside of work.
So, if you’re looking for a job at Raytheon Technology, read below what employee benefits at Raytheon, you can enjoy as an employee.
What are Employee Benefits at Raytheon Technologies?
Raytheon Technologies Corp. is a multinational conglomerate based in Waltham, Massachusetts. It researches, develops, and manufactures advanced technology products in the aerospace and defense industry.
Raytheon Technologies has committed to the growth and development of its diverse teams of workers, from interns to experienced professionals to servicemen and women transitioning into civilian life.
As part of that commitment, Raytheon Technologies offers a comprehensive and competitive benefits package including access to interactive tools and resources that encourage wellness in all aspects of their lives.
Raytheon Technologies Employee Benefits programs are designed specially to take care of employee’s total well-being: physical, mental, financial, and social.
Read here what employee benefits at Raytheon Technologies you can enjoy as a part of it?
Raytheon Health Benefits for employees
Raytheon Technologies offer medical, dental, and vision plans that provide coverage for both preventive and non-routine care.
Employees may participate in tax-advantaged accounts that allow paying for eligible health and dependent care expenses with pretax dollars. Raytheon Technologies wellness program rewards you for making healthy lifestyle choices.
Raytheon Technologies offers two HSA Advantage plans and makes a lump-sum contribution to Health Savings Account (HSA), if eligible. Both plans cover in-network preventive care, generally at 100%. The plans also cover prescription drugs, doctor’s visits, hospitalization, surgery, and mental health care.
Employees on International Assignment are eligible for the Global Choice medical plan, providing worldwide coverage for all expatriate employees and their eligible dependents.
Under the dental program, you have the choice of up to three dental options:
- Low Option – basic needs such as annual check-ups and cleanings
- High Option – more extensive treatment including orthodontia
- Dental Maintenance Organization (DMO) – offers more extensive treatment including orthodontia, if a network is available.
All allow you to select the coverage level that makes sense for the kind of dental expenses you and your family members expect to incur.
Vision Care Coverage
Raytheon Technologies offers two vision coverage options — the Basic Vision Plan and the Vision Plus Plan.
Both vision plans provide coverage for a wide range of vision care services, including free lenses, frames, routine examinations, and contact lenses. Both plans differ in how often benefits are payable and the retail allowance for benefits.
Flexible Spending Accounts (FSAs) – optional
With Raytheon Technologies’ flexible spending accounts (FSAs), employees can reduce taxable income by paying for certain eligible expenses before taxes are withheld from pay. Participation is optional.
Raytheon Technologies offers:
- A limited purpose Dental and vision FSA, to pay for eligible expenses that their, or their spouse’s, dental and vision plans do not cover or cover only in parts, such as deductible, copayments, and orthodontia.
- Health care FSA, available only under certain circumstances
- Dependent care FSA, which you can use to pay for child or elder care expenses
Retirement Income Savings Program (RISP)
After one year of service, RISP provides a company contribution for eligible employees based on the employee’s age and service.
The contribution goes into the employee’s RAYSIP account and can be invested by the employee in any of the RAYSIP investment options.
Raytheon Savings and Investment Plan – 401(k)
A 401(k) savings plan that allows to save up to 50% of pay on a before-tax and/or an after-tax basis.
If eligible, Raytheon Technologies matches a portion of the employee’s savings dollar-for-dollar, up to the first 3% of your eligible compensation that employees save for each pay period through RAYSIP (up to the first 4% of your eligible compensation after five years of continuous employment with the company).
Employees are immediately 100% vested in the company match.
Student Loan Repayment Contribution (SLRC)
RAYSIP Student Loan Repayment Contribution (SLRC) program allows eligible employees with a dollar-for-dollar RAYSIP company contribution for amounts spend repaying employees student loans, up to your applicable RAYSIP maximum match percentage.
Various programs are available to protect income in the event of a serious illness, injury, or death to access disability coverage, life insurance for themselves and their family.
Discounted home, auto, and property and casualty insurance are also available.
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- Basic Life Insurance – offers basic life insurance at one time of annual base pay.
- Optional Life Insurance – Employees can buy additional life insurance in coverage amounts from one time up to eight times annual base pay.
- Dependent Life Insurance – In addition, there are a variety of life insurance options for employees’ spouses and dependent children.
- Accidental Death & Dismemberment Insurance – Coverage of one to five times annual base pay.
- Business Travel Accident Insurance – This company-paid plan provides employees with accidental death and dismemberment coverage for injuries caused by a covered accident while traveling on company business.
- Short-Term Disability coverage provides income replacement for up to 10 weeks if an employee becomes disabled. This is company-paid STD insurance coverage equal to 75% of your weekly base pay.
- Short-Term Disability Plus Coverage – Raytheon Technologies pays the full cost of basic short-term disability coverage.
- Long-Term Disability – This coverage can only be purchased on an after-tax basis and provides benefits when an illness or injury keeps employees out of work for more than the 10-week STD period.
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Paid Time Off
Employees will earn paid time off according to the length of service during the calendar year.
|Years of Service||PTO Hours per Year|
|15 or more||200|
Newly hired employees are advanced a prorated number of hours, based on their hire date.
A maximum of 3 weeks of paid parental leave is available to eligible employees who meet the definition of a parent.
Raytheon Technologies provides 12 holidays per year, including the week between Christmas and New Year’s Day as well as others that are commonly observed: New Year’s Day, Independence Day, Memorial Day, Labor Day, Thanksgiving, and the day after.
Other holidays may vary by state and location.
Flexible Work Schedules
Raytheon Technologies supports a variety of flexible work arrangements including compressed workweeks, flextime, job sharing, reduced hours, and telecommuting. The particular flexibility options will vary depending upon the type of work performed and the work location, but examples of some that are available include:
- Every other Friday off (9/80)
- Every Friday afternoon off
- Standard work week
- Modified work week
Dependent Care Flexible Spending Account
Dependent Care FSA helps employees to pay for eligible dependent care expenses using pre-tax dollars.
Expenses include most forms of child care up to the age of 13.
LifeResources program is a nationwide integrated employee assistance program and resource and referral service designed to assist employee’s with a wide range of work/life needs including
- Autism Assistance
- Child care
- Pre-natal care
- Adoption information
- Adult care
- Academic services
- College planning
- Counseling services for personal or work-related issues
- Personal Services
Raytheon Technologies offers Transportation Benefit that allows saving on commuting expenses through pre-tax payroll deductions. Commuting expenses are eligible including mass transit costs, vanpool expenses, parking, etc
Employees can receive up to a maximum of $6,000 in adoption assistance benefits for each finalized adoption.
This amount could be a taxable benefit depending upon financial guidelines as established by the federal govt.
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Other Employee Benefits at Raytheon Technologies
- Educational Assistance – Raytheon helps employees continue their education by reimbursing tuition and selected fees for approved courses or degree programs.
- Raytheon Scholars Program provides scholarships to children of Raytheon Technologies employees, rewarding them for academic achievement.
- Home and Auto Insurance – Employees may purchase a home, auto, and other available property and casualty insurance through payroll deductions at group rates.
- Matching Gifts for Education Program encourages employees to support education by matching financial gifts to eligible educational institutions on a dollar-for-dollar basis, up to $10,000 per donor, per year.
- Professional Account Management and Online Advice
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Final words For Raytheon Employee Benefits and Perks
Hopefully, you like the available information on Raytheon Employee Benefits.
If you have any questions or queries related to employee benefits at Raytheon Technologies? Drop them into the below comment section.
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FAQs – Raytheon Employee Benefits
Does Raytheon give yearly bonuses?
Based on 42 current employees, 74% said they receive a yearly bonus at Raytheon Technologies.
What is Raytheon 401K match?
It’s a 6% match. It vests fully after 2 years at the company.
Does Raytheon still have a pension plan?
You will remain in the defined benefit pension plan and continue to gain benefits as you currently do through Dec. 31, 2023. We will provide more details early in the second quarter of 2021 and your broader retirement benefits.
What is the average Raytheon pension?
12 settlement provides class members with an average pension expansion of about $21 per month, for a total average advantage of $4,737, the parties say. The settlement motion represents 40% of the amount class members say Raytheon shortchanged their benefits by minus attorney’s fees and other expenses.
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