Raytheon Technologies

Plan name Raytheon Technologies
LocationWaltham, Mass.
Asset size ($MM)>$30 billion
Participants114,500
IndustryAerospace and defense
Participation rate97%
Average deferral rate10%
# of funds offered12
Investment reviewYes
True-up matchNo
Match vesting period2 years
EligibilityImmediately upon hire
Default deferral rate6%
Default investmentOther: Personalized Target Retirement Fund with Guaranteed Lifetime Withdrawal Benefit
Automatic escalationYes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time
Systematic withdrawalsYes
Fee equalizationNo, and we have no plans to research this in the short-term
Match Rate51%-99% of first 6% of salary
% receiving full matchVast majority (75% or more)
Maximum employer contribution9%
Financial Education
Saving/Budgeting
Yes
Investing strategies
Yes
College saving
Yes
Credit/Debt management
Yes
Tax/Estate planning
Retiree health costs/savings options​
RecordkeeperAlight Solutions
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