2022 Best in Class 401(k) Plans | Winner
Raytheon Technologies
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Plan name | Raytheon Technologies |
Location | Waltham, Mass. |
Asset size ($MM) | >$30 billion |
Participants | 114,500 |
Industry | Aerospace and defense |
Participation rate | 97% |
Average deferral rate | 10% |
# of funds offered | 12 |
Investment review | Yes |
True-up match | No |
Match vesting period | 2 years |
Eligibility | Immediately upon hire |
Default deferral rate | 6% |
Default investment | Other: Personalized Target Retirement Fund with Guaranteed Lifetime Withdrawal Benefit |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | Yes |
Fee equalization | No, and we have no plans to research this in the short-term |
Match Rate | 51%-99% of first 6% of salary |
% receiving full match | Vast majority (75% or more) |
Maximum employer contribution | 9% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | Yes |
Credit/Debt management | Yes |
Tax/Estate planning | |
Retiree health costs/savings options​ |
Recordkeeper | Alight Solutions |