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(Frequently Asked Questions) |
On this page, we will try to answer questions brought to us by fellow brothers and sisters pertaining to benefits and similar issues that affect all of us. Please feel free to send us questions that you think may benefit others.
| State Holidays | Pension Projections |
| Pension Rates | Prescription Costs |
| 25-Year Personal Day | Life Insurance Payments While On LOA |
| VA Benefit Eligibility | Medical Contribution Rate |
Q- Do we receive the Rhode Island State holidays, V. J. Day, Columbus Day, and Veteran's Day?
A- No. Effective March 2001, we no longer receive V. J. Day, Columbus Day, and Veteran's Day as scheduled holidays, even though we are working in Rhode Island. We do, however, receive "Holiday Pay" of time-and-a-half for working on these days for the first eight hours, then double-time after that. Patriot's day is a Massachusetts holiday that we received prior to March 2001, but it is no longer our scheduled holiday and we do not receive any compensation for working on this day in Rhode Island. The above mentioned holidays were given up in 2001 in favor of the days between Christmas and New Year's Day.
Q- What is the current amount of our pension?
A-The minimum pension benefits for the years 2005 through 2008 are as follows: Note:
| March 31, 2005 - $42 |
| There is no increase in 2006 due to a two dollar increase in 2005. |
| March 31, 2007 - $43 |
| March 31, 2008 - $44 |
Q- When can I use the personal day that I receive after 25 years of service.
A- Upon 25 years of continuous service, employees receive their personal days on their 25th anniversary and every January 1 thereafter.
Q- I am approaching retirement age and want to know how I can weigh the benefits of waiting until the age of 62 to retire, versus front loading the pension and leaving at 60?
A- This is a question everyone must investigate for themselves, but be sure to get the information that you need by calling human resources and asking for a "Pension Projection". With this, you can pick a couple of projected retirement dates and they will supply you with the associated pension figures so you can make an educated decision.
Q- When my doctor prescribes my medication, I never know how much it's going to cost when I get to the pharmacy. How do I find out in advance?
A- As of January 1, 2003, our prescription coverage is being handled by medcohealth. If you have access to the internet, you can set up an account and log onto their website at www.medcohealth.com to view their coverage on your particular medication. Unfortunately, if the doctor prescribes a new medication and you don't have access to the web on the way to the pharmacy, that doesn't help but you can always call the Prior Authorization phone number: 1-800-753-2851.
Q- I am purchasing the optional life insurance from the company. If I go on LOA and eventually expire, will my family get the full optional death benefit even though I wasn't getting a paycheck from which to deduct the premiums.
A- You should be covered if you follow the rules. Any time you go on LOA, the best defense to avoid problems is to contact the benefits center at 1-800-358-1231. In this case, they should inform you how to sign up for the optional coverage premium waver, which you may be eligible for after a waiting period of three to six months. During the waiting period you will be billed for the premiums by the Raytheon Benefits Center.
Q- I was in the military and I'm not sure what Veterans Benefits I am eligible for. Where can I get information?
A- Anyone with questions about their eligibility for VA Benefits can call 1-800-827-1000. Information can also be found on-line at www.va.gov .
Q- What is our contribution the Medical and Dental costs?
A- Effective July 1, 2005 our percentages, based on our hourly base rate and the cost of the medical/dental plans, will be as specified in the following table:
| Under $20/hr | Between $20-$25/hr | Over $25/hr | |
| 7/1/2005 | 12% of plan cost | 13% of plan cost | 14% of plan cost |
| 1/1/2007 | 13% of plan cost | 14% of plan cost | 16% of plan cost |
| 1/1/2008 | 14% of plan cost | 16% of plan cost | 18% of plan cost |
| 1/1/2009 | 15% of plan cost | 18% of plan cost | 20% of plan cost |
