Raytheon Tech Corp. is a company that offers competitive and comprehensive packages of benefits to their employees and qualified family members. The Raytheon employee benefits comprise interactive resources and tools for those who have stayed for years or just started with the company that allows them to choose the most suitable benefits to their needs.
Raytheon is a global company from the United States that operates in the defense and aerospace fields. It has its main office located in Waltham, Massachusetts. According to its market capitalization and revenue, this corporation is amongst the largest manufacturers and services providers in its specific industry.
Raytheon Technologies (RTX) produces, develops, and researches products in the field of defense and aerospace technology. This includes satellites, aero-structures, aircraft engines, cyber security, systems of air defense, avionics, etc. As a significant contractor of the U.S. government’s military, it also earns its major percentage revenue from it.
Below, you will gain deeper insight about the offered employee benefits by Raytheon Tech Corporation that covers different areas including the employees’ income, health and well-being, and work/life balance.
Raytheon Technologies Employee Benefits
The competitive and comprehensive package of the Raytheon employee benefits is not available for their employees only, but also extends to their eligible family members. As mentioned before, the benefits program is built with interactive resources and tools so it can be tailored to match optimally with each employee of the company.
The benefits packages provided by Raytheon Tech Corporation cover various areas, such as health and wellness, retirement and investment, income protection, work/life, transportation, and many more. The extensive list of the benefits can be read below, but note that it may be incomplete.
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Raytheon Health Benefits for Employees
The health benefit package built by Raytheon for the employees consists of not only medical, vision, and dental plans, but also non-routine medical and preventive cares, to promote establishing healthy lifestyle. The employees are able pay medical expenses for themselves and their dependents with tax-free dollars if they join in tax-advantaged accounts as well.
Raytheon Tech Corporation provides two Health Savings Account (HSA) Advantage plans and contributions for eligible employees. In general, both of them cover 100% of preventive care, as long as it’s in-network. They also cover expenses for medical visits, prescription drugs, mental health care, surgery, and hospitalization. There’s also the Global Choice medical plan that’s offered for eligible employees under International Assignment that covers overseas employees and their qualified family members.
There are options available under the dental benefit program:
- Dental Maintenance Organization (DMO): Extensive dental treatment whenever it is available in-network.
- High option: Extensive dental treatment, but less comprehensive than DMO.
- Low option: Standard dental treatment package.
All Raytheon employees are allowed to choose their preferred coverage level based on their expected dental expenses, along with their dependents.
Vision Care Coverage
There are two options of vision coverage offered by the Raytheon employee benefits: the basic plan and the plus plan. Both of these plans cover an extensive range of vision health care, such as free glass frame, lenses, contact lenses, or general examinations. What makes them different is the frequency and the amount the granted benefits.
Flexible Spending Accounts (FSAs) – optional
The Flexible Spending Accounts (FSAs) benefit package of this company enables the employees to decrease their taxable income by contributing to certain pre-tax dollar expenses. It is completely optional for them to participate. The offered plans are:
- Health care FSA: Attainable under certain conditions.
- Dependent care FSA: Cover expenses of healthcare for parents or children of the employee.
- Dental and vision FSA: Cover certain expenses of vision and dental plans for qualified family members that aren’t covered by the basic dental and vision plans.
Retirement Income Savings Program (RISP)
A program that offers a contribution for eligible employees based on their length of service and ages. The contributions enter into the RAYSIP account of the employee and are allowed to be invested under various options of RAYSIP investment.
Raytheon Savings and Investment Plan – 401(k)
The 401(k) retirement savings plan built by Raytheon Tech Corporation enables the employees to save up to 50% of their income based on pre-tax or post-tax basis. Eligible employees are also offered benefit of employer’s matching contribution that matches the first 3% of their compensation for every paycheck, or matches the first 4% of their compensation for employees that has worked for five consecutive years for the company.
Student Loan Repayment Contribution (SLRC)
The SLRC benefit program enables the qualified employees with employer’s matching contribution they spend on paying back student loans. The amount of matching percentage is based on the applicable amount according to the employees’ qualification.
Numerous programs of income protection are offered in the case of death, heavy injury, or serious illness in the form of life insurance and disability coverage for the employees and their dependents. The company also provides casualty, property, car, and mortgage insurance.
- Basic Life Insurance: The standard life insurance policy with granted amount of one yearly base pay.
- Optional Life Insurance: The life insurance policy with extra coverage with granted amount of one to eight times yearly base pay.
- Dependent Life Insurance: The life insurance policies that cover the employees’ family members as well.
- Accidental Death and Dismemberment (AD&D): The life insurance policy with granted amount of five times yearly base pay.
- Business Travel Accident (BTA): An insurance plan that covers for accident, dismemberment, or accidental death occurred while traveling for the company business purpose.
- Short-Term Disability plan: Provides coverage amounts to 10 weeks of income replacement in the event of the employee become disabled, along with STD insurance amounts to 75% of the employee’s weekly base pay.
- Short-Term Disability Plus plan: Provides complete coverage of disability for short-term.
- Long-Term Disability plan: Provides coverage for employees who are unable to make it to work p to 10 weeks due to injury or illness. It is only available to purchase on post-tax basis.
Paid Time Off
The paid time off Raytheon employee benefits are provided based on each employee’s length of service, as follows:
|Length of Service (Years)
|Paid Time Off/Year
|15 or >15
Employees who are just hired are granted with PTO benefit according to their number of hours, since their date of being hired.
Up to 3 weeks of paid leave for parental purpose is provided for qualified employees who considered eligible to receive as parents.
A total of 12 holidays are provided by the company annually as parts of the Raytheon employee benefits. These include Thanksgiving and a day after, Memorial Day, Independence Day, Labor Day, New Year, Christmas, and the days between Christmas and New Year. There may be other holidays available based on the specific location and state of the company.
Flexible Work Schedules
The company promotes a wide range of flexible work schedules. Some examples of the arrangements are flextime, telecommuting, reduced hours, job sharing, compressed workweeks, and more. The available options of flexible work arrangements may depend on the company’s location and the employee’s work performance, but in general there are:
- Standard work week
- Adjusted work week
- 9/80 work schedule
- Half-day Fridays
Dependent Care Flexible Spending Account
This program assists Raytheon’s employees to cover the care expenses for their qualified family member (children up to 13 years old) by using pre-tax dollars.
This program consists of resources, referral service, and employee assistance program for Raytheon’s employees across the country that covers the area of:
- Prenatal care
- Adult care
- Personal services
- Autism support
- Adoption assistance
- Academic support
- College planning
- Counseling assistance
This benefit package enables employees to save on their expenses of commuting by using pre-tax dollars. The eligible expenses in the benefit include parking, vanpool, mass transit expenses, and many more.
Raytheon Tech Corporation’s employee may receive benefits of adoption assistance in the form of up to $6,000 grant. The granted amount might be tax-advantaged according to the federal government’s financial guidelines.
Other Employee Benefits at Raytheon Technologies
- Car and home insurance: The employees may enroll in casualty and property insurance such as for their home and car, with benefit of tax-deductions from their paycheck.
- Scholarship program: Provided for the children of the company’s employees as rewards for their academic accomplishment.
- Educational support: Financial support program in the form of reimbursement tuition and certain fees for eligible degree or courses program for the company’s employees who want to continue education.
- Matching gifts program: A support program for employees to support their education by matching the financial grant given by qualified educational institutions, that amounts to maximum $10,000 per patron each year.
- Professional Account Management and Online Advice: Receive assessment from an investment advisor in the area of finance to help developing investment plan and personal savings, and building investment strategy with regular management and monitoring.
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The article above offers you with extensive list of Raytheon employee benefits that cover the areas of health care, retirement and investment plans, income protection, transportation, and many more. Learning and understanding how these benefits work as the employee of the company can help you to select the most suitable options according to your needs.