Raytheon Savings and Investment Plan
The Raytheon Savings and Investment Plan (RAYSIP) is a 401(k) savings plan that allows you to save up to 50% of your pay on a before-tax and/or an after-tax basis (subject to federal limits). Raytheon matches a portion of your savings dollar-for-dollar, up to the first 3% of your eligible compensation that you 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). You are immediately 100% vested in the company match. The plan offers a wide variety of investment options from which to choose. You may invest your contributions and Raytheon's matching contributions to your account in as few or as many funds as you wish in increments of 1%, then make changes to your investments as your needs change. RAYSIP accepts rollover contributions from other qualified plans such as from a former employer's plan.
Retirement Income Savings Program
RISP is a feature of RAYSIP. With RISP, the company contributes a percentage of your eligible compensation to a RISP account in your name. The amount Raytheon contributes to your RISP account depends on your age on your date of employment or re-employment and your years of service as of the end of the pay period for which the contribution is made. Generally, your participation begins after one year of employment with the company.
The contribution goes into the employee's RAYSIP account, and can be invested by the employee in any of the RAYSIP investment options. Employees gain rights to this benefit (become vested) once they have successfully completed three years of service with the company.