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). If eligible, 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)
The Retirement Income Savings Program (RISP) is a feature of RAYSIP. After one year of service, RISP provides a company contribution for eligible employees based on the employee’s age and service. The contribution goes into the employee’s RAYSIP account, and can be invested by the employee in any of the RAYSIP investment options. Employees become vested once they have successfully completed three years of service with the company (this includes the one-year waiting period).
Student Loan Repayment Contribution (SLRC)
Effective January 1, 2020, the RAYSIP Student Loan Repayment Contribution (SLRC) program will provide eligible employees with a dollar-for-dollar RAYSIP company contribution for amounts you spend repaying your student loans, up to your applicable RAYSIP maximum match percentage.
The program is designed to help employees who are unable to afford to make RAYSIP contributions due to student loan debt repayments. SLRC enables you to make student loan repayments, and get a company contribution of up to your applicable RAYSIP maximum match percentage, enabling you to save more for retirement.
Employees who are eligible to participate in RAYSIP and receive a company match are eligible for this program. Only the employee’s own verifiable federal or private student loans with a conventional student loan servicer, are eligible. A spouse’s loan or a dependent’s loan (i.e., Parent Plus loan) is not eligible.
Fidelity, the RAYSIP record keeper, will administer the program—registering the loans, monitoring loan repayments in real time and giving you access to loan repayment progress.
To participate for 2020, you must enroll during the enrollment period, November 1 – December 13, 2019. The year-end SLRC contribution will be made in January 2021.
The following pages provide a general overview of the health care, income protection, investment/retirement and work/life benefits as well as some of the valuable extras available to eligible Raytheon employees.