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).
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.