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Benefits & Compensation
Textron’s benefits and compensation programs are designed to reflect our commitment to attracting and retaining talented and motivated people. Our comprehensive program incorporates pay programs that are designed to help talented employees excel – both at work and at home. Textron employees and their families, which includes same gender partners with respect to most benefits, have the opportunity to take an active role in managing the quality and the cost of their own benefits.
Below, you will find a general overview of the healthcare, income protection, retirement and work/life benefits as well that may be available to eligible Textron employees, along with additional program information.
The descriptions that follow are for general informational purposes only and do not represent the particular compensation and benefits plans, policies, and programs for which you may be eligible. The information presented is not intended to be construed to create a contract between Textron Inc. and you as a Textron Inc. employee, prospective employee, or former employee. In the event that the content of this document or any oral representations made by any person regarding the plan conflict with or are inconsistent with the provisions of the plan document, the provisions of the plan document control. Textron Inc. reserves the right to amend, modify, suspend, replace or terminate any of its plans, policies or programs, in whole or in part, including any level or form of coverage by appropriate company action, without your consent or concurrence. Notwithstanding the foregoing, Textron will comply with the requirements of a specific bargaining agreement or regulation, if applicable.
Textron’s pay programs are designed to attract and retain top talent. Employees may receive increases in base salary and, if eligible, incentive pay through promotions and performance.
Medical and Prescription Drugs
Textron businesses offer a leading-edge consumer-driven healthcare plan to non-bargained and some bargained employees. This plan includes a number of unique features and puts employees and their families in control of their healthcare choices and how to spend healthcare dollars. It also encourages them to maintain good health and spend healthcare dollars wisely. Features include:
Choice of any provider without having to get a referral
Flexibility to personalize benefits to specific needs through a choice of three coverage options and a company-funded Health Reimbursement Account or Health Savings Account.
A Health Savings Plan (HSA) option to help employees save for short- and long-term healthcare expenses, which also has tax advantages.
Textron’s businesses offer dental plan options that include coverage for preventative and diagnostic care, basic and major restorative care, and orthodontia for eligible children.
Most Textron businesses offer a vision service plan that covers annual eye examinations (including corrective lens fitting), eyeglass frames, eyeglass and contact lenses and discounts on laser vision corrective services.
Flexible Spending Accounts
Most Textron businesses offer flexible spending accounts (FSAs), which allow employees to set aside pre-tax dollars annually through payroll deduction for eligible healthcare and dependent care expenses.
Textron businesses provide company-paid life insurance equal to a percentage of annual base salary. Employees can also purchase supplemental and dependent insurance at competitive group rates.
Textron businesses provide company-paid accidental death and dismemberment insurance equal to a percentage of annual base salary. Employees can also purchase additional accidental death and dismemberment insurance at competitive group rates.
Business Travel Accident Insurance
Textron businesses provide its employees with insurance while traveling on company business equal to a percentage of annual base salary based on the type of loss incurred.
Most Textron businesses provide disability benefits to compensate eligible employees during short- or long-term disabilities. At some locations, employees may have the opportunity to purchase voluntary long-term disability benefits.
Retirement Income Benefits
Textron Savings Plan (TSP) - 401(k) Plan
Most Textron businesses offer the opportunity to enroll in a 401(k) plan where employees can contribute a percentage of pay on a pre-tax or after-tax basis via payroll deductions. For eligible employees, Textron may also make a matching contribution of the pay contributed to the 401(k) plan. Employees elect investment allocation from a diversified array of available fund choices.
Newly hired employees are automatically enrolled in the plan at 3 percent of pre-tax pay at or about their 60th day of employment, but can decline participation or elect a different contribution rate prior to the auto-enrollment effective date or at anytime afterward. Employees become fully vested in Textron's employer contributions and earnings after five years of Textron service, based on the TSP five-year graduated schedule.
Additional Retirement Contribution to the Textron Savings Plan
Eligible employees will also receive an additional 4% discretionary annual cash contribution to their Textron Savings Plan account based on their eligible compensation. Employees (hired on or after January 1, 2010 only) must be employed on December 31 of each year in order to receive the employer contribution for that year. This cash contribution is separate from and in addition to the Textron Savings Plan company match. Vesting for the annual contribution is based on the TSP five-year graduated schedule.
Holidays and Vacations
Employees enjoy an average of 10 to 12 paid holidays per year and generous vacation schedules. Specific schedules vary depending on the business and employee eligibility.
Each of the Textron businesses has benefits and policies relating to time to be used for brief personal illness or injury and/or doctor’s office visits, personal business, bereavement, observance of religious holidays, volunteering, or brief personal family illness or emergencies. These policies are based on the business and employee needs as well as employee eligibility.
Leaves of Absence
Each Textron business has its own Leave of Absence policy.
The availability of the benefits and policies noted below vary based on the business and employee needs.
Employee Assistance Resource and Referral Program
Confidential, professional assistance is available to employees and their family members to help with a wide range of work, home, personal and family issues. This company-sponsored benefit provides information, consultation and referral services in such areas as child and elder care, educational planning, and counseling services.
Textron businesses provide employees with some financial assistance to help defray the cost of adoption expenses. Benefits and policies vary based on the business and employee needs.
Educational Assistance/Professional Development
Textron businesses may provide eligible employees with financial assistance to expand their capabilities and enhance job productivity through a variety of on-site, off-site and e-learning personal development training programs and tools. Benefits and policies vary based on employee needs and the needs of each Textron business, as well as eligibility.
Survivor Support Financial Counseling Service
Textron sponsors a financial counseling service to employees and/or their survivors in the unfortunate event of an employee's death or diagnosis of a life-threatening illness, or that of the employee's life partner/beneficiary.
Discounted Auto and Home Insurance
Textron provides employees with the opportunity to purchase discount auto and home insurance through MetLife and to pay the premiums through payroll deduction.
Employee Discount Programs
Textron employees can receive discounts on thousands of brand name products and services via Textron Marketplace - an online shopping service available via the internal employee web portal.
Employee Award and Recognition Programs
Many of our businesses sponsor service award programs to celebrate and recognize employees when they reach a significant service milestone. For further information, contact the Human Resources office of the relevant business.
Volunteer Services/Employee Recognition Program
Many Textron businesses sponsor a variety of volunteer and community service programs as well as peer-to-peer and manager-to-employee employee recognition programs. Textron supports employees’ volunteer activities in local communities and going the “extra mile” in supporting our customers. For further information, contact the Human Resources office of the relevant business.
Chairman's Award for Innovation
The Chairman’s Award for Innovation recognizes and rewards Textron employees who have made significant and measurable improvements in Textron’s products, technology, business practices or customer service and contributed directly to Textron’s productivity, growth, profitability or competitive position. Awards are presented annually in four categories: Innovation, Growth, Productivity and Service.
Matching Gift Program
The Matching Gift Program of the Textron Charitable Trust encourages employees to give their personal financial support to a mix of cultural, educational, environmental and hospitals. Contributions by eligible employees to qualifying organizations will be matched dollar-for-dollar from a minimum gift of $25 to an aggregate maximum of $7,500 annually. Gifts must be made directly from the employee's own funds to approved organizations.
Textron National Merit Scholarship Program
Textron provides Merit Scholarships, ranging from $500 to $2,000 to children of employees who apply and meet the requirements to participate. Scholarship winners are chosen on a competitive basis by the National Merit Scholarship Corporation without regard to family financial circumstances.