WALTHAM, Mass., Aug. 5, 2019 /PRNewswire/ -- With 45 million
Americans holding student loans of more than $1.5 trillion, employees are often saddled with
years of substantial monthly payments. Paying back these loans
often means postponing saving for retirement.
Raytheon is announcing a new program to help employees save for
retirement while repaying their student loans. Through the Raytheon
Student Loan Repayment Contribution, eligible employees who aren't
able to make student loan repayments and contribute to their 401(k)
can get a company matching contribution (3 or 4 percent depending
on years of service), if their student loan repayments reach the
percentage of the company match for which they're
eligible.
"We are always searching for innovative ways to offer
competitive pay and benefits to current and prospective employees,"
said Mike Bull, vice president of
Total Rewards at Raytheon Company. "Being a great place to work
with equally great benefits is what helps us attract, motivate and
retain our most valuable asset: our employees."
Through the 401(k), called the Raytheon Savings and Investment
Plan, the company will make a dollar for dollar contribution for
amounts employees spend repaying their student loans, up to their
maximum match percentage. The program benefits will begin to accrue
in 2020 with company contributions deposited in employees' 401(k)
accounts in the first quarter of 2021 and years following.
This benefit is another important recruiting tool addressing a
serious financial concern of early career employees.
Other distinctive benefits include:
- Flexible work arrangements, including every other Friday
off
- Parental leave for mothers and fathers
- No disability waiting period for new employees going on
maternity leave
- Benefits for dependents with Autism
- Comprehensive rewards and recognition programs
For more information on Raytheon benefits, go to:
https://jobs.raytheon.com/benefits
About Raytheon
Raytheon Company (NYSE: RTN), with 2018 sales of $27 billion and 67,000 employees, is a technology
and innovation leader specializing in defense, civil government and
cybersecurity solutions. With a history of innovation spanning 97
years, Raytheon provides state-of-the-art electronics, mission
systems integration, C5I® products and services, sensing, effects
and mission support for customers in more than 80 countries.
Raytheon is headquartered in Waltham, Massachusetts. Follow us on
Twitter.
Media Contact
Mike
Doble
+1.703.284.4345
corporatepr@raytheon.com
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SOURCE Raytheon Company