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Association of Raytheon Retirees, Inc.

Association of Raytheon Retirees, Inc. Special Annual Meeting May 19, 2010. Agenda. Introduction: Bob Hamilton Keynote Speaker: Philip Amaru, Elder Law Attorney Break Financial Overview of Retiree Medical: Joe DeAmbrose Pension Review: Al Swenson Membership: Mel Weinzimer

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Association of Raytheon Retirees, Inc.

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  1. Association of Raytheon Retirees, Inc. Special Annual Meeting May 19, 2010

  2. Agenda • Introduction: Bob Hamilton • Keynote Speaker: Philip Amaru, Elder Law Attorney • Break • Financial Overview of Retiree Medical: Joe DeAmbrose • Pension Review: Al Swenson • Membership: Mel Weinzimer • Financial Status: Dave MacLellan • Communications: Bob Hamilton • Break • Guest Speaker: Karen Albert, SOARS 55 • Keynote Speaker: Phil Cohen, Patriot Program • General Discussion • Adjourn

  3. Your Directors And of course Amy Morris, Office Manager

  4. Your Directors

  5. In Memoriam

  6. Tally Quorum Votes Joe DeAmbrose

  7. Keynote Speaker: Philip C. Amaru • Philip C. Amaru, a prominent Elder Law Attorney of the Law office of Philip C. Amaru • Medicare and Medicaid rules and asset protection strategies

  8. Break Time to stretch for a few minutes

  9. Financial Overview of Retiree NON- PENSIONMedicaland Life Insurance Joe DeAmbrose

  10. Life Insurance • Appears to be Legacy Raytheon Only • 10% of Pre-Retirement Coverage • Funding-Retired Lives Reserve • Funding Estimate--$50M-$100M

  11. Medical Financial Highlights Legacy Raytheon, Hughes, TI, and E-Systems • Pre and Post Age 65 Variations • Pre-1993 Retirees—Varies Legacy Raytheon-- 50% • Post 1992 Retirees---Generally $516 Annual Cap • Total Participants---22,000 • Funding-VEBA Trusts and Pension Accounts • Funding Estimate—About $344M

  12. Medical Financial Highlights Note: $ million

  13. Medical Financial Highlights Note: $ million

  14. Retiree Medical PremiumsSingle Coverage/Medicare Eligible

  15. Form 5500 Data: 2008$M

  16. Pension Review Al Swenson

  17. Pension Fund Status Outline • Raytheon Commitment • Fund balances • Changes in fund balance 2008-2009 • Funding requirements • Services • Met with Raytheon Treasury 4/27/10 • Annual Report and Raytheon 10K

  18. Raytheon Co. Commitment Diane Avellar- Vice President, Raytheon Company letter dated 4/26/2010 • “As we have done in the past,we want to assure you that Raytheon remains fully committed to meeting all pension benefit obligations to the more than 60,000 retirees and survivors, estimated at over one billion dollars for 2010. • Additionally Raytheon remains fully committed to paying pension benefits to our future retirees and survivors, just as we have done for almost 60 years.”

  19. Pension Fund Balances

  20. Pension Fund Changes ($ In Millions)

  21. Pension Funding • Domestic Plans (Estimated) • 84% Accumulated Benefit Obligation (ABO) • 76% Projected Benefit Obligation(PBO) • Funding anticipated to be 100% PBO by 2014

  22. Raytheon Company2009 Financial Results 2009 Was Another Strong Year for Raytheon

  23. Metrics

  24. Membership Mel Weinzimer

  25. Membership Status Active Members30 New Members

  26. Welcome New Members Robert Given William Goodall Fred Benham Leigh Blevins Richard Brooks Richard Hazel Linda Knox Karl Pfeil John Rudy David Schubert Dennis C. White Jean Wright Richard Poster Joseph Cove Carol O'Brien Frank Di Resta Peter Dziekan Patricia Hatch Bryan Johnson Kenneth Kung Joseph McIsaac Jerry Satkus James Small Ronald Pfeiffer Gary Gressler Mark McGhee Harold Barton Benjamin Bashan Richard Segui Fred DePorter

  27. Social Events

  28. Membership Initiatives • Met with K. Peden, Raytheon VP to request access to current and future retirees • Placed newspaper ads to solicit new members • Contact your friends, associates, fellow retirees and encourage them to join and/or renew membership • Our retirees continue to stay in touch with their Raytheon friends and co-workersLet us know when your circle of Raytheon retirees is getting together • We welcome your suggestions and ideas

  29. Financial Dave MacLellan

  30. Financial Budget:2010

  31. Communications Bob Hamilton

  32. Newsletter Continues With Expanded Content • Health and pension plan articles remain the cornerstone of our publication • Bruce Nogueira continues to write his most popular health articles • We continue to use • Syndicated columnists • Social and luncheon announcements • Retiree written articles of interest • Accomplishments, travel, hobbies, public service

  33. Newsletter Appearance • The format has continued in booklet form • Reduced printing costs by printing at the Minuteman Regional High School • Sometimes causes schedule issues • E-mail is still the most cost effective means of distribution • Members are encouraged to use e-mail

  34. Our Website Has Expanded • Increased the content and changed the format • Specific articles of interest are highlighted and dated • More current than the newsletter • We are able to update it more frequently than the newsletter • www.raytheonretirees.org

  35. RSS Feed Added • Really Simple Syndication • Continuously searches and provides abstracts plus links to the articles of interest

  36. Recent Web Site Traffic

  37. 86,366 Pages Viewed by 4,484 Returning Visitors

  38. Popular Web Pages A random sample of approximately 500 recent hits reveals that many members are searching for their colleagues

  39. Memoriam Section Needs Improvement • Several members provided information in the past • We urgently need new volunteers to take up the challenge • Many of you have written inquiring about the memoriam feature

  40. Membership Software Updated • Easier to maintain membership list • Simplifies office operations • Dues returning to January renewal • Still 12 months extension of membership

  41. The Future Brings Challenges • We constantly respond to member issues • Act as an intermediary with Raytheon • Need to Expand membership • Considering adding a forum where retirees can communicate directly on items of interest to them • Need a forum-master volunteer

  42. Break Time to stretch for a few minutes

  43. Service Opportunities after Reaching 55 (SOAR 55) • Karen Albert is a Volunteer working with individuals, groups, organizations and the media to promote volunteer opportunities. • SOAR 55 works closely with over 85 nonprofit organizations in Newton and the MetroWest area that are in need of volunteer assistance. • SOAR 55 offers maximum choice and flexibility to its volunteers as it matches personal interests, skills and individual schedules with interesting and rewarding opportunities to serve.

  44. Phil Cohen, Director, Missile and Ground Programs • Phil Cohen, as part of Raytheon Integrated Defense Systems (IDS) , is responsible for Patriot missile and ground programs at all manufacturing facilities at Raytheon. • Phil will talk about the new Patriot multibillion dollar production contract and the challenges that it presents.

  45. General Discussion

  46. Thank You For Coming • This concludes our membership meeting • Please feel free to visit the museum or their snack bar • Hope to see or hear from you in the coming months • Stay well

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