Changes to Otis and Carrier ESOP and Stock Funds in the UTC Savings Plan
In March 2020, we wrote to you explaining that as a result of the Otis and Carrier spin-off, your UTC ESOP and Common Stock Fund balances would be allocated between Raytheon Technologies, Otis and Carrier funds on April 2, 2020, as follows:
Before spin-off After spin-off
UTC Common Stock Fund RTX Stock Fund
Otis Stock Fund*
Carrier Stock Fund*
ESOP RTX ESOP
Otis ESOP*
Carrier ESOP*
*Temporary funds
What do I need to know?
  1. The UTC Savings Plan will begin to liquidate Otis and Carrier ESOP and Stock Funds on April 5, 2021.
  2. If you don’t transfer your balances in the Otis and Carrier ESOP and Stock Funds before April 2, 2021, they will be gradually reallocated to either the Lifetime Income Strategy or the appropriate Target Retirement Fund.
As previously explained, the Otis and Carrier ESOP and Stock Funds in the UTC Savings Plan are temporary and will phase out after 12 months, beginning on April 5, 2021. This is because the Savings Plan is designed to hold employer securities — not the single stock of non-employer companies like Otis and Carrier. The RTX ESOP and Stock Fund will continue to be available in the Savings Plan, as they are today.

This change will affect you and your Savings Plan benefit. Therefore, it’s important that you review this information, seek investment and/or tax advice, and make an active decision about your Savings Plan investments.
What to expect if you transfer your balances by April 2, 2021:
Your balance will be transferred to the funds you have selected. Click below for instructions on how to make a transfer.
Learn more
What to expect if you DO NOT transfer your balances by April 2, 2021:
  • You will begin to see transactions in your account reallocating your balances in the Otis and Carrier ESOP and Stock Funds to the Lifetime Income Strategy (if you have a balance in the Lifetime Income Strategy) or an age-appropriate Target Retirement Fund. You can read more about these funds in this additional information.
  • These transactions will continue over the next three to six months until you have no remaining balance in the Otis and Carrier ESOP and Stock Funds. Your ability to take in-kind distributions of Otis and Carrier ESOP and Stock Funds will become restricted during a period anticipated to occur near the end of this reallocation process.
  • You will still be able to transfer remaining balances or obtain cash distributions from the Otis and Carrier ESOP and Stock Funds at any time after April 2, 2021.
More information
The fastest way to get help navigating Your Gateway is to use the chat feature at the top right of the screen. Log on to Your Gateway at yourtotalrewards.com/rtx. To review your Savings Plan balances and investments, click on Savings & Retirement.

If you prefer to speak to a person, you can call the Benefits Center at 1-800-243-8135 and follow the Savings & Retirement prompt. Representatives are available Monday through Friday, 8 a.m. to 8 p.m. ET (except holidays). Representatives will not be able to answer questions about your personal tax situation.