Boeing Will Freeze 68,000 Nonunion Workers’ Pensions by 2016
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Boeing Co., the world’s largest planemaker, will freeze pensions for 68,000 nonunion employees and executives, shifting benefit payments to a 401(k)-style plan as it works to cut costs.
The change will take effect Jan. 1, 2016, the Chicago-based company said today in a statement. Employees will be able to keep any accruals already made to their pensions provided in Boeing’s defined benefit plan as the company shifts payments to a defined contribution plan. Employees hired since 2009 and new members of 28 unions are already on this plan.