January 4, 2014
DEFINING THE CONTRIBUTION:
Boeing vote a blow to Southern California (W.J. Hennigan and Maria L. La Ganga, January 3, 2014, LA Times)
Posted by Orrin Judd at January 4, 2014 8:03 AMThe eight-year contract, which begins in 2016, will cut some pension and healthcare benefits.In addition, conventional pension plans for newly hired machinists will be converted to a 401(k)-type of retirement program. Boeing will contribute 10% the first year, 10% the second, 6% the third and 4% for each year up to the end of the contract.For the new vote, Boeing said it sweetened its offer with an additional lump-sum signing bonus of $5,000 for each union member in 2020. That is on top of the previously offered $10,000 bonus. Employees also will receive additional dental benefits, the company said.