Boeing tech workers approve new contract

Boeing tech workers approve new contract

Credit: PAUL J. RICHARDS / AFP via Getty Images

Boeing tech workers approve new contract

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by KING 5 News

KING5.com

Posted on March 18, 2013 at 7:58 PM

SEATTLE -- Boeing technical workers approved the new SPEEA contract.

The vote was 4,224 yes, 654 no and two abstained.

The workers rejected this contract proposal last month.
  
The new 4-year contract will replace a traditional pension with a 401k plan for new hires.

Ray Conner, president and CEO of Boeing Commercial Airplanes, released a statement, saying "We’re pleased to have settled a contract that rewards SPEEA-represented employees for their contributions to the company’s success while maintaining a superior package of retirement and health care benefits. The contract also establishes a new retirement savings plan for future new hires. The plan is market-leading among our peer companies in the aerospace industry and promotes our competitiveness going forward.
 
The votes by technical workers and engineers in recent weeks will allow us to come together and focus on the challenges and opportunities we face this year. We’re moving forward with an excellent team in place."

The union's 23,000 employees are mostly in the Puget Sound region, working on jetliner design and technical issues. Factory assembly work is done by members of the International Associations of Machinists. The machinists approved a four-year contract in December 2011.

Boeing had proposed the 401(k) in 2008 but pulled it in an attempt to prevent a strike. Machinists went on strike for 57 days.

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