Boeing freezing nonunion workers' pensions in 2016

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Associated Press

Posted on March 6, 2014 at 11:00 PM

Updated Friday, Mar 7 at 10:00 AM

SEATTLE (AP) — Boeing Co. says it is freezing the traditional defined-benefit pensions for 68,000 nonunion employees - including managers and executives - starting in 2016.

The Chicago-based aerospace company said Thursday that the employees will transition to a company-funded defined-contribution retirement plan, starting Jan. 1, 2016. They'll have a 401(k)-style retirement plan similar to what union machinists approved in a contentious contract-extension vote earlier this year.

KING-TV reports (http://tinyurl.com/nrxxahf ) that nonunion Boeing employees hired since 2009 have not had a traditional defined pension plan. Thursday's announcement applies to those who were working for the company earlier.

On Jan. 3, Boeing machinists in the Seattle area narrowly approved a contract in which they conceded some benefits in order to secure assembly of the new 777X in Washington state.

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