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 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.