SEATTLE -- Boeing says it is freezing the traditional defined-benefit pensions for 68,000 non-union employees - including managers and executives - starting in 2016.
The aerospace giant said in a statement Thursday that the employees will transition to a company-funded defined contribution retirement plan, starting Jan. 1, 2016. The non-union workers will have a 401k-style retirement plan similar to what union machinists approved in a contentious contract-extension vote earlier this year.
KING-TV reports non-union Boeing employees hired since 2009 have not had a traditional defined pension plan. Thursday's announcement applies to those working for the company in 2009 and 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.