(Corrects to clarify that the agreement the machinists passed phases out the pension over time and replaces it with a company-funded 401(k) retirement plan.)
Boeing's Chief Executive Jim McNerney says he’s looking forward to the prospect of no strikes for the next decade by Washington state machinists. McNerney told Wall Street analysts it made the most sense to build the next version of the 777 jet in the Puget Sound region, as long as the workers accepted the company’s contract extension offer.
Machinists narrowly approved the deal that preserves job security but phases out their pension and replaces it with a 401(k) retirement plan. McNerney says his deputy, Ray Conner, is now trying to improve morale in the wake of the vote.