pension

Boeing plans to shift its non-union employees away from a defined benefit pension plan, including about 26,000 workers in the Puget Sound region. 

In January, machinists here narrowly accepted a similar pension freeze to win the 777X production line. Now, Boeing’s including non-union employees in the retirement plan change because the company says its pension obligation is unsustainable.

Cacophony / Wikipedia

The state Supreme Court on Thursday heard oral arguments in a pair of pension cases involving billions of dollars at stake. Unions for teachers and state employees want the high court to restore two benefits that were nixed due to their cost.

Washington auditors have determined that pre-retirement salary increases led to more than $30,000 in excess pension payments for three former firefighters, and the state projects it will save the system more than $140,000 by permanently reducing their combined pension values.

Ashley Gross / KPLU

Boeing has been – until recently – one of the last remaining places in the corporate world where you could still get a pension in retirement. Now Boeing’s technical workers are being asked to drop the pension for new employees – it’s part of a broader strategy at the company.