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Boeing Freezing Nonunion Workers’ Pensions In 2016

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A new set of Boeing-built fighter jets may soon launch U.S. military satellites into orbit. (Photo credit: ERIC PIERMONT/AFP/Getty Images)

A new set of Boeing-built fighter jets may soon launch U.S. military satellites into orbit. (Photo credit: ERIC PIERMONT/AFP/Getty Images)

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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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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