From the article...
Many machinists bridled at approving a contract extension that contained a pension freeze and other concessions at a time Boeing had record profits and a record order backlog.
Boeing said its strong earnings resulted from pricing on planes ordered years ago. It warned that its airplanes are now being sold at significant discounts.
A Boeing official wrote to workers saying that, despite the concessions, they would still “receive market-leading wages and benefits.” Many have base pay of $70,000 a year, with some earning $100,000 with overtime.
The "pension freeze" is an end to the traditional pension based on a percentage of your pay for years of service and replacing it with a 401(k)-type pension with generous company contributions. The pension earned to date is still there. They did not take that away. It's just future contributions will be to the 401(k) that is managed and owned by the employee. It's also portable should you leave Boeing. It's not an end to their pension like the union and some in the media are portraying it.
No, I am not Boeing management....
33 posted on
01/05/2014 6:01:43 PM PST by
SW6906
(6 things you can't have too much of: sex, money, firewood, horsepower, guns and ammunition.)