By Kristen Beckman
Source: Benefits Pro
Unions have asked for a restoration of defined benefit (DB) retirement plans in recent strike negotiations, signaling a renewed appetite for pensions rather than defined-contribution plans that have dominated the employer-sponsored retirement landscape for several decades.
Boeing’s pension, which the company froze in 2014 in favor of a 410(k) retirement plan, was central to negotiations in last year’s machinists strike, according to an analysis by the Federal Reserve Bank of St. Louis. The report noted the Boeing situation is not unique. The United Auto Workers strike in 2023 also included compromises around DC plans.