28 08, 2015

Boeing faces class action lawsuit over 401(k) pension plan

2015-08-28T23:08:35-07:00August 28th, 2015|Categories: 401(k)|Tags: |

The class action, filed on behalf of 190,000 Boeing employees and retirees, has been in court for almost a decade. On the plaintiffs’ side is a St Louis lawyer known for waging years-long battles over retirement plans. Boeing is his biggest target yet. The company has vowed to fight the suit, one of only a few such cases to go to trial. Boeing said it “strongly disagrees with the claims” and was prepared to show that its investment options [...]

30 01, 2015

‘Minimal’ Boeing pension contributions expected this year despite 64% liability increase

2015-01-30T23:52:33-08:00January 30th, 2015|Categories: Pension Funding|Tags: , |

Boeing Co.’s unfunded defined benefit plan liabilities jumped 64% to $17.1 billion as of Dec. 31, compared with $10.4 billion a year earlier, the Chicago-based company reported in a filing Wednesday with the Securities and Exchange Commission. In a conference call with analysts Wednesday, W. James “Jim” McNerney Jr., chairman and CEO, addressed what he called “the threat to our balance sheet from defined benefit pensions.” […]

14 03, 2014

Boeing’s Pension Scale Back Is A Sign Of The Coming Times

2014-03-14T23:26:22-07:00March 14th, 2014|Categories: Retirement|Tags: , , |

The past week has brought two ultimately related pieces of news. Boeing announced it would freeze pensions for 68,000 non-union workers and move them into a 401(k)-style retirement plan, according to Bloomberg. The change starts in 2016 and is intended to cut costs, according to the report. Separately, AARP conducted a survey on baby boomers — people aged 46 to 64 — and their current financial status. The short answer was pretty bad. Only 22 percent described themselves as doing very [...]

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