When it’s hectic in the newsroom, sometimes it’s fun to dream a bit about an afternoon hanging out with a good book and a glass of wine. Or spending time sightseeing in Barcelona. Ah, retirement — and high hopes for my 401(K).
New hires at Boeing will work under a retirement plan different from existing employees. Those not represented by a union who start work at Boeing after Jan. 1 will have a defined benefit savings plan. Under it, Boeing will contribute an amount equal to 3-to-5 percent of a new employee’s pay regardless of whether the employee contributes to the plan. There also is a matching plan. Boeing has negotiated a similar new hire program with several of its unions. It also plans to discuss the issue in current talks with the Machinists union.
2 Comments
This is what they do on my night job, and it works well. After 7 years on the job, I have close to $30,000 (more if I hadn’t taken three loans on it).
“Those not represented by a union who start work at Boeing after Jan. 1 will have a defined benefit savings plan”
Are you sure you are not referring to a defined CONTRIBUTION plan?