My employer (Boeing) froze my pension plan today...

[Turboslacker]

Hi Turbo---now that our plan will be frozen in Jan 2016 the million dollar question for folks located in Puget Sound (WA) is will the retiree medical remain in place. They "de-coupled" the pension from retiree medical in 2006 so I'm thinking they might make some changes there as well. It's ultra cheap at $20 a month from 55 to 65 (no kidding!!).

Ya I'm betting the retiree healthcare is next. It is an incredible value currently. Active employees had increases in monthly contributions last year.

 

[Turboslacker]

Thanks Daydreamer. Many friends who are engineers and SPEEA as well. They also say the writing is on the wall--but wondering when your contract expires in 2016 if there will be push back from the members to maybe add some yrs of service to ER. The IAM deal added two years so at 58 it really means 60 with full bennies.

Good luck!!

2016 will be a very eventful year for Boeing. The biggest being 100 years in business! That is impressive these days.
It certainly would be nice for SPEEA folks (Puget Sound area) to get a reasonable incentive to ER at contract time. Would be nice for us poor, non-exec management types too LoL. Toss us a bone.

Overall Boeing is a solid company with great benefits when you account for everything.

Now if this damn BA stock would double by say 2020 I will be stoked (Gen X term for you geezers)

 

[ziggy29]

I will say that I did like the 401(k) where they matched dollar for dollar up to 6%.... that was really good... I then worked at a place that was 4% and my last job was 3%..... it always seems to go down....

I know a lot of people have been screwed with 401K matches being reduced or eliminated (temporarily or permanently), but I guess I was lucky as that never happened to me. My first Megacorp matched 60% of the first 8%, and my second Megacorp matched dollar-for-dollar on the first 5%. Even in the worst of the near-meltdown, that didn't change.

DW is currently getting an 8% contribution into a 403B whether she contributes or not. Takes some of the sting out of not getting much of a DB pension except for a small, old frozen one from my Megacorp #1.

 

[growing_older]

I've seen 401k matches reduced or eliminated for a time. However any matching that was already done, even if it wasn't vested, always remained in my account. Because I can SEE the balance, I know that they are not able to retroactively change the rules and take back a previously earned match. At worst, they can change the rules for future matches going forward.

 

[supernova72]

Takes effect in 2016. We knew this was coming but still a huge change. The salaried non-represented folks at Boeing were the next step after the machinists union voted to end theirs. Will need to evaluate if this effects my retirement date (I'm 53 and can retire early at 55).

Boeing to end pension plans for nonunion employees | Reuters

Update:

Below is the new pension estimates via the company portal tool. At 55 the "new" estimate is slightly higher now because of some IRS required adjustments to the older "heritage" pension accruals.