|Quoting 7BOEING7 (Reply 50):|
Boeing switched all the non-represented employees to a DC plan years ago (based on a percentage of your salary), it was no big deal. They also increased our 401K matching to 75% of the first 8% contributed. In the 401K there are 23 funds to select from so you can be as aggressive or conservative as you want. The IAM still has their old pension (it was frozen) + the new DC plan + an increase in the company matching from 50% to 75% (a 50% increase) -- sounds pretty good to me.
That is not necessarily true. It is a real mix. In engineering SPEEA accepted a contract with new hires exclusively on 401k with higher matches and contributions. He more senior SPEEA employees still have a pension. They essentially did the same thing to non-represented professional employees a few years earlier, but many senior non represented employees still have a pension that has not been frozen. Pensions are going away, but slowly and not for all groups at the same time.