Boeing has proposed closing its defined benefit pension plan to Puget Sound-based new hires beginning Jan. 1, 2013, much to the chagrin of the Society of Professional Engineering Employees in Aerospace (SPEEA), the union that represents engineers at the plane manufacturer’s facilities across the country. Instead, it proposes offering an enhanced Voluntary Investment Plan, which would include a new automatic company contribution and a company match on employee contributions, according to the Boeing website.

Even though the company’s DB plan is 100 percent funded, according to the site, moving new employees to a defined contribution model would save the company a lot of money in the long run.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?


Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.