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To: FlingWingFlyer
http://seattletimes.com/html/businesstechnology/2022195247_boeingiam777xxml.html

an excerpt from an earlier article, Nov. 5, 2013

To try to secure a “yes” vote by the IAM’s 31,000 members here and 1,500 more in Portland, Boeing wrapped the bitter pill of its contract proposal in lots of sugar.

The IAM deal includes substantial cash awards: not only the big ratification bonus but also a “golden handshake” buyout that would allow retirement with boosted pension terms of $95 per month per year of service for anyone over age 58.

The take-aways include significantly higher health-care premiums and, crucially, the radically changed pension plan.

The new pension plan would have the company contribute a fixed percentage of gross salary into a retirement savings account each year: 10 percent the first year, 8 percent the second; 6 percent the third, and 4 percent every year thereafter.

The IAM is the last Boeing union with a traditional pension, and the company has sought unsuccessfully in multiple contract negotiations to move away from a defined-benefit pension plan to such a defined-contributions savings plan.

The offer would also change the wage structure so that new hires would take 16 years to reach the top of the pay scale instead of the 6  years it takes today.....

A company source said that during secret negotiations over the past months, Boeing moved somewhat toward the union on the pension and health-care numbers.....

*******************

In tonight's Kiro 7 article they also talk about the stuff that the Governor added to try to keep Boeing and the union happy.

6 posted on 11/13/2013 9:54:05 PM PST by 21twelve (http://www.freerepublic.com/focus/f-news/2185147/posts 2013 is 1933 REBORN)
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To: 21twelve

If a house is divided against itself, that house cannot stand. Mark 3:25 NIV. Of course the unions are not interested in unity, only control and money, the same as the feds. What a shocker.


18 posted on 11/13/2013 10:17:59 PM PST by Fungi
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