Boeing drops pension proposal in union talks
When Boeing announced that it was phasing out its pension plan for new non-union workers, company officials said they would propose the same change to Boeing’s unions. Well, they’ve done that with the largest union — the Seattle-based International Association of Machinists unit — and the answer was a firm “no.” Pensions & Investments reports that Boeing has dropped its pension proposal, meaning that newly hired union members will continue to get a traditional pension instead of an enhanced 401k.
The publication quotes Boeing spokesman Tim Healy:
“This proposal reflects our effort to listen to employees and (develop) an agreement they’ll be happy with,” Mr. Healy said.
The underlying cost concerns behind the proposal to close the DB plan to new employees haven’t changed, Mr. Healy said. “A (DC plan) for employees will continue to be something that we’ll talk about, but for this contract, it’s out,” he said.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
Yeah, unions think its a good thing pension money es invested in accounts that grow a whopping 2 percent a year. Union leaders are financial idiots who couldn’t make it in the real world. Meanwhile, the rest of us laugh our way to the bank or looking on computers what our investments are producing for us. A 25 year old today who relies on only a pension will about 800 percent less money at retirement in 40 years as opposed to a 25 year old who invests privately or a 401(k).