The International Association of Machinists and Aerospace Workers (IAM) in St. Louis has voted to extend a contract with Boeing through 2022, which will cut costs and avoid layoffs. About 300 ? 500 workers, out of more than 2,300 union workers, would have already been laid off by the time contract negotiations came around in January because of the expiration of the contract for the F/A-18 Super Hornet. As part of the cost cutting, pensions will be frozen at the end of 2015, costing some workers hundreds of thousands of dollars in retirement payouts. The employees received an enhanced 401(k) and an $8,000 signing bonus.
See "Union approves deal to keep thousands of Boeing jobs in STL", Grant Bissell, KSDK.com, February 23, 2014