Only months after it secured an agreement with its largest union to end traditional pension plans, Boeing has announced that it will end pensions for all non-union employees as well. The 68,000 employees, including executives, were notified on Thursday, that the traditional defined benefit plan would be frozen in place at the end of 2015, and starting in 2016 all non-union employees would be switched over to a defined contribution plan. The move will not affect employees already drawing pensions. The new defined contribution plan will function almost identically to a common 401(k), with the company contributing 9% of the employee's eligible income to the plan each year on top of employee contributions, which will both be invested in a vehicle of the employee?s choice.
See "Boeing to end traditional pension plans for non-union employees", John Gillie, The News Tribune, March 6, 2014