Boeing and union have tentative deal that would site 777X in Everett

[Yo_Mama_Been_Loggin]

Boeing and the Machinists union have reached a tentative deal that would site the 777X in Everett.

The accord, if ratified by union members, would be of immense significance for Washington, and would halt what had seemed an inevitable bleeding of aerospace work to South Carolina.

The deal, announced by the International Association of Machinists and Aerospace Workers Tuesday, includes shifts new hires from defined-benefit pensions to a defined-contribution retirement savings plan. This would be a difficult pill for many machinists, but would follow in the path grudgingly accepted by the engineers' union earlier this year.

The eight-year agreement would extend the current contract, which now ends in 2016, through 2024.

http://www.bizjournals.com/seattle/news/2013/11/05/tentative-boeing-deal-to-be-announced.html?ana=e_du_pub&s=article_du&ed=2013-11-05&page=all

I don't think the pension changes are a good thing for employees. I'm recently retired from Frontier Communications. I took the lump sum rather than an annuity. That came out to be 2.5 times the amount of money in my 401K.

Unless the machinists get an increase in pay AND make the max contribution this looks like a net loss for new hires.

[freshwest]

1. It's this 'two tier' employment change. I hate it, makes it harder for new people.