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What Good Is A Pension Plan If You Don't Have A Job?

What Good Is A Pension Plan If You Don't Have A Job?

By Jeff Wagner. CREATED Jan 2, 2014

 Boeing is giving its workers in Seattle one last chance to save their jobs.

Boeing will producing a new 777x airplane over the course of the next decade.  Boeing would like to manufacture the aircraft at its facility in Seattle.  This decision would keep thousands of jobs in the area for the next decade.

As a condition of building the planes in Seattle, Boeing is demanding a new contract agreement from the union. Currently, the average Boeing machinist makes $85,000 a year.  Boeing is offering a $10,000 signing bonus, regular cost-of-living adjustments, a 1% raise every other year and improved health benefits.  However, Boeing wants to freeze its traditional pension plan and switch to a 401(k) retirement plan for future contributions.

If Boeing can't reach an agreement with the union in Seattle, approximately 22 States have submitted bids to work on the new planes.

Two months ago, the local union rejected Boeing's proposal. The national union chief has forced a second vote on the proposal - hoping that the local union members will reconsider.  

So, what good is a traditional pension plan if you don't have a job?

What will Boeing wokers do?  What should Boeing workers do?

We'll talk about the issue during the1 p.m. hour of Friday's radio show.  Please feel free to share your thoughts in the Comments section - and then check back later to hear a replay of the discussion.  

Jeff Wagner

Jeff Wagner

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Jeff Wagner recently completed his 15th year as a talk show host at 620 WTMJ. Jeff's show, which airs Monday through Friday from noon to 3 p.m., features stories which you might not have heard about elsewhere and emphasizes Jeff's common sense approach to issues.