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Pension deadline could speed retirement of experienced Boeing engineers
Boeing may see hundreds of veteran engineers retire this fall ahead of a pension adjustment that will dramatically slash the payouts to those who choose to take the money in a single lump sum. The interest rates used to determine the lump sum will be updated in November, after which one 35-year Boeing employee calculates that his payout will be cut by more than $200,000. ... Matt Kempf, senior director for compensation and retirement for SPEEA, estimates around 600 or 700 experienced local… (www.seattletimes.com) Más...Sort type: [Top] [Newest]
What a way to build a fine corporation, cheat the employees. Are the executive bonuses and salaries and retirement plans also getting dramatic cuts? (joke).
Boeing as it stands today, is the actual joke here. Interesting to see what the dark side of greed can do to the rank and file upon whose shoulders the company was built. Just sad.
This has nothing to do with Boeing. Try reading the INTELLIGENT and CORRECT explanation by IK2855 of how pension payouts are determined. This only applies to the lump sum payout which is optional. The promised annuity is the same. If you think the lump sum is a bad deal, take the annuity.
Nobody is being cheated. Everyone knows their pension numbers.
what is a ..."Pension"?
Not the first time Boeing has faced a mass exodus of engineers and all their experience. They did the same just a few years ago.
The result was the only thing that happened was " you know what" hitting the fan...
Then everything Boeing made was grounded...
The result was the only thing that happened was " you know what" hitting the fan...
Then everything Boeing made was grounded...
It's a Time Value of Money calculation and well know to anyone with the option for a lump sum. With interest rates very low for the last few years, the lump sum looks really good. Something I didn't see mentioned is that after a certain age (55?), the lump sum can actually go down because the number of years you are likely to live is lower. I was in a similar position in a different industry. When the interest rates increase, a lot of experience leaves the company.