It’s in: Boeing’s Best and Final.
Boeing concedes on medical, it says, but still wants pension relief for new employees. Says it will roll forward the current contract. The press release sounds like it pretty much accepts the SPEEA proposal, except for future employees’ pension costs.
The devil is in the details; we’ll see what SPEEA thinks after its review, but from the press release this looks encouraging.
Here is Boeing’s message to employees:
Today, Boeing gave SPEEA its best-and-final contract offer, agreeing to the union’s approach to extend the terms of the previous contract for current employees. With the exception of proposals explicitly agreed upon by both parties, the provisions of the current agreement will roll forward as they apply to current employees. This four year contract would allow all of us to focus our time and energy on the immediate challenges facing the company.
Under this offer, both Profs and Techs would see salary pools of 5 percent annually for the duration of the contract. The average Prof would see $84,071 in additional pay and performance-based incentive payments (EIP) over the life of the agreement. The average Tech would see $64,515 in additional pay and incentive payments.
Health care plans would remain in place with no increase in employee contributions.
For new hires only, we offer an enhanced retirement savings plan that would replace the traditional pension. Pensions for current SPEEA-represented employees are unchanged except for an increase in the pension basic benefit. Moving new hires to an enhanced retirement savings plan will provide future employees with a market-leading retirement plan — while allowing Boeing to better manage retirement plan expenses, reduce financial risk and invest in areas critical to the success of our business.
Over the past nine months, our team has negotiated in good faith to provide a market-leading offer to our employees.
We encourage you to visit the negotiations website where you’ll find updated fact sheets with all the details of this offer, as well as an updated Pay & Benefits Estimator that shows what it means to you.