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At the heart of the Boeing strike, an emotional fight over a lost pension plan

At the Heart of the Boeing Strike, an Emotional Fight Over a Lost Pension Plan

The Boeing strike, now in its third week, is about more than just wages and benefits. At its core is a fight over a lost pension plan that has left many workers feeling betrayed.

For decades, Boeing offered its employees a traditional defined benefit pension plan, which guaranteed a set monthly payment in retirement. But in 2009, the company froze the plan for new hires and replaced it with a 401(k) plan, which is subject to market fluctuations.

Many workers who were hired before 2009 are still vested in the defined benefit plan, but they are worried that it will be cut or eliminated in the future. This fear is compounded by the fact that Boeing has a history of breaking promises to its employees. In 2016, the company promised to keep its manufacturing jobs in the United States, but it has since moved some of those jobs to Mexico.

The union representing Boeing workers, the International Association of Machinists and Aerospace Workers (IAM), is demanding that the company restore the defined benefit pension plan for all workers. Boeing has refused, saying that it cannot afford the cost. The two sides are at a stalemate, and the strike is likely to continue for some time.

The Boeing strike is a reminder of the importance of pensions. Pensions provide workers with a secure retirement income that is not subject to market fluctuations. They are especially important for workers in industries that are prone to layoffs, such as manufacturing.

The loss of the Boeing pension plan has had a devastating impact on many workers. Some have been forced to delay retirement, while others have had to take on additional jobs to make ends meet. The strike is a last-ditch effort by the union to save the pension plan and protect the retirement security of its members.

The Boeing strike is a complex issue with no easy answers. However, it is clear that the loss of the pension plan has had a profound impact on many workers. The strike is a reminder of the importance of pensions and the need to protect them for future generations.