A decade ago, Boeing stopped offering the gold standard of pension plans one that pays out guaranteed sums to retirees. The loss of the pension still angers many members of the company's largest union.
Retirement benefits have become the biggest sticking point in the impasse between Boeing and its workers after the company came close to meeting the union's demands in other areas, including offering raises of nearly 40 percent over the life of the new contract.
Members of the union, the International Association of Machinists and Aerospace Workers, seem just as determined not to back down from their demands for greater retirement security.
I believe all workers deserve a defined-benefit pension, Jon Holden, president of District 751 of the union, said Wednesday after 64 percent of those voting rejected the offer.
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