Chicago’s Boeing press release about dropping traditional pensions for non-union employees worldwide (68,000 people) should have been front page news. Instead, The Daily Herald published it on the bottom of page A11 on Friday: “Boeing moves non-union workers to 401(k).”
As has happened to United States retirees’ nest eggs precipitated by Wall Street’s 2008 failure, the 401(k) is an inherently shaky financial instrument. If retired employees and their spouses outlive the money put away, the retirees will become subject to government control dictating where and how they live out their remaining days. Finally, attorneys work within their jurisdictions to determine disposition of pension assets versus 401(k) assets to spouses in cases of death and divorce; were jurists polled in the countries in which employees live to find out the effect of this change on mates of Chicago’s Boeing employees?
I have met many people who changed position in order to accept employment at Chicago’s Boeing. At great personal expense, many left their homes in other places to lend their cutting edge education and experience to Chicago’s Boeing success. Now, these transplanted people are additionally expected to choose either to save toward retirement or spend the money on transportation for visits with loved ones.
Rose Dickson Cook
Everett
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