A class action lawsuit claims that Boeing Company's Pension Value Plan for Employees improperly calculated retirement benefits and that the plan violates the anti-back loading provisions of ERISA by making benefits accrue so slowly over a long period of time that, by the time participants reach the normal retirement age, their vested pension rights have very little value unless they complete a very long period of service. The lawsuit may affect hundreds of participants whose employment was transferred to Boeing in August 1997, as a result of the Boeing/McDonnell Douglas merger.
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Reader Comments
Posted by
Fred Boeing
on
Fred Boeing
on
Nothing changed you crybabies. Leave us alone. We have 737 Max airplanes to crash.
Posted by
rlb
on
rlb
on
Hi
I worked for McDonnell-Douglas about 13 years before the Boeing merger and about 11 years with Boeing.
My vested service time had always been about 1.5 years more than my service time due to the amount of overtime I worked. Also Boeing was supposed to add a year to our service time when Boeing switched the over the pension plans.
During my employment I kept a solid tracking on my pension service years regularly with print out from the union and human resources
Anyway when I retired I was paid based on my exact vest time of 22.5 years instead of the 24 years I thought I had. I argued the point with Boeing to no avail.Something definitely changed how Boeing calculated McDonnell-Douglas West pensioners following the merger.
I retired in 2007
I worked for McDonnell-Douglas about 13 years before the Boeing merger and about 11 years with Boeing.
My vested service time had always been about 1.5 years more than my service time due to the amount of overtime I worked. Also Boeing was supposed to add a year to our service time when Boeing switched the over the pension plans.
During my employment I kept a solid tracking on my pension service years regularly with print out from the union and human resources
Anyway when I retired I was paid based on my exact vest time of 22.5 years instead of the 24 years I thought I had. I argued the point with Boeing to no avail.Something definitely changed how Boeing calculated McDonnell-Douglas West pensioners following the merger.
I retired in 2007
Posted by
Stephen Williams
on
Stephen Williams
on
Just to add, now that Boeing and IAM&AW have agreed to change from the conventional program of x $ for every year of service to a %.
Has the IAM&AW discussed what to do with the EST 3 Billion in the existing program.
I recall in the late 60"s or early 70's they raised all existing pensions form $5 a month to $10 a month.
Anyone prior to 2000 is at $30 a month for every year of service or much below.
Where is this fund going to go?
Has the IAM&AW discussed what to do with the EST 3 Billion in the existing program.
I recall in the late 60"s or early 70's they raised all existing pensions form $5 a month to $10 a month.
Anyone prior to 2000 is at $30 a month for every year of service or much below.
Where is this fund going to go?
Posted by
Cynthia M. Ivey
on
Cynthia M. Ivey
on
I agree the that something changed in my pension when it from Mcdonnell- Douglas to Boeing
