Almost 2,500 St. Louis-area machinist workers at Boeing Co., Chicago, are planning to strike Aug. 1 after rejecting a contract offer that included an increase in 401(k) plan matching contributions and a temporary reduction in the automatic contribution.
The offer included an increase in the matching contribution of its 401(k) plan to 100% of the first 10% in eligible participant contributions from 75% of the first 8% contributed, according to details of the offer posted on the website of District Lodge No. 837, International Association of Machinists and Aerospace Workers, AFL-CIO. The offer does include a reduction of the automatic contribution to participants to 2% from 4% for 2023 and 2024.
In a statement published on the website, the union said: "Boeing previously took away a pension from our members, and now the company is unwilling to adequately compensate our members' 401(k) plan. We will not allow this company to put our members' hard-earned retirements in jeopardy."
The previous contract approved by the St. Louis-area workers in February 2014 included an agreement to freeze the benefit accruals of the St. Louis-area workers' pension plan as of Jan. 1, 2016.
Tom Boelling, president directing business representative at IAM 837, and Boeing spokesman Michael Friedman, could not be immediately reached for further information.
