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Boeing lost hundreds of experienced Seattle-area engineers in November!

“A pension system quirk is costing Boeing hundreds of veteran engineers who’ve opted to retire.”
Credit: Mike Siegel,
The Seattle Times.

Boeing lost hundreds of experienced Seattle-area engineers last month

From The Seattle Times:

Last month, hundreds of very experienced Seattle-area Boeing engineers walked out the door. They chose to retire early with the realization they’d have a significant cut to their pension payouts if they delayed.

Though this quirk in traditional pension plans is not unique to Boeing, the outcome is a local brain drain that will accentuate a looming experience gap at the jetmaker.

Boeing has pushed out the launch of an all-new airplane toward the end of this decade. By then, there’ll be a limited number of senior engineers left who worked on development of the last all-new plane — the 787, delivered in 2011 — and have detailed knowledge of that complex process and its pitfalls.

Boeing’s white-collar union said more than 500 highly experienced U.S. engineers and more than 130 technical staff retired in November.

For most of them, it was because a pending interest rate adjustment would otherwise have dramatically slashed their lump sum pension payouts by as much as an entire year’s salary.

Posted by Steve on December 17, 2022 at 12:01 am | Permalink

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