IAM Members Approve Boeing's 8-Yr Contract Extension Offer - Quick Facts

(RTTNews) - Boeing (BA) announced that the International Association of Machinists & Aerospace Workers District 751 approved its eight year contract extension.

As per the terms of contract, 777X and its composite wing will be built in the Puget Sound area by Boeing employees represented by the IAM. This work includes fuselage build, final assembly and major components fabrication such as interiors and wires.

Members of the IAM District 751 in Puget Sound, District W-24 in Portland, OR and District 70 in Wichita, KS voted by 51 percent-49 percent to accept an eight-year contract extension that includes a two-part $15,000 signing bonus and assures the 777X will be built in Puget Sound.

IAM stated that the proposal also includes changes to IAM members' defined benefit pension plan. While the plan will continue to pay full benefits to all members vested in the plan, the company will cease making contributions and members will instead be covered by a company-funded 401(k) plan and a separate savings plan that includes matching company contributions.