Pension plans disappear because politicians continue to throw the working class under the bus. Sen. Patty Murray and Gov. Jay Inslee interfered in Boeing’s election and sided with Boeing even after union workers initially voted no on the contract offer. There was no cause to hold a second vote until they became involved.
It’s easy for politicians to take away workers’ pension plans when their pension is guaranteed by taxpayers. One has to wonder how much will the senator and the governor receive in campaign donations from Boeing for their re-election? The public was poorly informed about Boeing takeaways. Boeing has more than enough money to continue its pension plan even if commercial aviation is competitive.
The governor and legislators provided Boeing $8.5 billion in tax breaks and now look to raise your gas tax by 10 cents to fund its transportation plan.
If Boeing was worried about pension expenses they could make up any pension shortfalls in stocks. With pension contributions coming from equity Boeing could have kept the cash and used it for other purposes while lowering its taxes through later distributions.