Workers push to revive pensions after decades-long decline

The Boeing machinist’s strike is now in its seventh week. Last Wednesday, the machinist's union rejected the latest contract from the company. A major sticking point continues to be union members’ insistence that the company reinstate a pension, also called a defined-benefits plan.  This is a long-held grievance. Union president Jon Holden said that the damage from a 2014 agreement— which froze pensions in favor of a 401(k) plan —remains unresolved. Boeing machinists aren’t alone in this fight. Striking autoworkers also sought to restore pensions during their 2023 strike, but received only increased contributions to their 401(k)s instead. So, why are workers so determined to reclaim pensions now and how realistic is this goal? Guest: Thomas Gilbert, Professor of Finance at the University of Washington’s Foster School of Business Links: NPR - At the heart of the Boeing strike, an emotional fight over a lost pension plan KUOW - Why pensions are a hot button issue in the Boeing machinists' strike   Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to kuow.org/donate/soundsidenotes Soundside is a production of KUOW in Seattle, a proud member of the NPR Network. See omnystudio.com/listener for privacy information.