(Undated) -- Pensions will soon be a thing of the past for most employees at Boeing.
The aviation and aerospace company announced Thursday that pension plans for its 68,000 non-union employees will end by 2016 to curb what officials say are unsustainable pension costs.
Those employees will be moved to a 401(k) retirement plan with Boeing contributing to the plan and matching what employees opt to save. Workers will start getting their pension benefits and 401(k) funds when they retire.
This pension shift for non-union Boeing employees comes two months after 33,000 Boeing union machinists accepted a labor contract that transitions them from the pension plan to a 401(k).