Retirement is a stage in life that many prepare for. TSP plans, 401K plans and more are available to assist the employee in making preparations for this golden stage in life. Many companies offer these plans through their company, or the employee can set it up individually or privately, whatever they wish to do. Boeing stands second in line for the largest retirement plans amongst all American companies.
A lawsuit was filed against Boeing for not revising their plans and making changes that would benefit the employee. Higher cost investments and extra fees have been issued, alerting employees and retirees that their future was not secure. After investigating, Boeing did agree to pay out 57 million to employees and retirees for the damage done to the 401K Boeing offers though their company. Boeing adamantly argues that they have overseen all aspects, but in the interest of halting further expenses through more fees and charges as litigation continues, they have wisely decided to produce the 57 million, but not as a confirmation of any illegal activity or mismanagement.
This is not the first lawsuit against companies and their retirement plans. Several have been issued and won, and now declarations by rulings and lawmakers residing in Washington have spoken and stated that companies and their administration will observe their plans and investments within the plans, and remove those that are unreasonable and to find better options. Employees and retirees of Boeing can rest better at night knowing that their future is now being protected and updated in a more efficient manner, after years of service to their company.