Hawker Beechcraft Suspends 401(k) Contributions | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 01.16.17

Airborne 01.17.17

Airborne 01.11.17

Airborne 01.12.17

Airborne 01.13.17

Airborne Hi-Def On YouTube

Airborne 01.16.17

Airborne 01.17.17

Airborne 01.11.17

Airborne 01.12.17

Airborne 01.13.17

Fri, Aug 21, 2009

Hawker Beechcraft Suspends 401(k) Contributions

Layoff Announcements Expected Friday

After learning of the departure of three top-level executives, employees at Hawker Beechcraft have been told the company is ceasing its 401(k) contributions to employee accounts, and that a workforce reduction will be announced Friday.

The Wichita Business Journal reports that earlier this week, George Nguyen, senior vice president for operations; Charles Mayer, vice president for marketing; and Gail Lehman, vice president, general counsel and secretary all announced their resignations Tuesday. In the same memo, Chairman and CEO Bill Boisture said he would be taking a 10 percent pay cut.  The following day came the announcement of suspension of the 401(k) match, which will be in effect through next year. The company said the benefit match would be re-evaluated in 2011. Employee contributions to health care premiums will also be increased in October.

Finally, the memo said that the next round of layoffs would be announced Friday. While most would come from what it called "non-bargaining unit employees", some union members could also be affected. Additional furloughs are also part of the package that Hawker Beechcraft says are designed to "match our business demands and revenues.”

FMI: www.hawkerbeechcraft.com

Advertisement

More News

Airborne 01.13.17: G650ER Record Streak, False Drone Hit, Piper Archer Sale

Also: Parrot Layoffs, CES/AMA Expo/KSMO, 737 SAIB, Piper PA-31T, John Pope, Washington State, JetBlue Disturbance Pending sanctioning from the recognizing organizations, it looks l>[...]

Aero-News: Quote of the Day (01.16.17)

"But, all is not right in NIMBYville... the internal infighting among the foes of the airport has become quite public and quite vicious. Anti-airport NIMBYs are accusing the city g>[...]

Disorganized/Combative Santa Monica Anti-Airport Foes Threaten Av-Businesses

February 4th 'Protest' Promises Disruptions Of Law-Abiding Aero-Businesses The foes of aviation surrounding Santa Monica are making threats to further disrupt aviation business at >[...]

Klyde Morris (01.16.17)

Klyde Jumps On The Medical Reform Bandwagon... and Misses FMI: www.klydemorris.com>[...]

Duncan Aviation Publishes Updated ADS-B Straight Talk Book

Updates Information Originally Published In 2015 Duncan Aviation wants to ensure that our customers, who share our passion for flying, are well-informed when it comes to the FAA&rs>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC