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/NBAA2014 10.20.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.20.14 **
** Airborne 10.17.14 ** HD iPad-Friendly -- Airborne 10.17.14 **
** Airborne 10.15.14 ** HD iPad-Friendly -- Airborne 10.15.14 **

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 at NBAA--10.20.14: HondaJet, Honeywell Forecast, Gulfstream's G500/G600

Also: Garmin's ADS-B For BizAv, R44s For Jordan, Textron Aviation, Hartzell Props, Clarity Aloft Pro Plus At a news conference early Monday at the 2014 NBAA convention, HondaJet sa>[...]

Airborne 10.17.14: Enstrom Delivers, Flight School Scandal, NBAA2014

Also: Rare O-46 Rebuild, Valor Unveiled, OK's Anti-Fly-In Airport, FAA Screw-Ups, The first Enstrom Model 480B-G has been delivered to Rick Boswell of New Hampshire with the Garmin>[...]

Airborne at NBAA--10.20.14: HondaJet, Honeywell Forecast, Gulfstream's G500/G600

Also: Garmin's ADS-B For BizAv, R44s For Jordan, Textron Aviation, Hartzell Props, Clarity Aloft Pro Plus At a news conference early Monday at the 2014 NBAA convention, HondaJet sa>[...]

Game-Changing NBAA2014 Sponsor Mid-Continent Instruments and Avionics!

Innovation Brings Safe, Certified, Nanophosphate® Lithium Batteries To New Business Aircraft True Blue Power is the first company in the world to achieve FAA TSO and EASA ETSO >[...]

ANN FAQ: Feel The Propwash!

Get Aero-News Delivered To Your E-Mail We know you, like many of our readers, make it a point to check out the latest news and information daily on Aero-News... but did you know th>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC