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 07.23.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 07.23.14 **
** Airborne 07.21.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 07.21.14 **
** Airborne 07.18.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 07.18.14 **

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

Trig Avionics Announces New ADS-B Out Solution

TN70 WAAS GPS Receiver Optimized For Use With Other Trig Avionics Trig Avionics is introducing its new TN70 WAAS GPS with companion Antenna, optimized for use with Trig products.>[...]

ANN's Daily Aero-Linx (07.25.14)

Aviation Digital Data Service The Aviation Digital Data Service (ADDS) makes available to the aviation community text, digital and graphical forecasts, analyses, and observations o>[...]

ANN's Daily Aero-Term (07.25.14): Pitch Point

A fix/waypoint that serves as a transition point from a departure procedure or the low altitude ground-based navigation structure into the high altitude waypoint system.>[...]

Aero-News: Quote Of The Day (07.25.14)

"The final rule is now planned for, I think its December of 2017. That is later than the statute, which calls for a final rule by the end of 2015." Source: FAA's Associate Administ>[...]

ANN FAQ: Disqus

A Powerful New Tool For You To Use For Your Aero-Conversations Want to start a conversation about a story you've seen on Aero-News? It's even easier with Disqus, a powerful, web-ba>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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