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 11.21.14 ** HD iPad-Friendly -- Airborne 11.21.14 **
** Airborne 11.19.14 ** HD iPad-Friendly -- Airborne 11.19.14 **
** Airborne 11.17.14 ** HD iPad-Friendly -- Airborne 11.17.14 **

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 11.21.14: AEA's 3Q/14 Report, Fantasy Of Flight, Modernizing The NAS

Also: Holland Wants Gold, FAA Strangling UAVs?, RAF WWII Trainer For Sale, Bf109s Live, Georgia v Aerospace Engineers The Aircraft Electronics Association has released its third-qu>[...]

Aero-News: Quote Of The Day (11.23.14)

"Reaching this stage that we call ATLO is a critical milestone. This is a very satisfying point of the mission as we transition from many teams working on their individual elements>[...]

ANN FAQ: Getting The Most Out Of ANN's Newsletters

ANN goes through a lot of trouble to make the graphics flashy and cool and an integral part of the story. But let's face it, they're bandwidth-intensive. So here are a couple of th>[...]

Air Force Funds Research On Thermal Management Technology For Fighters

Heat Generated By Electronic Systems A Growing Challenge Managing heat that is generated by electronic subsystems in next-generation aircraft is a vexing challenge for aerospace sy>[...]

Raytheon Successfully Demonstrates Airborne Electronic Attack System

Prototype Test Flights Evaluate Integrated Electronic Warfare Capabilities The U.S. Navy and Raytheon successfully demonstrated an end to end, first of its kind, integrated electro>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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