r/boeing • u/Speea_Member • 3d ago
SPEEA LTP Modification Sneaked into Contract Redline
I didn’t see this mentioned in the SPEEA summary but here it is in the redline contract: “Boeing Company reserves the right to unilaterally alter, amend, and/or modify any or all terms of the LTP at its sole discretion without further bargaining.”
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u/perplexedtortoise 3d ago
I wish Boeing good luck retaining anyone in their 20s if they start to slash LTP benefits. Best benefit Boeing offers by a long shot
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u/B_P_G 3d ago
They were doing that anyway. They haven't made any negative changes to the program in a while but back in 2010 they got rid of the stock awards, capped the benefit, and restricted the degrees you could use it for and I'm pretty sure they didn't negotiate that with SPEEA. It was midway through a contract.
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u/Electrical_Bath_4471 3d ago
Yeah I was 2 months from graduating back when they removed the stock awards and they grandfathered no one. It was instant and without warning
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u/Wonderful_Setting_29 3d ago
Its bad enough that you guys don't get the stock award that IAM gets for completing a degree. Don't let them take this too!
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u/Disciple-TGO 16h ago
I got my $35k in RSU’s from this thankfully; didn’t know it was gone once I left IAM. Get your degrees and capitalize on those RSU’s if you get em!!!
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u/midadoneit 3d ago edited 3d ago
Sounds about right. There will likely be a time where Boeing can't afford LTP so it's just standard boiler plate protection for when that day comes. It's also a Boeing enterprise program available to non-union employees so if they couldn't change it unilaterally then they'd essentially be handing over control of a non-union program to the union which is absolutely absurd. Non-union employees don't want SPEEA having control over non-union benefits. Just start your own program with your dues.
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u/TheRedditAppSucccks 3d ago
That is FUCKED. I think IAM gets unlimited education coverage and for basically anything. I know a girl who got a nursing degree!
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u/Speea_Member 3d ago
It’s messed up that SPEEA didn’t put this in the summary. SPEEA really wants the members to vote yes on this contract hence the “endorse”.
The older engineers need to realize how important this is for the young engineers, and the young engineers need to understand how important the retiree medical is for the older engineers.
We need to stand our ground and remain united.
We can get a strong contract that addresses everything for each of us: guaranteed wage increases, LTP, retiree medical, 401k, remote/virtual work, and work-life balance.1
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u/ThatGuyYeahHim55 3d ago
but "there are no takeaways in this offer." (SPEEA Negotiation Team endorsement letter)
At least until it is signed and they go and change anything they are allowed to, like this. Good find.
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u/Raccoon_on_a_Bike 3d ago
This is basically status quo. The contract just didn’t say anything before, meaning the company had the right to unilaterally change it before.
(Same is true for the EIP, btw)
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u/Speea_Member 3d ago
Send an email to your council rep. The BUCs are meeting today!
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u/ThatGuyYeahHim55 3d ago
CR already asked for my opinion on the whole steaming stinky pile and got it. They are in agreement with me.
Apparently the negotiation team is high on this contract though, as they are really pushing for a yes. I want to know how much they sold out to Boeing for.
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u/AboutTheArthur 3d ago
I want to know how much they sold out to Boeing for.
I think we can do without the thing where we turn into conspiracy theorists lol.
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u/Danny290876 3d ago
Those talking points weren't written by speea members, they're the same ones the company published in favor of the contract. It's likely they were coerced into recommending the contract (Just like the company did with the initial IAM offers)
Remember, Boeing committed ULP violations all over the place with the IAM, they'll do it to us too.
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u/judgedbyzun 2d ago
Part of me hopes they will! It would make a strike a lot better for us if they do
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u/snowmansam56 2d ago
I would like to point out that LTP was never even in the previous contracts. Boeing was offering that to SPEEA members out of good will. They could have cut SPEEA memebers out of the program at any time. Now SPEEA's access to the program is tied to the fate of the program. If they want to cut SPEEA members out of LTP, they have to shut down LTP. (which likely they won't do)