Any Boeing - SPEEA members?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
Mannarino
Posts: 5
Joined: Mon Jan 02, 2023 6:01 am

Any Boeing - SPEEA members?

Post by Mannarino »

Hello, my sister and brother-in-law are very smart but have three young children and struggle making the time and energy to research their financial options. I don't give family or friends specific advice on how to invest or spend money but they do seem to have it helpful when when I explain general financial stuff (what people mean by "risk," taxable vs tax advantaged, effect on returns of fees, etc). Can anyone explain, using Boglehead principles, the retirement options for union engineers / SPEEEA members at Boeing? I couldn't find much information online.

Specific questions:
Is the 10% match just for nonunion employees?
Experience with Edelman Financial Engines?
Does Boeing award Boeing stock and is it possible to sell it?

Any information is appreciated. Thanks!
User avatar
TinyHouse
Posts: 423
Joined: Mon May 30, 2022 9:05 pm

Re: Any Boeing - SPEEA members?

Post by TinyHouse »

Mannarino wrote: Wed Apr 12, 2023 3:55 pm Hello, my sister and brother-in-law are very smart but have three young children and struggle making the time and energy to research their financial options. I don't give family or friends specific advice on how to invest or spend money but they do seem to have it helpful when when I explain general financial stuff (what people mean by "risk," taxable vs tax advantaged, effect on returns of fees, etc). Can anyone explain, using Boglehead principles, the retirement options for union engineers / SPEEEA members at Boeing? I couldn't find much information online.

Specific questions:
Is the 10% match just for nonunion employees?
Experience with Edelman Financial Engines?
Does Boeing award Boeing stock and is it possible to sell it?

Any information is appreciated. Thanks!
They/you should get ahold of the HR/Benefits documents to avoid speculation and get solid answers
Soon2BXProgrammer
Posts: 3289
Joined: Mon Nov 24, 2014 10:30 pm

Re: Any Boeing - SPEEA members?

Post by Soon2BXProgrammer »

Mannarino wrote: Wed Apr 12, 2023 3:55 pm Hello, my sister and brother-in-law are very smart but have three young children and struggle making the time and energy to research their financial options. I don't give family or friends specific advice on how to invest or spend money but they do seem to have it helpful when when I explain general financial stuff (what people mean by "risk," taxable vs tax advantaged, effect on returns of fees, etc). Can anyone explain, using Boglehead principles, the retirement options for union engineers / SPEEEA members at Boeing? I couldn't find much information online.

Specific questions:
Is the 10% match just for nonunion employees?
Experience with Edelman Financial Engines?
Does Boeing award Boeing stock and is it possible to sell it?

Any information is appreciated. Thanks!
They should log into the internal forums at Boeing, and post a question at "Personal Finance @ Boeing". They will get solid help there.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
suemarkp
Posts: 1380
Joined: Sun Nov 12, 2017 7:18 pm
Location: Somewhere in WA State

Re: Any Boeing - SPEEA members?

Post by suemarkp »

The answer is complicated based on when they were hired. Some have pensions that are partially frozen. Some have no pension. 401K boost depends on your age. Some have cheap retiree medical, some intermediate, and some have none. I wouldn't pay for Edelman financial engines -- they'll give you a cookie cutter portfolio mix for a relatively low fee, but you can pick a target date fund on your own (or use the S&P and International index funds and the stable value and/or bond index funds).

Boeing has awarded stock in the past. This was usually to all employees, not just engineers, and separate from executive stock awards. Every time I got one I sold it. In hindsight, I should have held it because it went up a crazy amount. The 401K also has a Boeing Stock fund if you wish to purchase it that way. The 401K has lots of disbursement options and is pretty good in general (no fees paid by employee).

Have them sign up for one of the Speea Retirement Seminars https://www.speea.org/Retirement/Retire ... efits.html . They give a lot of detailed information and tips for how to deal with benefits, pensions, mega back door roth, etc. These presentations are like drinking from a fire hose and should be attended at least twice to absorb it all. One should be within a year or two of retirement in case there have been changes.
Mark | Somewhere in WA State
ryman554
Posts: 1635
Joined: Sun Jan 12, 2014 8:44 pm

Re: Any Boeing - SPEEA members?

Post by ryman554 »

suemarkp wrote: Mon Jun 05, 2023 10:20 pm Boeing has awarded stock in the past. This was usually to all employees, not just engineers, and separate from executive stock awards. Every time I got one I sold it. In hindsight, I should have held it because it went up a crazy amount.
Oh no you shouldn't have. Do not conflate strategy and outcome.

Selling a single stock to invest in the entire market was the right strategy. You guarantee average. So, you missed out on Boeing appreciation? I'm sure you would have felt equally bad holding in the aftermath of the Covid disasters. (surprised to see that the MAX debacle didn't affect stock price much).

Let's put it another way: you weren't gifted Tesla stock. Do you think about in hindsight that you should have invested in it? Why or why not?

Boglehead strategy is to accept average as the outcome. It's actually pretty good and requires very little luck and zero skill.
barnaclebob
Posts: 5586
Joined: Thu Aug 09, 2012 10:54 am

Re: Any Boeing - SPEEA members?

Post by barnaclebob »

Boeing SPEEA employees have the same 401k plan as the rest of the company and it is very good with all of the necessary low cost sub .05% ER index funds. I believe the company gives an automatic 3% match and then 75 cents on the dollar for 8% of your salary for effectively and additional 6%, totaling 9%. At age 40 the 3% is bumped to 4% and at age 50 to 5%. Don't pay for the ongoing management from Financial Engines. While its relatively cheap, all they do is run the same robo advisor that you can run yourself. The last time I ran the robo advisor it gave a good bogleheads plan.

There is no pension for people hired after sometime in 2013 I believe.

Stock awards are not a regular event. Non union employees were given 100 RSU's with a 3 year vesting period during covid in lieu of raises. Once the RSU's vest, you can sell them or hold them. Certain high performing and critical employees can also negotiate for RSU's if they threaten to leave.

Finally you can read the SPEEA contract yourself at https://www.speea.org/Bargaining_Units/ ... 0-2026.pdf
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Any Boeing - SPEEA members?

Post by placeholder »

suemarkp wrote: Mon Jun 05, 2023 10:20 pm Boeing has awarded stock in the past. This was usually to all employees, not just engineers, and separate from executive stock awards. Every time I got one I sold it. In hindsight, I should have held it because it went up a crazy amount.
There was a three year period where it went up then it crashed back and has underperformed the total market at 1 5 10 and 15 years.
The_Dude
Posts: 73
Joined: Sat Mar 17, 2007 8:01 pm

Re: Any Boeing - SPEEA members?

Post by The_Dude »

Matt Kempf @ Speea is a Certified Financial Planner, CFP. He has presentations on benefits and can answer questions. You can find his contact info on the Speea website.
Post Reply