Boeing (BA) is freezing the traditional pensions of 68,000 of its non-union employees starting in 2016.
The company will replace the old pension plan with a new retirement savings account to which the company will contribute a set amount each year.
Boeing will contribute to a new savings account owned by each worker but company employees will not receive a fixed monthly pension benefit in their retirement.
The current pension plan will last through December 31, 2015 and the new pension plan will be in effect as of January 1, 2016.
Boeing has paid over $10 billion in pension funds over the last four years including $3.45 billion last year.
BA stock is slightly down on Friday.