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 Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne Unlimited-02.11.19

Airborne Unmanned-02.12.19

Airborne Unlimited-02.13.19

AMA Drone Report-02.14.19

Airborne Unlimited-02.15.19

Airborne-YouTube

Airborne Unlimited-02.11.19

Airborne Unmanned-02.12.19

Airborne Unlimited-02.13.19

AMA Drone Report-02.14.19

Airborne Unlimited-02.15.19

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-Unmanned 02.12.19: Drone Appraisal, Stratospheric HiDron, DCGA Approval

Also: UK BVLOS Experimentation, Drone Delivery Canada, Smallest Asteroid Visit, Sinclair College UAS Training NE Florida’s St. Johns County is one of the state's most rapidly>[...]

AMA Drone Report 02.14.19: AMA Expo East, Altitude Angel, Sun ‘n Fun Drone Show

Also: Oklahoma Legislature, Corona CA PD Deploys, National Model Aviation Museum Finally! This year’s rendition of AMA’s Expo East is right around the corner. Despite t>[...]

Airborne 02.15.19: Sun Flyer 2, AirVenture Celebrates 747, SnF Drone Show

Also: 'Mars One' Kaput, Embraer Delivers, Hartzell Engine Technologies, Phoenix Skydive Center Wins Bye Aerospace’s electric Sun Flyer 2 successfully completed the first offi>[...]

Airborne 02.15.19: Sun Flyer 2, AirVenture Celebrates 747, SnF Drone Show

Also: 'Mars One' Kaput, Embraer Delivers, Hartzell Engine Technologies, Phoenix Skydive Center Wins Bye Aerospace’s electric Sun Flyer 2 successfully completed the first offi>[...]

Airborne 02.13.19: Inverted Flat Spin Record, FAA Bill, Black Wings Exhibit

Also: Bombardier New 50-Seater, Lynx FBO Acquisition, UPS Air Cargo Contract, NetJets Lawsuit Spencer Suderman’s signature move is a called an inverted flat spin. On February>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2019 Web Development & Design by Pauli Systems, LC