Common use of Pension Accruals to Cease Clause in Contracts

Pension Accruals to Cease. (a) Pension accruals under The Boeing Company Employee Retirement Plan (BCERP) will cease effective 11:59 p.m. on October 31, 2016. After October 31, 2016, no further benefits will accrue under the BCERP. Benefits for current employees who are participants in the BCERP will be determined based on their pension accrual calculated as of October 31, 2016, and no new participants will be added to the BCERP after October 31, 2016. This cessation of pension accruals will not result in the loss of any pension benefits accrued through October 31, 2016. To the extent not vested pursuant to paragraph 10.10(c) below, BCERP participants shall be fully vested in their accrued benefit effective October 31, 2016, to the extent required by law, and service performed after October 31, 2016 will not be counted for any purpose except for eligibility for disability retirement benefits and as otherwise required by law. The benefits accrued as of October 31, 2016 will (b) Subject to paragraph (a), the Company will continue to maintain the BCERP and its related trust, provided that, the Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger shall not adversely affect the benefits accrued by BCERP participants as of October 31, 2016. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of pension accruals described in paragraph (a) or to maintain the BCERP’s tax-qualified status or otherwise comply with applicable law. (c) All BCERP participants on the active payroll, or an authorized leave of absence on January 3, 2014, will become one hundred (100) percent immediately vested in his or her accrued benefit under the BCERP as of January 3, 2014.

Pension Accruals to Cease. (a) Pension accruals under The Boeing Company Employee Retirement Plan (BCERP) will cease effective 11:59 p.m. on October 31, 2016. After October 31, 2016, no further benefits will accrue under the BCERP. Benefits for current employees who are participants in the BCERP will be determined based on their pension accrual calculated as of October 31, 2016, and no new participants will be added to the BCERP after October 31, 2016. This cessation of pension accruals will not result in the loss of any pension benefits accrued through October 31, 2016. To the extent not vested pursuant to paragraph 10.10(c) below, BCERP participants shall be fully vested in their accrued benefit effective October 31, 2016, to the extent required by law, and service performed after October 31, 2016 will not be counted for any purpose except for eligibility for disability retirement benefits and as otherwise required by law. The benefits accrued as of October 31, 2016 willservice (b) Subject to paragraph (a), the Company will continue to maintain the BCERP and its related trust, provided that, the Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger shall not adversely affect the benefits accrued by BCERP participants as of October 31, 2016. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of pension accruals described in paragraph (a) or to maintain the BCERP’s tax-qualified status or otherwise comply with applicable law. (c) All BCERP participants on the active payroll, or an authorized leave of absence on January 3, 2014, will become one hundred (100) percent immediately vested in his or her accrued benefit under the BCERP as of January 3, 2014. (d) Effective October 1, 2016, for employees on the active payroll, or an authorized leave of absence of ninety (90) days or less on or after October 1, 2016 (including those who retire from the employ of the Company on October 1, 2016), the monthly amount of Retirement Income payable under Section 5.3 of the BCERP to an employee retiring on an Early Retirement Date will be equal to one hundred (100) percent of the Accrued Benefit earned to his or her Early Retirement Date for employees age 58 or older at such Early Retirement Date. No changes apply to the percentages payable at any earlier age or any other early retirement eligibility requirements.

Pension Accruals to Cease. (a) Pension accruals under The Boeing Company Employee Retirement Plan (BCERP) will cease effective 11:59 p.m. on October 31, 2016. After October 31, 2016, no further benefits will accrue under the BCERP. Benefits for current employees who are participants in the BCERP will be determined based on their pension accrual calculated as of October 31, 2016, and no new participants will be added to the BCERP after October 31, 2016. This cessation of pension accruals will not result in the loss of any pension benefits accrued through October 31, 2016. To the extent not vested pursuant to paragraph 10.10(c) below, BCERP participants shall be fully vested in their accrued benefit effective October 31, 2016, to the extent required by law, and service performed after October 31, 2016 will not be counted for any purpose except for eligibility for disability retirement benefits and as otherwise required by law. The benefits accrued as of October 31, 2016 willthe (b) Subject to paragraph (a), the Company will continue to maintain the BCERP and its related trust, provided that, the Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger shall not adversely affect the benefits accrued by BCERP participants as of October 31, 2016. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of pension accruals described in paragraph (a) or to maintain the BCERP’s tax-qualified status or otherwise comply with applicable law. (c) All BCERP participants on the active payroll, or an authorized leave of absence on January 3, 2014, will become one hundred (100) percent immediately vested in his or her accrued benefit under the BCERP as of January 3, 2014. (d) Effective October 1, 2016, for employees on the active payroll, or an authorized leave of absence of ninety (90) days or less on or after October 1, 2016 (including those who retire from the employ of the Company on October 1, 2016), the monthly amount of Retirement Income payable under Section 5.3 of the BCERP to an employee retiring on an Early Retirement Date will be equal to one hundred (100) percent of the Accrued Benefit earned to his or her Early Retirement Date for employees age 58 or older at such Early Retirement Date. No changes apply to the percentages payable at any earlier age or any other early retirement eligibility requirements.

Pension Accruals to Cease. (a) Pension accruals under The Boeing Company Employee Retirement Plan (BCERP) will cease effective 11:59 p.m. on October 31, 2016. After October 31, 2016, no further benefits will accrue under the BCERP. Benefits for current employees who are participants in the BCERP will be determined based on their pension accrual calculated as of October 31, 2016, and no new participants will be added to the BCERP after October 31, 2016. This cessation of pension accruals will not result in the loss of any pension benefits accrued through October 31, 2016. To the extent not vested pursuant to paragraph 10.10(c) below, BCERP participants shall be fully vested in their accrued benefit effective October 31, 2016, to the extent required by law, and service performed after October 31, 2016 will not be counted for any purpose except for eligibility for disability retirement benefits and as otherwise required by law. The benefits accrued as of October 31, 2016 willwill remain obligations of the BCERP and its related trust on behalf of existing (b) Subject to paragraph (a), the Company will continue to maintain the BCERP and its related trust, provided that, the Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger shall not adversely affect the benefits accrued by BCERP participants as of October 31, 2016. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of pension accruals described in paragraph (a) or to maintain the BCERP’s tax-qualified status or otherwise comply with applicable law. (c) All BCERP participants on the active payroll, or an authorized leave of absence on January 3, 2014, will become one hundred (100) percent immediately vested in his or her accrued benefit under the BCERP as of January 3, 2014.