Boeing will lay off 10% of its employees as a strike by factory workers cripples airplane production
By DAVID KOENIG
Boeing plans to lay off about 10% of its workers in the coming months, about 17,000 people, as it continues to lose money and tries to deal with a strike that is crippling production of the company’s best-selling airline planes.
New CEO Kelly Ortberg told staff in a memo Friday that the job cuts will include executives, managers and employees.
The company has about 170,000 employees worldwide, many of them working in manufacturing facilities in the states of Washington and South Carolina.
Boeing had already imposed rolling temporary furloughs, but Ortberg said those will be suspended because of the impending layoffs.
The company will further delay the rollout of a new plane, the 777X, to 2026 instead of 2025. It will also stop building the cargo version of its 767 jet in 2027 after finishing current orders.
Boeing has lost more than $25 billion since the start of 2019.
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The Savings Game: Five-year rules for Roth IRAs explained
Q. I am confused about the five-year regulations regarding Roth conversions. Can you clarify?
A. This is a question I receive frequently. I put the question to Sarah Brenner, an attorney with Ed Slott and Co., and what follows is a summary of information she provided.
The reason for the confusion is because there are two different five-year rules. First, there is a five-year FOREVER rule. This rule is related to “qualified” distributions from the Roth IRA. To be qualified, the distribution must be paid to the owner after age 59 1/2 — except when used for expenses relating to a disability, or for the purchase of a first home, or when made to a beneficiary after the death of the IRA owner. If a distribution is qualified, the entire distribution, including earnings, is tax-free.
In addition, a five-year waiting period must also be satisfied. This five-year period applies across the board to all of an individual’s Roth IRAs. It does not restart with future contributions or conversions.