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McDONNELL DOUGLAS MAKES CHANGES TO ITS RETIREMENT PLAN

 McDONNELL DOUGLAS MAKES CHANGES TO ITS RETIREMENT PLAN
 ST. LOUIS, Sept. 17 /PRNewswire/ -- Non-union salaried employees who have been laid off from McDonnell Douglas (NYSE: MD) since Jan. 1, 1990, may now be able to receive a substantially larger pension benefit when they turn 55 under changes to the corporation's retirement plan announced today.
 When these eligible former employees reach age 55, they will now qualify for "early retirement" and thus be able to receive a much larger income than they were previously entitled to under the old rules.
 In addition, laid-off employees will continue to accrue points for their age until they reach 55. Because points are used to calculate pension benefits, this new feature could further increase the percentage of the pension benefit they receive.
 "This decision preserves the pension benefits of our teammates who have given many years of valuable service and provides them with a considerably higher level of financial security," said John F. McDonnell, the corporation's chairman and chief executive officer.
 "Extending early retirement benefits to laid-off employees will help ease the pain and hardship that our job cuts cause our teammates and their families. It recognizes and rewards the dedication and service of our longer-serving teammates."
 In order to elect early retirement at age 55, the employees must have been between the ages of 50 and 54 and have had at least ten years of service at the time of layoff. Or they must have been under the age of 50 and have had at least 75 points of age and service.
 -0- 9/17/92
 /CONTACT: Barbara Anderson of McDonnell Douglas, 314-233-2865/
 (MD) CO: McDonnell Douglas Corp. ST: Missouri IN: ARO SU:


EH -- LA020 -- 0642 09/17/92 12:03 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 17, 1992
Words:288
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