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McDONNELL DOUGLAS AND SIX LABOR UNIONS SIGN LETTER OF AGREEMENT PERTAINING TO PENSION COVERAGE AND RETIREE MEDICAL BENEFITS

McDONNELL DOUGLAS AND SIX LABOR UNIONS SIGN LETTER OF AGREEMENT
 PERTAINING TO PENSION COVERAGE AND RETIREE MEDICAL BENEFITS
 ST. LOUIS, July 24 /PRNewswire/ -- In an attempt to save jobs and minimize layoffs over the long term, McDonnell Douglas (NYSE: MD) and six labor unions representing employees in the St. Louis and Tulsa, Okla., areas have signed a letter of agreement pertaining to pension coverage and retiree medical benefits.
 At McDonnell Douglas facilities in St. Louis, the agreement establishes a provision that allows eligible union members who retire July 24, 1992, through August 1992 to receive improvements, if any, in the pension plan or retiree medical coverage included in new labor contracts negotiated after current collective bargaining agreements expire in 1993.
 At the McDonnell Douglas plant in Tulsa, the provision allows eligible union members who retire during this same period the opportunity to receive an improved pension benefit when implemented in December 1992.
 "We hope that, by providing assurances on any negotiated improvements in the pension plan and retiree medical coverage, it will encourage those people who are planning to retire in the near future to think about doing so in August and enable us to save jobs and minimize the lay offs we anticipate over the long term because of reduced defense budgets worldwide," said Vincent T. DeBlaze, vice president of human resources at McDonnell Aircraft Co.
 To be eligible for retirement, employees must be 55 years old and have at least 10 years of service by Aug. 31, 1992. To take advantage of the offer, eligible union members must retire from the company by Aug. 31, 1992.
 McDonnell Douglas will distribute packages of written materials and will schedule seminars explaining the program to enable eligible employees to make an informed choice.
 The retirement offer applies to eligible union members at McDonnell Aircraft facilities in St. Louis and St. Charles, Mo., and Tulsa; McDonnell Douglas Electronic Systems Co. in St. Louis and St. Charles; and McDonnell Douglas Missile Systems Co. in St. Louis and St. Charles.
 In St. Louis, eligible union member are represented by International Association of Machinist and Aerospace Workers District Lodge 837; International Brotherhood of Electrical Workers Local 1; International Brotherhood of Teamsters, Chauffeurs, Warehousemen, and Helpers of America Local 610; United Plant Guard Workers of America Local 250, and Teamster, Firemen, Oilers, Maintenance Men and Associated Industries Local 367.
 In Tulsa, eligible union members are represented by United Auto Workers Locals 1093 and 73; International Brotherhood of Electrical Workers Local 584; and United Plant Guard Workers of America Local 800.
 -0- 7/24/92
 /CONTACT: Lee Whitney of McDonnell Aircraft Co., 314-234-0685/
 (MD) CO: McDonnell Aircraft Co. ST: Missouri, Oklahoma IN: ARO SU:


AL -- LA030 -- 3209 07/24/92 17:33 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
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