Retiring Boeing CEO to get $3.9M-per-year pension

Boeing CEO Jim McNerney will make $3.9 million a year for 15 years after he retires from the company next year.

The company revealed McNerney's pension payout in a Securities and Exchange Commission filing Friday. Boeing (NYSE: BA) announced Tuesday that Chief Operating Officer Dennis Muilenburg will take over as CEO and McNerney will stay on as chairman.

The news that McNerney will bring in $58.5 million in pension payments comes a year and a half after Boeing Machinists agreed, under duress, to a contract that phases out their monthly pensions. The vote came as Boeing threatened to locate 777X production in another — likely non-union —state.

The Machinists voted Jan. 3, 2014 to ratify the pension-less contract. As a result of the vote, instead of funding Machinists' defined-benefit pensions, Boeing contributes to their 401(k) retirement savings plans.

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