SEATTLE (AP) — Boeing Co. said Thursday it is freezing the traditional defined-benefit pensions for 68,000 nonunion employees – including managers and executives – starting in 2016.

The Chicago-based aerospace company said in a statement that the employees will transition to a company-funded defined contribution retirement plan, effective Jan. 1, 2016. They will have a 401(k)-style retirement plan similar to what union machinists approved in a contentious contract-extension vote earlier this year.