Boeing Workers’ Deal Rejection Banks on Longshot Pension Return

Boeing Co. workers are doubling down on reviving their legacy pensions, rejecting a labor deal with generous pay packages even as similar union efforts to restore those retirement benefits have failed.

Two rounds of negotiations with the International Association of Machinists and Aerospace Workers to end a five-week strike have resulted only in offers to boost worker 401(k)s, signaling restoration of pensions axed a decade ago may be more of a bargaining chip than a viable request.

But members of the International Association of Machinists and Aerospace Workers appear to be holding out, rejecting on Wednesday a proposed four-year agreement ...