Sorry, but it’s no joke!!!
Your Negotiating Committee let the Company know from the beginning of these negotiations what it would take to get an Agreement. As you can see, so far, they have fallen short!
Summary of Lockheed Martin’s Economic Proposal as of March 31, 2022
Duration – 5 year and 2-month contract.
Ratification Bonus = $500.00 within 60 days of ratification and $500.00 around 24 February 2023.
General Wage Increases – year (1) = 2%, years (2) thru (5) = 1.5% each year.
Cost Of Living Payments – skipping 1st adjustment due in June 2022 and terminating all future cost-of-living adjustments on July 1, 2023.
Supplemental Cost Of Living Payments – $800 each year.
Automatic Progression raises – No change
Shift Premiums – No change
Medical Plans – Terminate the LM Healthworks plan and replace with a High Deductible Health Plan (HDHP) at a 90% company 10% employee cost share. Legacy plans remain: 85% company 15% employee cost share for POS, and 87% company and 13% employee cost share for HMO without caps.
Health Saving Account (HSA) – For employees on the new HDHP who open a HSA the Company will contribute $1,250.00 for single coverage and $2,500.00 for family coverage into the account to offset some of the higher deductibles.
Retirement Benefits/IAM 401K – No pension improvements.
Lead Position – Handpicked by the Company!
Parental Leave – New benefit up to 160 hours.
Bereavement Leave Pay – increased to 40 hours.
Overtime – The Company still has a proposal to take away your daily overtime pay by requiring you to work forty (40) hours before triggering one and one-half (1-1/2) rate and requiring you to work fifty (50) hours to trigger double time