Duration – 5 year and 2-month contract.
Ratification Bonus = $1,000.00 within 60 days of ratification and $1,000.00 around 24 February 2023.
General Wage Increases – year (1) = 2.5%, years (2) thru (5) = 2.0% each year.
Cost Of Living Payments – Capping the COLA adjustments at twenty-five cents (0.25) per year.
Supplemental Cost of Living Payments – $825 each year.
Automatic Progression Raises – No increase.
Shift Premiums – Additional twenty cents (0.20) per hour for 2nd Shift.
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 an 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 – A two-dollar ($2.00) pension improvements to $102.00, No change to IAM 401(k), 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 forty-eight (48) hours to trigger double time.
Work Schedules – Company still has multiple schedules in their proposal with a broader use of 3/12’s.
ACP – Step triggered for having 4 part day absences in two consecutive review periods.