Summary of Lockheed Martin’s Economic Proposal as of April 6, 2022

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.