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June 25, 2012

Quick look at Lockheed-Machinists contract offer

Machinists union officials said Monday that the new contract offer they will present to the members of IAM Local 776 on Thursday is an improvement over the company's original offer, but they declined to characterize it as a victory.

Union members will meet at 11 a.m. Thursday at the Cowtown Coliseum to vote on the contract offer. Here is a summary of the agreement:

Download Summary of Lockheed Martin - Mediated

The proposed agreement hammered out in four days of mediated talks that ended last Saturday includes the following key provisions:

  • A four-year term. The contract will expire in 2016.
  • A base pay increase of 3 percent immediately, followed by annual raises of 2 1/2 percent in both 2013 and 2014 and a 3 percent increase in 2015.
  • The signing bonus was $2,000, down from $3,000 in the original offer.
  • There will also be an up-front cost of living payment of $1,600.
  • There will be a third healthcare benefits plan option, an Aetna point-of-service plan that union officials say will have lower deductibles and out-of-pocket costs for members and out-of-network provisions to cover family members away from home.
  • Pension benefits for existing employees are improved over the current contract.
  • There will be no traditional defined benefit pension for new hires, a key reason the union rejected the initial contract offer. In lieu of the pension, for new hires Lockheed will make annual payments based on a percentage of wages into an IAM administered 401k plan. The company payments will be 3 percent, increasing to 4 percent after an employee has worked three years.
  • Employees can claim two weeks (80 hours) of previously earned vacation time as used during the strike.

New employees will also be eligible for the company's existing 401k plan.

Further details are available at the District Lodge 776 website.

"We got the health plan. That is big," Machinists spokesman Robert Wood said of the revised contract proposal. "There is more money in this plan, the total value of the package."

- Bob Cox

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Comments

Bugger

Boy did they get screwed by their leadership. You read what they got.

David

so, strike was how long? and they got what back? LOL. ..Unions death is long over due

Itsy Bitsy

Game, set and match to LOCKHEED!

fed up

This is annoying. Non Union folk have had no pension for new hires since 06 and aren't promised raises. Yet we are happy to be working and continue to bust our rear as a thank you to our company.

Remember loyalty and working for what you got?

Mark

Nobody wins something like a nine week strike. Everyone loses. That said the union won more than Lockheed. We kept decent insurance benfits, for our family's. We kept the company from having only a 401K plan for new hires that the company would administer alone. Same thing as setting up the fox to watch the hen coop! Even the signing bonus did not really drop with all the extra language that allowed us to get extra's in various ways. We kept a better public image for principal and ethics than the company. And a lot of salarys dirty laundry is now partly in the public eye. Nobody in their right minds outside believes the company ran better without us or was more efficent while we were on strike. And we did make the point we are also "fed up". That we want the constant one set of rules for salary and another for us inside stopped. We are tired of the abuse from the people supposed to manage...So as much as humanly possible we won!

Mark

Nobody owes loyalty to a set of arrogant and privilged bullys!

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