This has been a difficult negotiation. We believed this contract is a fair and positive package.
- All current employees will received a $170.00 signing bonus at ratification
- All employees on the wage scale have continued uninterrupted up the scale. Each extension of the contract we made sure you were protected.
- For the employees who had reached the top of scale as of 2/1/15, an extension bonus of $125.00 per quarter will be accrued from 10/1/14, and will be payable quarterly. If any employee over scale leaves the company, the accrued bonus will be paid.
- The health insurance cost is unchanged, and the opt-out payment has been increased from $125.00 per month to $40.00 per week for a single, $50.00 per week for an employee+1, and $60.00 per week for a family.
- The current IAM national pension fund will be moved to the IAM National 401K plan as of 6/30/15. The company will continue to make the same contributions to the plan unchanged.
- For employees who have been with the company for over 10 years there is an offer of a buyout payment of $10,000.00. Notice must be submitted within 15 days of the ratification of the contract.
- Vacation, Holidays & Sick days are unchanged.
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