12/16/2023
Pension negotiations brief summary
1% 401k company contribution for non grandfathered defined benefit (10/40 or 20 years service 1/1/2018)
1% 401k company contribution for all non defined benefits
Any one grandfathered and receiving defined benefits who is on payroll as of 1/1/2024 will receive a cash deposit of 15,000 into your fidelity account buy June 30th 2024
Std benefits will have the minimum raised from 500 to 700
All of the locals represented at pension (Newark, waxahachie,fairburn,Star,Delmar) will receive the same PPO plan with safeguards on how the weekly contributions can be raised (eliminates the indexing the way the company has been increasing cost)
Std/Ltd benefits remain unchanged (except for minimum benefit pay) std 18months.
Anyone who’s pension is frozen has till December 31st of 2024 to increase there band
(3 year extension)
There will be more to come and dates set up after Christmas to come to the hall for an explanation and once I get a chance to print up the summary I will be putting them out on the floor this week.
