new post 12-15-09

Highlights




ECONOMICS HIGHLIGHTS


Current Economic Conditions

Recent economic news indicates that the American economy may be stabilizing. According to the U.S. Bureau of Labor Statistics (BLS), in the month of November job loss of 11,000 was the lowest since recession began in December 2007. Unemployment also declined slightly in November. However, despite recent news the economy is not where it needs to be. We are still in the midst of uncertain times.

Thus, giving the current tough economic conditions, contract negotiations between Goodman Company L.P. and Local Lodge No. 2385 of the International Association of Machinists and Aerospace Workers, have resulted in a number of significant contract additions and improvements

Selected Highlights of the Economic Improvments

The collective bargaining agreement is effective December 6 , 2009 and shall remain in full force and effect until midnight December 8 , 2011. The overall economic package (not including employer contribution to health care cost) is estimated to total $12.2 million. This money will help maintain your current economic well being along trying to keep up with anticipated rising costs such as health costs.

Wages. Eligible employees will receive a bonus in the first year of the contract followed by general wage increases (GWIs) in the second and third year, respectively. Details are listed below.

First Year Second Year Third Year
Bonus of $500 $0.30 $0.35
.
Savings Plan. Employees hired before 12/14/2002, 50% company match of 3.25% of eligible pay (up from 3% from the previous contract), Employees hired after 12/14/2002, the formula will remain a maximum 50 percent of 6% of eligible pay.
Pension. Employees hired before 12/14/2002, no changes

Health Insurance. All eligible employees will now have the opportunity to choose their health plan. Efforts were made to control the cost of employee medical contribution by limiting total annual cost increases to 7% per contract year.


Group Life Insurance & AD&D: an increase from $27,000 to $28,000.