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The IAM National Pension Plan is one of the last remaining defined benefit plans in America. This agreement will strengthen our pensions. It will also protect our 401 (k).
401 (k) 100% match up to 4% of total pay
Employees eligible for retirement can choose to get 50% of unused sick bank pay deposited in a retirement account or get a $9.20/hr cash payout
We increased employer contributions to the IAM National Pension Plan to the equivalent of 5% of hourly rate.
On average, employer contributions will be $1.70 per hour for full-time employees and $1.25 for part-time employees.
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