Machinists, Lockheed Martin in Pact

The International Association of Machinists and Aerospace Workers (IAM) announced that they have reached three tentative agreements with aerospace giant Lockheed Martin Corporation that cover nearly 6,000 Machinists at eight Lockheed facilities throughout the country. The three-year accords secure the best pay package in the history of IAM-Lockheed negotiations, as well as historic improvements in pension benefits. The agreements are subject to approval by IAM members at ratification voting which will be held at all locations on March 2, 2008. "Aerospace firms like Lockheed Martin are posting big profits and this agreement recognizes the key role our members play in making those profits possible," said IAM International President Tom Buffenbarger. "And at a time when American corporations are jettisoning pension plans, we improved defined-benefit pension benefits and ensured newly hired workers will be covered." The proposed agreements include a $2,000 ratification bonus in addition to wage increases of four percent in the first year, and three percent in the second and third years. The agreements also increase the pension benefit by $11 to $77 a month, which would give IAM members the highest pension in the aerospace industry. Improvements in health care coverage, insurance benefits and other retire benefits are also included.