The Spokane contract with Triumph was ratified by 75 percent of the members and is a very good first contract one we intend to build on for the future. Our top priority was keeping the plant open and preserving jobs, which was accomplished. Below are highlights from the 4-1/2 year contract, which expires May 31, 2007.
WAGES
Wages for current Triumph employees range from $21.16 to $25.78
per hour. General Wage Increases of 2% on 1/1/05 and 2% on 1/1/06.
The Company and Union will meet within 180 days of ratification
to agree upon a profit-sharing program that could equal two-times
weekly pay to bolster the economic package.
JOB SECURITY
Language that the employer will not subcontract work customarily
and currently performed by our members during a reduction in force
or if it would directly result in a reduction in force. Just as
important - Triumph intends to expand and diversify the work with
the hope of recalling those on layoff (as opposed to the current
layoff situation with Boeing).
RETIREMENT
Established IAM National Pension Plan with immediate vesting for
all employees. Company contribution and benefit rates outlined
at below. IAM Plan includes 30 years and out with no reduction
rate.
| Date | Company Contribution | Monthly Benefit |
| 2/1/03 | 80 cents per hour | $66.57 |
| 2/1/04 | 80 cents per hour | $66.57 |
| 6/2/05 | 90 cents per hour | $72.44 |
| 6/2/06 | $1 per hour | $78.30 |
In addition, 401K plan with Company
matching 50% of first 6% of employee contribution.
Pension benefits from Boeing are frozen at the rate of $58 per
month per year of credited service.
SENIORITY
Seniority will include Boeing bargaining unit seniority plus time
on the active payroll of Triumph for purposes of vacation, promotions
and surplus. ALL PROMOTIONS will be based on seniority, subject
to a 90-day probationary period. No retentions. Seniority will
continue to accrue for time on layoff equal to length of employment
not to exceed three years.
PREFERENTIAL
HIRING LIST
Triumph will maintain a list by seniority and by job classification
of employees who are currently laid-off from Boeing Spokane. Those
employees shall be given preferential hiring rights over all other
job applicants for a period of three years.
LIFE INSURANCE/ACCIDENTAL
DEATH & DISMEMBERMENT
Benefit is two times your annual salary (base rate plus shift
differential excluding overtime) up to a maximum of $150,000 (Boeing
benefit is currently $32,000).
VACATION,
SICK LEAVE, HOLIDAYS AND BEREAVEMENT
Basically same as current Boeing contract. Current Boeing vacation
accrued and earned will transfer to Triumph.
EDUCATION
BENEFITS
Secured QTTP Education Assistance and Advising Benefits for three
years same as offered to laid-off Boeing employees.
MEDICAL
COVERAGE
Includes a PPO (preferred) plan, as well as HMO plan. Employees
will pay 15% of medical premium costs - see charts below (which
is still less than Boeing employees will pay for equivalent coverage
in 2004). Employees will not have to pay taxes on their portion
of the health care premiums, if they so choose. Employees can
also choose to have child care expenses deferred to a pre-tax
account.
| Employee Only | Employeee + one | Family |
| $30 | $60 | $90 |
| Employee Only | Employeee + one | Family |
| $27 | $54 | $81 |