PALM SPRINGS, Calif., Feb. 25, 2023 – The International Association of Machinists and Aerospace Workers (IAM), North America’s largest aerospace and defense labor union, has reached tentative agreements with the Lockheed Martin Co. covering nearly 4,000 workers at several of the company’s Aeronautics, Space, and Advanced Development Programs, or “Skunk Works,” sites across the country.
The tentative agreements cover IAM members at Lockheed Martin facilities in Marietta, Ga.; California (Palmdale, Sunnyvale, Vandenberg Space Force Base and Santa Cruz); Meridian, Miss.; Clarksburg, W.Va., and Cape Canaveral, Fla. Members will vote on the tentative agreements at their local sites on Sunday, March 5, 2023.
The IAM negotiating committee, which unanimously recommends members accept the agreements, was able to deliver on its goals of strong wage increases, reduced health insurance costs and increased retirement security.
Highlights of the tentative agreements include:
Historic Pay Increases
Healthcare Cost Reductions: Maintained comprehensive healthcare coverage with an average annual premium savings of more than $700 per participant. Secured caps on High Deductible Healthcare Plans (HDHP), allowing for more financial security for our members.
Increased Retirement Security: At the average pay rate, company 401(k) automatic contributions will more than double – to roughly $6,500 in the first year. The company’s matching contributions will also increase. If employees contribute 8%, the company will match 4%, roughly $3,500 at the average rate – for all employees. Defined benefit pension plan multiplier will increase to $105 per month per year of service retroactive to Jan. 1, 2023.
More details of the tentative agreements with site-specific information will soon be posted on iamlockheed.com.
“The IAM has proven once again that we are most powerful aerospace and defense union in the world,” said IAM Aerospace Chief of Staff Jody Bennett. “This Negotiating Committee put everything they had into securing a fair and equitable agreement for our membership. They have succeeded in delivering an agreement for our members’ consideration that will improve the well-being of them, their families and their communities.”
IAM members at the Lockheed Martin sites covered by the tentative agreements perform critical functions for the company and the U.S. military, including military aircraft maintenance and production, space operations, and other military support.
“IAM members at Lockheed Martin put their immense dedication and skill into producing the most advanced military products in the world—and this agreement ensures the company treats them with the respect they’ve earned,” said IAM Aerospace Coordinator Robert Barnwell. “We are so grateful for the help we’ve received throughout this process from IAM Grand Lodge Departments and Territories, as well as the support of the IAM Executive Council.”
Contract talks took place over the past two weeks in Palm Springs, Calif.
The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.