Wage Increases
Three wage increases totaling 11.50%

Longevity Pay
Two additional steps added to the Longevity Pay schedule:
30¢ per hour after thirty years of current continuous service
35¢ per hour after thirty-five years of current continuous service

Shift Bonuses
Shift bonus for second shift employees was increased 33% from 30¢ to 40¢.

Pension
Pension increased 24% from $33 per month per year of service to:
$36 on October 14, 2001
$39 on October 14, 2002
$41 on October 13, 2003

Cost of Living Allowance (COLA)
COLA generated during the last Contract added to base wages.
The 3% protection thresholds maintained.
The Federal COLA index was updated.

High Performance Work Groups
Cessna Aircraft Company and the IAM, are committed to jointly develop a partnershipthat will accomplish goals of mutual benefit to all employees, customers, shareholders,suppliers, and the communities in which we function by developing a High PerformanceWork Organization (HPWO).

Personal and Sick Leave (PSL)
PSL will now be available after completion of probation.
PSL will be paid out at the employee’s straight time rate even if it is used to cover overtime absences.


Effective 1/1/2002, a new accrual schedule will allow the earning of PSL for hours compensated. For the average employee, with no overtime, they will receive an additional 7 hours per year of PSL. If the employee works 200 hours of overtime their PSL account should increase an additional 11 hours. If the employee works 400 hours of overtime their PSL account should increase an additional 16 hours.

Health Insurance – Opt Out
Employees who certify that they are covered under other medical and dental insurance plans may choose to receive $100 per month ($1,200 per year maximum) in lieu of receiving medical and dental benefits. Employees who opt out may return to the Cessna medical and dental programs if the other medical and dental insurance ceases to be available to them.

Subcontracting
Employees due to be laid off directly due to subcontracting will be given first opportunity to fill open bargaining unit positions for which they are qualified. If an employee is laid off as a direct result of subcontracting or offloading, the Company shall provide four (4) weeks of pay to affected employees at their base hourly rate and provide insurance continuation until the end of the month following the month of layoff.

401K Investment Plan
Effective January 1, 2002, participation maximum increased from 15% to 20%. Contributions may be on a pre-tax basis or post-tax basis. During 2002, three (3) new investment options will be made available to participants in the investment plan.

Life Insurance
Effective January 1, 2002, basic term life insurance and accident and death and dismemberment insurance will be increased from $18,000 to 100% of annual base pay, rounded to the next highest $100.

Overtime
Any hours worked over 10 will be voluntary for employees assigned to a five-day eight-hour workweek. Any hours worked over 12 will be voluntary for employees assigned to an Alternative Work Schedule. All Sunday overtime will be voluntary. Employees will not be scheduled for weekend overtime in conjunction with their vacation provided the vacation is scheduled three days in advance. Employees moving from one overtime group to another shall be assigned the highest number overtime hours of the new group. The Supervisor and the Department Steward will review overtime records on a monthly basis and create an equalization program if necessary.

To view the complete summary: http://www.ll774.org/Summary.pdf