Term of Agreement. Ratification Bonus. Wage Increases & COLA
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1 Term of Agreement 5 Year Agreement: 2/25/2017 2/24/2022 Ratification Bonus $2,000 contingent upon first vote ratification no later than 1/30/2017, to be paid by 2/28/17 Wage Increases & COLA 2.0% effective 2/25/ % effective 2/25/ % effective 2/25/ % effective 2/25/ % effective 2/25/2021 This tentative agreement includes wage increases in each year of the contract, totaling 10.5%. The COLA language was modified to only pay out if inflation surpasses 8 points in a year, so to offset those potential adjustments, the scheduled raises were increased accordingly. During the Agreement, COLA amounted to just under 2%, with payouts suspended for the most of the contract, compared to this tentative agreement which provides an additional 4.5%. The wage progression for new hires remains at 70% for the first 3 years for JC 1-13, but will go to 80% at the beginning of the 4 th year, 90% at the beginning of the 5 th year, and 100% at the beginning of the 6 th. Those currently on the progression will shift over to the new one with credit given for accumulated seniority. As a result, a significant number of people in their 4 th and 5 th years will see additional wage increases effective 2/25/17. New language was added to the wage progression in case you are transferred to a lower-rated job class as a result of a layoff: the employee s wage rate will be either the lower of the employee s rate at the time of layoff or the full wage rate in the new job class. Success Share Plan The maximum payout for the Success Share Plan will increase from $1,600 per year to $2,000 per year, with 20% of the payout based on safety goals, 10% based on absenteeism, 10% based on quality, 50% based on cost per thousand, and 10% based on spoilage. By broadening the types of goals measured, we anticipate more members to be able to collect at least a portion of these payouts. 1
2 Health Insurance With health insurance costs continuing to rise and the uncertainty surrounding the likely repeal of the Affordable Care Act, getting to an agreement on healthcare benefits and premiums was difficult. After initially proposing a high deductible plan that didn t provide benefits until the deductible was reached, with a much higher employee premium, we were able to keep the currently plan almost as is for the next 5 years. The deductibles will gradually increase, but doctor s visits, ER visits, and prescription drugs will continue to not be subject to the deductible. In 2016, only about 29% of participants (meaning an employee or one of their dependents) reached their deductible. The Out-of-Pocket Maximums (OOP Max) would be calculated in a slightly different way going forward. Instead of separate limits for and Prescription Drug, there will be one combined limit that is lower overall compared to today. All of your co-pays, deductible, and coinsurance would count towards the new OOP Max, and would remain at $3,000 per individual (per person) and $6,000 per family for the next 5 years. The weekly employee premiums will continue to increase each year of the tentative agreement, although they will only increase slightly as percent of overall projected cost. In 2017, employee premiums pay for about 16% of the insurance cost if you qualify for the wellness incentive, 24% of the cost if you do not. Based on an average 7% cost increase year over year, employee premiums will pay about 17% (wellness) to 25% (non-wellness) of the insurance cost. Starting in 2018, employee only and family enrollment options will be offered, resulting in lower employee premiums for employee only and slightly higher premiums for those who add family members on. A table showing all of the modifications to the plan follows on the next page. Other Insurance Benefits No changes were made to the dental or vision plans. No changes were made to the SUB plan. The weekly amount of the disability benefit provided under Article 28 will be increased by $10 for each year of the tentative agreement. 2
3 Health Insurance Under the tentative agreement, the healthcare plan will be modified as follows: Plan Provisions (in-network) Deductible Individual $400 $500 $600 $700 $800 $1,000 Family $1,200 $1,400 $1,600 $1,800 $2,000 $2,000 OON is 2x INN Out-of-pocket Maximum Individual $1,500 $3,000 $3,000 $3,000 $3,000 $3,000 Family $3,000 $6,000 $6,000 $6,000 $6,000 $6,000 OON is 2x INN Coinsurance (after deductible) In-network (INN) 80% 80% 80% 80% 80% 80% Out-of-network (OON) 60% 60% 60% 60% 60% 60% PCP (INN) $30 copay $30 copay $30 copay $30 copay $30 copay $30 copay Specialist (INN) $50 copay $50 copay $50 copay $50 copay $50 copay $50 copay Emergency Room (INN) Preventive Care (INN) (deductible does not apply) Prescription Drugs 3 100% 100% 100% 100% 100% 100% Deductible (individual) $75 $80 $85 $90 $95 $100 Deductible (family) $150 $160 $170 $180 $190 $200 Out-of-pocket Maximum $5,350 Retail (member coinsurance after deductible) Generic 20% 20% 20% 20% 20% 20% Brand w/out Generic 35% 35% 35% 35% 35% 35% Brand w/ Generic 45% 45% 45% 45% 45% 45% Mail Generic $20 $20 $20 $20 $20 $20 Brand w/out Generic $40 $40 $40 $40 $40 $40 Brand w/ Generic $60 $60 $60 $60 $60 $60 Weekly Employee Contributions Current Structure Non-wellness Participants $100 N/A N/A N/A N/A N/A Wellness Credit $35 N/A N/A N/A N/A N/A Wellness Participants $65 N/A N/A N/A N/A N/A Tiered Structure Non-wellness Participants Employee Only N/A $88.34 $95.63 $ $ $ Employee + Spouse N/A $ $ $ $ $ Employee + Child(ren) N/A $ $ $ $ $ Family N/A $ $ $ $ $ Per EE Per Week Average $ $ $ $ $ $ Wellness Credit Employee Only N/A $37.00 $39.00 $41.00 $43.00 $45.00 Employee + Spouse N/A $37.00 $39.00 $41.00 $43.00 $45.00 Employee + Child(ren) N/A $37.00 $39.00 $41.00 $43.00 $45.00 Family N/A $37.00 $39.00 $41.00 $43.00 $45.00 Per EE Per Week Average $35.00 $37.00 $39.00 $41.00 $43.00 $45.00 Wellness Participants Employee Only N/A $51.34 $56.63 $61.93 $67.22 $72.52 Employee + Spouse N/A $76.07 $83.41 $90.75 $98.08 $ Employee + Child(ren) N/A $76.07 $83.41 $90.75 $98.08 $ Family N/A $76.07 $83.41 $90.75 $98.08 $ Per EE Per Week Average $65.00 $72.00 $79.00 $86.00 $93.00 $100.00
4 Retirement Benefits The most difficult part of negotiations was reaching a tentative agreement on retirement benefits. The company had initially proposed freezing the defined benefit pension for all employees and replacing it with a 401(k) contribution, as well as eliminating pre-medicare retiree healthcare and replacing it with a stipend. Maintaining the defined benefit pension for all may have actually cost the company less cash during the term of this agreement, but the company was concerned about the growth in the potential liability that keeping it would create. The resulting compromise ensures that our most senior members are able to retire with the benefits they have worked for decades to earn, while providing a different path for Post- 5/5/2007 members to retire with roughly comparable savings. Pension (Hired prior to 5/6/2007) Although the multiplier will not increase during the term of this agreement, we were able to maintain the defined benefit pension at the current rates for those hired prior to 5/6/2007. No changes were made to the benefits. Pension (Hired after 5/5/2007) The defined benefit pension will be frozen as of 6/30/17, although you continue accruing years of service towards vesting and early retirement benefits. Because of the wrap-around of the Ardagh pension to your Rexam pension (now Ball), even though you might only have a year of Ardagh service, Ardagh could still pay a substantial amount of early retirement benefits, such as the lump sum payment upon retirement and 30 and out (your combined Rexam/Ardagh benefit through 6/30/17 would be unreduced). Beginning 7/1/17, those hired after 5/5/2007 would receive company contributions into your 401(k) account based upon your earnings (vested after 5 years of service), per the following table: Combined years of age and service % of eligible compensation Under % % 60 and over 6.0% As savings accumulate over time and investment returns compound, we believe this could fully replace the money provided from the existing defined benefit for the vast majority of Post- 5/5/2007 hires. To reach that conclusion, we made calculations using the following assumptions: an estimated 6% annual return on investment while working, 3% return while retired, age 65 at retirement, life expectancy of 82, and average annual wage increases of 2%. For the few that are already in their late 50s or early 60s, there isn t as much time to build savings and compound returns before retirement, so these 401(k) contributions may not add up to as much as you might collect going forward if we had been able to keep the defined benefit. 4
5 Example: A person age 40 with 5 years of service, a $42 multiplier, and $60,000/yr earnings If the current defined benefit pension stayed in place and remained unchanged, at the age of 65 they would have 30 years of service and could collect an unreduced combined pension (Rexam/Ardagh) of $1,260 ($42 x 30 years) for as long as they live. Under the tentative agreement, that person would still have the 5 years +/- of a Rexam/Ardagh combined pension ($210 per month = $42 x 5 years), but starting on 7/1/2017 would earn a 5% company contribution into their 401(k), which would increase to 6% in 7 ½ years (assuming no future negotiated changes). Using our model, this person could end up with enough money in their 401(k) to withdraw $1,458 per month from age 65 until age 82 (or $1,104 per month until age 90). the previous defined benefit ($210), this results in a greater payout compared to keeping the $42 defined benefit multiplier. Individual contributions to the 401(k) could increase the amounts available at retirement. Of course, relying on 401(k) savings for retirement carries additional risk, but given what we believe to be reasonable assumptions, it is as close to replacing the defined benefit as we could get. New Hires (on or after 2/25/2017) In this round of negotiations we were unable to secure the same scale of 401(k) contributions for new hires as for Post-5/5/2007, but we able to get a 3% contribution rate. While we are disappointed with having to compromise at this lower rate, we are hopeful to increase it in the next contract. New hires will also be auto-enrolled at a 2% deferral rate from their wages after 90 days of employment to help build their savings. Pre-Medicare Retiree Healthcare Despite the rising cost of healthcare and the company s reluctance to accrue further liability, we are able to maintain the pre-medicare retiree healthcare coverage essentially the same as the 2012 Agreement. If you retire during the term of this tentative agreement, you will be eligible for a retiree medical plan that mirrors the active employee plan. Effective 1/1/2022 you will be moving into a retiree medical plan that still mirrors the active plan, but has a $250,000 lifetime maximum benefit. Increases in premiums will continue to be limited to 4% per year. Medicare-Eligible Retirees The monthly stipend for Medicare-eligible retirees, their spouses, and surviving spouses will be increased from $120 to $150 per month. (If you and your spouse are both Medicare-eligible, your total stipend would be $300 per month.) 5
6 Vacation One week of vacation may be used day-at-a-time on a first-come first-served basis, subject to company approval. If you are eligible for at least 2 weeks of vacation, the company may require up to 1 week of vacation to be used to cover your FMLA time, including intermittent leave. Holidays Maximum holiday pay for a holiday worked increased from 34.5 hours to Must work, get call-in pay, or use vacation for regularly-scheduled work day immediately preceding and immediately following the holiday to receive Holiday pay. Successorship We were able to add successorship language so that in the event of another sale, the buyer must either negotiate a new agreement before the sale closes or assume the contract. Gaining this language was an important goal in these negotiations. Other Modifications Increased minimum compensation in Article 3, Section 2(c) (supervisors working grievances) to 6 hours. Probationary period extended from 40 days to 48 days. Suspension or discharge for absenteeism would not longer be subject to the Justice and Dignity clause. Safety shoe allowance for CPO, Front End Maintainer, Millwright/Machinist and Electricians will be increased from $150 twice a year to $200 twice a year. One Union member per plant will be sent to the annual USW Health Safety & Environment conference, with the company paying reasonable meal & travel expenses. Extended bereavement leave may be granted on an unpaid basis if mutually agreed. Military Service allowance extended to weekend duty as a reservist. 6
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