March 7th, 2011 
davidguide Marietta, GA, United States (AHN) – Workers returned to work on Monday at Lockheed Martin’s plant in Georgia following a union vote to accept the defense contractor’s final compensation offer.
Despite the urging union leaders to authorize a strike, members of the International Association of Machinists and Aerospace Workers in Marietta voted 1,366-1,006 to ratify the company’s final offer.
The contract would give workers hired before Monday a $2,500 ratification bonus and wage increases totaling 8.5 percent in three years.
New hires, however, will not have a pension plan but a 401(k) to which the company will contribute $350 every quarter.
In addition, employees will not receive bereavement benefits and will see no increases in early medical retirement monthly contribution nor in normal retirement medical monthly contribution.
Lockheed previously offered a ratification bonus that was lower by $500. Moreover, the wage increases in the ratified contract are “substiantially less” than in the previous two contracts, according to the union.
The Bethesda-based Lockheed is working to remain competitive following the decision of Congress to end the government’s use of F-22 Raptors to focus on developing what military officials say is a more nimble and versatile fighter jet, the F-35.
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