On Nov. 2, members of IBEW Local 1245 ratified a new agreement with Wells REC. Highlights of the agreement include:
- 1 Year
- GWI 2.5%
- Reduction in Employee Medical Premium share from 20% to 10%.
- Change PPO to HDHP PPO.
- Medical deductibles change from 250/750 to 1200/2400.
- Employer to annually fund a HRA with 50% of deductibles 600/1200.
- 2 Tier pension for new hires: Defined Benefit with a .50 benefit level employer base contribution of 6% into 401k and 100% match on the first 4% of employee contribution for a total of 10% employer contribution. (Current pension is 1.7 benefit level)
- Reclassify Meter Readers to Meter Tech. $1 per hour increase for single phase meter work.
- Parties agree to work over the next 6 months to implement a 4-10 schedule.
- The reduction in employee contribution to the Medical Plan (10% vs 20%) along with the 2.5% GWI will result in an on the paycheck increase of between 5% and 6.89% depending on individual hourly wage.
Randy Osborn, Business Representative