Lockheed Martin Machinists Approve New Labor Deal

The four-year agreement doesn't change basic health care plans, and offers a $2,000 bonus plus annual pay increases starting at 3 percent the first year.

FORT WORTH, Texas (AP) — Lockheed Martin machinists have approved a new labor deal that includes a $2,000 bonus and annual pay increases starting at 3 percent the first year.

Members of the International Association of Machinists and Aerospace Workers voted Thursday at Cowtown Coliseum in the Fort Worth Stockyards. Details of the vote weren't immediately available.

The four-year agreement doesn't change basic health care plans. But workers hired after July 2, the deadline for ratification, wouldn't get traditional pensions. Instead, they would have a retirement savings plan and contributions from Lockheed Martin.

Members of Machinists Local 776 went on strike April 23 after union members rejected an offer that would have raised health care costs and eliminated pensions for new hires. Local 776 represents about 3,600 striking workers.

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