| Year | General Wage Increases (GWI) | Lump Sums Payments (LSP) |
|---|---|---|
| 2021 | 10.0% | - |
| 2022 | - | 3.0% |
| 2023 | 5.0% | - |
| 2024 | - | 3.0% |
| 2025 | 5.0% | - |
| 2026 | - | 3.0% |
Enhancing Your Healthcare
New hire coverage first day of the month after 30 calendar days of employment.
- Continuation of Deere Premier Network
- Paid parental leave
- Vision care transitioned from every 24 months to every 12 months
- Autism care coverage
Securing Your Future
$270,000 for each employee in new retirement benefits, on average. **
- Traditional defined benefit pension (i.e. monthly payments)
- Increased multiplier for monthly pension to $48 for each year of service
- Cash balance savings savings at 2.5% - 4% annual company contributions
- Company will make additional contributions to the cash balance savings base on years of service (in 2021, employee with 10 years of service earns additional $20,000 contribution to cash balance savings, in addition to the 2.5-4.0% annual contribution)
- TDSP/401k - Company matching contributions of $0.60/dollar up to 6%
RETIREMENT BONUS
$37,500 (10-24 yrs.)
$50,000 (25+ yrs.)
