General Wage Increases (GWI) and Lump Sum Payments (LSP)

YearGeneral 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%

Pay

$0

premiums
deductibles
coinsurance

 

Industry-leading Health Insurance

  • Continuation of Deere Premier Network

Improvements

  • Paid parental leave
  • Vision care transitioned from every 24 months to every 12 months
  • Autism care coverage

$0 FOR PREMIUMS, COINSURANCE & DEDUCTIBLES


 

Traditional Plus

  • Traditional defined benefit pension (i.e. monthly payments)
  • Increased multiplier for montly pension to $48 for each year of service

Additional Money

  • 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%