$0 FOR PREMIUMS, COINSURANCE & DEDUCTIBLES
General Wage Increases (GWI) and Lump Sum Payments (LSP)
| 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.
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
Securing Your Future
$270,000 for each employee in new retirement benefits, on average. **
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%
RETIREMENT BONUS
$37,500 (10-24 yrs.)
$50,000 (25+ yrs.)