DECATUR, AL (WAFF) - United Launch Alliance union members approved the company's new, three-year contract late Sunday.
The new contract goes into effect on Monday, one minute after midnight.
The International Association of Machinists and Aerospace Workers (IAMAW) represents union workers in Decatur, as well as a workforce at Cape Canaveral Air Force Station in Florida and Vandenberg Air Force Base in California.
ULA's communication representatives said union workers voted not to strike against the company.
The ULA plant in Decatur employs 450 union workers.
A press release issued by ULA presented these highlights in the contract:
- Guaranteed pay increases over the next three years through a combination of three general wage increases totaling 8.5 percent over three years.
- A $5,000 ratification bonus and continuation of the annual cost of living adjustment (COLA) formula and supplements.
- A regional equity adjustment of $0.50 per hour in years two and three of the contract for Decatur employees.
Current employees can stay in the company's pension program, but new employees hired next year will be placed in a new 401k retirement plan.
ULA presented its final offer to the IAMAW on May 2, 2012 before reaching an agreement on Sunday.