Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: SUNDAY, June 18, 1995 TAG: 9506200064 SECTION: VIRGINIA PAGE: B-4 EDITION: METRO SOURCE: LISA K. GARCIA DATELINE: LENGTH: Short
Donald Hershey, vice president and director of human resources for ITT, said the increased pension payments will not affect current retirees, but it is the biggest increase he has seen. Monthly pension payments will increase from $14 or $16 per year of service to $20 for future retirees.
Wages also will increase under the four-year contract, Hershey said.
A $1,000 ``ratification bonus'' will be paid this month and a $300 lump-sum payment in December. A general wage increase of 3 percent will be made in the second, third and fourth years of the contract, he said.
The company also agreed to change insurance companies for health and dental coverage at the union's request.
Hershey said the vote to accept the contract was not unanimous, but was ``very strong.''
The contract affects 413 workers.
No one from the union could be reached for comment Saturday evening.
New York-based ITT makes night-vision devices and operates a research center in Roanoke County.
by CNB