Today, IBEW Local 51 and Exelon held the two-man interest arbitration meeting for the Benefits agreement. The parties reached an agreement on the two (2) unresolved matters. The new retiree medical savings account (RMSA) for employees hired after 1-1-15 was increased to $8,000 per year from the Company’s last proposal of $4,000 per year.
The Company’s last health reimbursement account proposal will change by increasing the $3,400 annual credit to $3,500 and by adding a fixed 3% annual increase each year.
The health reimbursement account HRA for post-Medicare eligible retirees will take effect on 1-1-16 and the first percentage increase is effective 2017.
Once the parties sign the final agreements, the Company will calculate and pay wages retroactive to 12-16-14. At this time, IBEW Local 51 does not know when that will occur.