Third Amendment to Howmet Aerospace Hourly Retirement Savings Plan (Effective January 1, 2024)
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Summary
This amendment updates the Howmet Aerospace Hourly Retirement Savings Plan, specifically increasing the company's matching contributions for union employees at the Whitehall, Michigan location. The match rate rises to 0.70 for 2024, 0.75 for 2025, and 0.80 for 2026 and beyond. All other terms of the plan remain unchanged. The amendment is authorized by the Board or Benefits Management Committee under the plan's existing provisions.
EX-10.(F)(3) 4 exhibit10f3.htm EX-10.(F)(3) Document
Exhibit 10(f)(3)
THIRD AMENDMENT TO THE
HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS PLAN
(Restated effective January 1, 2021)
__________________________
Pursuant to Section 20(a) of the HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS PLAN (“Plan”), which provides that the Plan may be amended by action of the Board or Benefits Management Committee, the Plan is amended as described below. Unless specifically stated otherwise, any reference in this Amendment to “Section” is intended to refer to the applicable Section of the Plan, including the Sections of the Howmet Aerospace Niles Bargaining Retirement Savings Plan (“Niles Union Plan”) that continue to apply following the merger of the Niles Union Plan into the Plan. This amendment is effective on the dates specified below.
A.
Effective beginning January 1, 2024, Schedule B-1 of the Plan is amended to increase the Participating Employer Contributions (Match) on an annual basis for bargaining unit members working at the Whitehall, Michigan location by replacing the current Whitehall, Michigan provisions with the following:
Company Code | Company Description | *EE Types | LOC | Location Description | Union Code | Union Description | Match | ERIC | ||||||||||||||||||
T13 | Howmet Aerospace | H | WMH | Whitehall, Michigan (Howmet) | 30H | UAW-1243 – Auto Workers All Participants - Effective January 1, 2024 until December 31, 2024 only | 0.7000 | Yes | ||||||||||||||||||
T13 | Howmet Aerospace | H | WMH | Whitehall, Michigan (Howmet) | 30H | UAW-1243 – Auto Workers All Participants - Effective January 1, 2025 until December 31, 2025 only | 0.7500 | Yes | ||||||||||||||||||
T13 | Howmet Aerospace | H | WMH | Whitehall, Michigan (Howmet) | 30H | UAW-1243 – Auto Workers All Participants - Effective January 1, 2026 and after | 0.8000 | Yes | ||||||||||||||||||
B.
In all other respects, the Plan is unchanged.
