A proposed labor agreement that secures production of Boeing’s newest aircraft for the Puget Sound area also provides a healthy dose of wage increases and benefit enhancements for union machinists, the union told its members today.

Machinist Union members in Puget Sound, Oregon and Kansas will vote on the tentative agreement Dec. 7 The union’s negotiating committee has unanimously recommended the four-year deal be approved.

Here are its key provisions;

* A 2 percent annual wage increase.
* Quarterly cost-of-living wage adjustments
* Annual incentive pay increases of 2 to 4 percent based on safety, quality and productivity standards.
* A $5,000 bonus to be paid within 30 days of contract approval.
* An increase in retiree pension benefits. At the contract’s end, those benefits will be $91 per month per year of Boeing service.
* A continuation of retiree medical insurance.
* An increase in health insurance costs for employees. No “Cadillac taxes” for employees under the Obama health care plan.

In return for those benefits, Boeing will buy four more years of labor peace and the union’s agreement to ask the National Labor Relations Board to drop its proceedings against Boeing that could cause the company to shut down its South Carolina 787 plant.