Exhibit 4.8
AMENDMENT TO THE 2009
AMENDED AND RESTATED
3M SAVINGS PLAN
WHEREAS, 3M Company (the “Company”) maintains the 3M Savings Plan (the “Plan”), which has been amended from time to time, including the most recent amendment and restatement thereof which was approved on December 18, 2009; and
WHEREAS, the Company desires to amend the Plan to reflect the provisions affected by the latest collective bargaining agreement entered into with the union representing eligible employees at the Company’s facility in Atlanta, Georgia;
NOW, THEREFORE, pursuant to the authority contained in Section 11.1 of the Plan, Schedule C of the plan document for the Plan shall be and it hereby is amended as follows, effective May 1, 2011:
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SCHEDULE C
PARTICIPATING EMPLOYER SCHEDULES
Effective May 1, 2011
|
Location/Union Name |
Local |
Union Code |
Contract Dates |
Savings Plan Effective Date |
Required Matching Percentage |
Company Match Effective Date |
Required Retirement Income Percentage |
Profit Sharing* Formula I effective date and specifics |
Profit Sharing* Formula II effective date and specifics | |
|
|
|
|
Effective |
End |
|
|
|
|
|
|
|
CORONA (OP ENG AFL-CIO) |
|
U02 |
2/16/2008 |
2/2/2013 |
Jun-89 |
|
|
|
|
|
|
Hired before 1/1/2009 |
|
|
|
|
|
35% |
Apr-03 |
n/a |
Effective with 2nd Q1998 profits |
n/a |
|
Hired/rehired 1/1/2009 or later |
|
|
|
|
|
50% |
Jan-09 |
n/a |
None |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
COTTAGE GROVE |
|
U03 |
10/30/06 |
08/19/13 |
Oct-88 |
35% |
Jan-98 |
n/a |
n/a |
Effective with 1st Q 2007 max 10 cents |
|
USW AFL-CIO |
11-00418 |
|
|
|
|
|
|
n/a |
n/a |
Effective with 1st Q 2011 max 15 cents |
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. PAUL/COTTAGE GROVE |
70 |
U04 |
09/01/08 |
09/02/13 |
Nov-88 |
|
|
|
|
|
|
Int'l Union of Operating Engineers |
|
|
|
|
|
|
|
|
|
|
|
Hired before 1/1/2009 |
|
|
|
|
|
40% |
Jan-09 |
n/a |
None effective 1/1/2009 |
n/a |
|
Hired/rehired 1/1/2009 or later |
|
|
|
|
|
60% |
Jan-09 |
2% effective 1/1/09 |
n/a |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
FAIRMONT (PACE) |
7-505 |
U05 |
10/31/09 |
10/31/12 |
Sep-89 |
|
|
|
|
|
|
Hired/rehired before 1/1/2010 |
|
|
|
|
|
40% |
Jan-10 |
n/a |
None effective 1/1/2010 |
n/a |
|
Hired/rehired 1/1/2010 or later |
|
|
|
|
|
60% |
Jan-10 |
2% effective 1/1/10 |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIN (PACE) |
3-675 |
U06 |
10/26/10 |
10/21/13 |
Jan-90 |
|
|
|
|
|
|
Hired/rehired before 1/1/2011 |
|
|
|
|
|
40% |
Jan-11 |
n/a |
n/a |
None effective 1/1/2011 |
|
Hired/rehired 1/1/2011 or later |
|
|
|
|
|
60% |
Jan-11 |
2% effective 1/1/11 |
n/a |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
HARTFORD CITY |
6-0186 |
U07 |
07/31/06 |
04/01/13 |
Apr-90 |
35% |
May-01 |
n/a |
n/a |
Effective for profits earned in 1st Q2007 |
|
USW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. PAUL |
7-75 |
U09 |
01/15/07 |
08/19/13 |
Oct-88 |
35% |
Jan-98 |
n/a |
n/a |
Effective 2nd Q2007 with 12 cent max until 1st Q2011 max increases to 15 cents |
|
USW AFL-CIO |
|
|
|
|
|
|
|
|
|
|
|
Location/Union Name |
Local |
Union Code |
Contract Dates |
Savings Plan Effective Date |
Required Matching Percentage |
Company Match Effective Date |
Required Retirement Income Percentage |
Profit Sharing* Formula I effective date and specifics |
Profit Sharing* Formula II effective date and specifics | |
|
|
|
|
Effective |
End |
|
|
|
|
|
|
|
TONAWANDA |
13833 |
U10 |
12/07/10 |
12/07/13 |
Feb-91 |
|
|
|
|
|
|
USW |
|
|
|
|
|
|
|
|
|
|
|
Hired/rehired before 1/1/2011 |
|
|
|
|
|
40% |
Jan-11 |
n/a |
None effective 1/1/2011 |
n/a |
|
Hired/rehired 1/1/2011 or later |
|
|
|
|
|
60% |
Jan-11 |
2% effective 1/1/11 |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WAUSAU |
2-0666 |
U11 |
10/1/2006 |
10/1/2012 |
Nov-89 |
35% |
Nov-98 |
n/a |
n/a |
Effective for profits earned in 1st Q2007 |
|
USW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WAUSAU (Teamsters) |
662 |
U12 |
9/23/2008 |
9/26/2013 |
Dec-89 |
|
|
|
|
|
|
Hired/rehired before 1/1/2009 |
|
|
|
|
|
40% |
Jan-09 |
n/a |
Effective November 1, 1995 |
n/a |
|
Hired/rehired 1/1/2009 or later |
|
|
|
|
|
60% |
Jan-09 |
2% effective 1/1/2009 |
No Profit Sharing |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
3M Purification, Inc. (formerly CUNO Inc.) |
1-753 |
U13 |
11/1/2006 |
10/31/2011 |
Jan-06 |
50% |
Jan-07 |
n/a |
No Profit Sharing |
n/a |
|
PACE International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELYRIA |
1406T |
U14 |
1/1/2008 |
11/26/2010 |
Jan-08 |
50% |
Jan-10 |
n/a |
Effective for profits earned in 1st Q2008 |
n/a |
|
Unite Here |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TILTON |
4-00574 |
U15 |
7/1/2007 |
7/1/2012 |
May-07 |
50% |
Jul-07 |
n/a |
Effective with profits earned in 2nd Q2007 |
n/a |
|
USW AFL-CIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3M ATLANTA Unite Here
Employees hired/rehired before 4/1/2011
Employees hired/rehired 4/1/2011 or later |
2490 |
U16 |
1/14/2011 |
1/14/2014 |
Nov-07 |
55%
60% |
April-11
April-11 |
n/a
2% |
No Profit Sharing |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3M PLYMOUTH (IEU/CWA.AFL-CIO) |
809 |
U17 |
11/17/2008 |
6/27/2011 |
Jan-09 |
|
|
|
|
|
|
Employees with benefits effective 1/1/2009 |
|
|
|
|
|
100% |
Jan-09 |
3% effective 1/1/2009 |
No Profit Sharing |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
3M PLYMOUTH (IEU/CWA. AFL-CIO) |
809 |
U19 |
11/17/2008 |
6/27/2011 |
Jan-09 |
|
|
|
|
|
|
Employees hired/rehired after 1/1/2009 |
|
|
|
|
|
60% |
Jan-09 |
2% effective 1/2/2009 |
No Profit Sharing |
n/a |
|
Location/Union Name |
Local |
Union Code |
Contract Dates |
Savings Plan Effective Date |
Required Matching Percentage |
Company Match Effective Date |
Required Retirement Income Percentage |
Profit Sharing* Formula I effective date and specifics |
Profit Sharing* Formula II effective date and specifics | |
|
|
|
|
Effective |
End |
|
|
|
|
|
|
|
QUEST TECHNOLOGIES, Inc |
District #10 |
U18 |
7/1/2008 |
7/1/2011 |
Jul-08 |
|
|
|
|
|
|
Int'l Assoc. of Machinists and Aerospace Workers AFL-CIO |
|
|
|
|
|
|
|
|
|
|
|
Employees hired/rehired before 1/1/2009 |
|
|
|
|
|
50% |
Jan-09 |
n/a |
No Profit Sharing |
n/a |
|
Employee hired/rehired 1/1/2009 or later |
|
|
|
|
|
60% |
Jan-09 |
2% effective 1/1/2009 |
No Profit Sharing |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
MARIEMONT (USW) |
|
U20 |
2/26/2009 |
12/31/2011 |
12/16/2008 |
|
|
|
|
|
|
Employees hired/rehired before 1/2009 |
|
|
|
|
|
50% |
Jan-09 |
n/a |
No Profit Sharing |
n/a |
|
Employees hired/rehired 1/1/2009 or later |
|
|
|
|
|
60% |
Jan-09 |
2% effective 1/1/2009 |
No Profit Sharing |
n/a |
NOTE* The amount of Profit Sharing, if any is determined by comparing 3M’s worldwide net income excluding nonrecurring special items during the most recent quarter to the same quarter of the previous year.
The amount of the contribution depends on the increase in net income. Each collective bargaining unit may negotiate a specific maximum profit sharing contribution as noted.
|
Profit Sharing* Formula I (0.5 cent for each 1% increase in the first 10% increase in profits and 1 cent for profit increase between 10% and 15% for a contribution maximum of 10 cents) |
|
|
Profit Sharing* Formula II (0.6 cent for each 1% increase in the first 10% increase in profits and 1.2 cents for profit increase between 10% and 15% for a contribution maximum of 15 cents) |
|
[signature page follows]
IN WITNESS WHEREOF, the undersigned, an authorized officer of the Company, has approved this amendment by signing this document on the date indicated below.
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3M COMPANY | ||
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By: |
/s/ Angela S. Lalor |
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Angela S. Lalor | |
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Senior Vice President, | |
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Human Resources | |
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Date: |
May 2, 2011 | |