The Union and the Company reached a Tentative Agreement today on a new Labor Agreement. The three year contract will run from May 1, 2009 through April 30, 2012.
The final package includes:
Wages: Across the board increases for all three years.
Pension: A raise of the Employer's overall contribution to the retirement savings plan for those hired after 1-1-2007 from the current 6% to 9% (6% plus a 3% match on a 6% contribution.)
Health: Health plan changes include increases for going out-of-network and using brand name drugs. We agreed that if the cost to the health plan exceeds certain limits we could be paying a higher premium. It currently stands at 10% and will stay that way if we can collectively contain some costs.
The Contract has been extended until May 31st or until it is ratified by the membership. There will be back pay to April 20, 2009. The Union will produce a document that summarizes the changes to the Labor Agreement and will distribute to membership next week.
We will have a unit meeting to go over the summary and ask questions. You will be able to vote after the meeting and we will schedule an additional day and time for voting for members that cannot attend the unit meeting.