Contract Ratified, Retro Checks Due In Spring
With over 90% of all employees voting in favor of the contract it is obvious that most were
happy with the outcome, it's been a long time since there has been such a concensus.
Highlights:
Period = 3 1/2 years
No medical payments
Pension age without penalty reduced to age 60
No work rule changes
Retroactive pay
Increased medical benefits
Terms of the agreement
January 1, 2007 4%
January 1, 2008 3.5%
January 1, 2009 3%
Pension plan changes for all members hired after January 1, 1988
Incumbent employees (post 1988 to ratification date) who have at least 5 years of service will
now be able to retire at age 60 (instead of age 62) with no penalty. Below is a reduction scale for early retirement from
age 55 with less than 30 years of service.
Old Plan
New Plan
Age % Reduction
Age % Reduction
62 0
62 0
61 6
61 0
60 12
60 0
59 15
59 3
58 18
58 6
57 21
57 9
56 24
56 12
55 27 55
15
Dental 10% increase in coverage in benefits
Vision 10% increase in coverage in benefits
New employees hired after ratification date
4% pension contribution for 10 years. Incumbent employees will be unaffected, continuing thier 3% contributions
Overtime earnings in excess of 20% of regular wages shall not be included in pension calculations
New employees will fall under the present, post 1988 defined benefit pension plan. The early retirement reduction scale
outlined above labeled old plan, will still apply for new hires.
Stabilization of forces
Increased by 36 months to January 1, 1998
