Since last week Verizon workers have been working without a contract, the union and the company have both been at the bargaining table and stopped the clock on the contract expiration date.
Well today (Sunday) according to our local website www.cwa1101.org, Verizon and CWA have reached an agreement. If you look back at my post from last weeks deadline you will see that my prediction was pretty close, all except for the 5 year agreement, Verizon only agreed on a 3 year contract.
From CWA’s website:
Following is a summary of the tentative agreement.
a. Effective 8/3/2008 3.25 %
b. Effective 8/2/2009 3.5 %
c. Effective 8/1/2010 3.75 %
a. Effective 8/1/2010
b. One half of the increase in the CPI-W in excess of 3.75% between May â€˜09 and May â€˜10
Corporate Profit Sharing
a. $700 minimum distribution
b. Paid in March of 2009, 2010, 2011
Pension Band Increases
a. Effective 10/1/2008 3.25%
b. Effective 10/1/2009 3.5 %
c. Effective 10/1/2010 3.75%
Pension Lump Sum Cash-Out
a. Pension Distribution Options remains in contract with no change in the language by which the amount is calculated
b. Available at any time, for the length of the contract
a. 445 Field Techs in plant contract with carveouts
b. 145 Inside Techs in plant contract with carve outs
c. Guarantee small and medium business exclusively for represented commercial
d. Bring new VZ-B work to CWA represented locations 100 at end of 2009 and 100 at end of 2010
Video Head End â€“ Video Work. Approx. 75 in plant contracts with carve outs
Temps and terms to Perms (Approx 1,200)
Three times a year discussion on union jobs and efficiency/growth with top management
Active Health Care: Maintained full employer paid coverage with limited plan design changes
Retiree Health Benefits
a. Fully paid, no retiree pays during life of agreement
b. Any changes in future health benefit plans for retirees will be negotiated with the Union in the same manner as that for actives and for future retirees.
c. No current retiree will pay for health coverage through the end of 2011.
d. No active employee who retires during the term of this agreement will pay or health coverage through the end of 2011.
e. Caps on the Companyâ€™s contribution to the cost of retiree health coverage in 2012 and after have been raised as follows:
i. Prior to Age 65 and Medicare Eligibility
1. Retiree Only: $12,580
2. Retiree + 1 25,160
3. Retiree + Family 31,450
ii. Age 65 and after and Medicate Eligible
1. Retiree Only: $ 6,330
2. Retiree + 1 12,660
3. Retiree + Family 18,990
f. Employees hired after August 2, 2008 will be covered under a new retiree health program.
i. Once they retire (under the same eligibility requirements as currently required), they will receive an annual payment equal to $430 times years of service (to a maximum of 30 years).
ii. The parties will negotiate this amount in future years to reflect changes in the cost of health coverage.
Agreement to work for National Health Care Reform and provide $2 million a year during term of contract.
New Dispute Resolution for Faster resolution of grievances
Savings and Security Plan
a. Add a Roth option to the 401(k) plan
b. Allows investment of post tax dollars with no taxes applied to investment returns when assets are later distributed.
Retiree Life Insurance
a. Company-paid retiree life insurance benefits will be frozen at one-times the wage level attained on 8/2/2008.
b. The minimum amount to be paid to beneficiaries of retirees who retiree after 8/2/2008 will be $20,000, even after age 65.
Retirees who were hired after 8/2/2008 will be eligible for the minimum $20,000
Increase supplemental insurance with ability to purchase 5 times salary
b. Jt Marketing Letter
c. Local Presence Centers
d. NJ collection office issues
Extend all existing District and Local Agreements and adjust all dates.
CWA-NETT will discuss how to publicize
Unique Regional Items
a. Scope agreement CWA D2
b. Contract Initiative Letter fixed
c. Job Share Language (North)
d. ACFC will outstanding pay current bills $486K
e. Increase ACFC wage rate top wage rate in contract
f. Supplemental Retiree Life Insurance: five times implemented as soon as possible
Not too bad of a deal considering the economy and political climate we are currently in. I am thankful that we do not have to walk the picket line and we can return to work on Monday as usual.
( If you are reading this anywhere but my blog, you can find the original post here. )