Con Edison employees represented by Local 1-2 of the Utility Workers Union of America yesterday overwhelmingly approved a new, four-year collective bargaining agreement following weeks of tense proceedings and a prolonged lockout.
The new CBA, which expires June 30, 2016, was approved by 93 percent of the union”™s roughly 8,500 members.
The CBA stipulates that in any future contract agreements through the year 2037, Con Edison cannot seek to change the defined pension benefit retirement plan for members who were employed as of July 1, 2012.
Employees hired after that date will receive a cash balance pension benefit, which, if coupled with Con Edison”™s 100 percent matching contribution through its Thrift Savings Plan, will be on par over time with those members covered under the defined pension benefit, said Local 1-2 President Harry Farrell.
“In its totality it is clear that we won some significant advantages at the bargaining table,” Farrell said in a statement.
Additionally, Con Edison will now include three union jobs for every four new hires at the company.
Negotiations between Con Edison and Local 1-2 leadership were at a standstill until Gov. Andrew Cuomo intervened two weeks ago, demanding that both sides return to the table.
