Thursday, April 11, 2013
Guild members at Consumer Reports magazine on Friday ratified a new three-year contract that preserves a defined benefit pension plan and gives them a wage-increase and bonus package totaling 6 percent. The vote was 203 to 31, with two abstentions.
The new contract, which expires on Dec. 31, 2014, restores severance pay, has no givebacks on job security, makes only minor changes to health care benefits and offers a new, less expensive medical insurance option for those who want lower premiums.
The contract, which took about a year and a half to negotiate, is the Guild’s second agreement after last year’s deal with The New York Times to include a government-insured adjustable pension plan that guarantees each retired member a lifetime monthly check, but doesn’t expose the company to the risk of unfunded liabilities.
Pay provisions in the new agreement with Consumers Union, the parent of Consumer Reports, include an immediate 1 percent raise retroactive to Jan. 1, a 2 percent raise on Jan. 1, 2014 and three 1 percent bonus payments, the final one of which is to be paid on Dec. 1, 2014.
Posted by Robert Daraio at 11:59 AM