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Benefits September 29, 2008
Teamsters Win 401(k) in Waste Management Strike Deal
September 29, 2008 (PLANSPONSOR.com) - The key part
of a deal solving a labor dispute between the Teamsters and
Waste Management is the agreement to move the employees to a
new 401(k) program.
Reported by Fred Schneyer
A news report from the Milwaukee Journal Sentinel said the employees are being taken out of the financially troubled Central States Pension Fund. The company will put in $1,000 to each employee’s account as well as a matching contribution.
Striking employees voted Sunday to take the proposed deal and return to work, according to the newspaper. The company said the agreement reached on Sunday includes scaled-back wages and health care benefits from the company’s “last, best and final offer.”
The new deal will run through April 30, 2013, five years after the most recent contract’s expiration on April 30, 2008.
Michael Fleming, market area general manager for Waste Management, issued a statement saying the five-year deal was fair to the workers, the company and its customers.
“We offered market-leading wages and health and retirement benefits in a package that takes care of our employees and our families, while allowing us to give our customers good value,” he said. “That’s a winning combination.”