Local 727 and the Chicago Tribune Reach Agreement on $68 Million Pension Fund Merger
Nearly 850 Participants’ Pensions Saved!
Following years of negotiations, trustees for the Teamsters Local Union No. 727 Pension Plan and the Chicago Newspaper Publishers Drivers Union Pension Fund, the pension fund of Local 727-represented Chicago Tribune delivery drivers, have reached a tentative agreement on the terms of a pension merger which saves the pensions of approximately 850 participants.
As part of the merger agreement, the Chicago Tribune pension fund will be required to pay $68 million dollars over a period of 6 ¼ years. Additionally, current Chicago Tribune employees will receive 4% wage raises and a lump sum bonus no later than December 31, 2018. Drivers may also elect to take a buyout and receive a severance package that includes one week of pay for each year of service (up to 34 weeks) and medical coverage for 12 months (or until the driver reaches 65 years of age).
On Thursday, November 8, 2018, Chicago Tribune drivers represented by Local 727 overwhelmingly voted in favor of the merger agreement.
Local 727 Secretary-Treasurer John Coli, Jr. reviews the Pension Merger Agreement with members prior to voting.
“While it’s been a challenging journey, the Local 727 Pension Plan Board of Trustees are proud to report that the pensions of so many deserving workers have been saved,” stated trustee and Local 727 Secretary-Treasurer John Coli, Jr. “After decades of hard work, no one should have to worry about how, or even if, they can afford to retire. We are thrilled to have negotiated an agreement that secures these participants’ pensions and eases such concerns.”
The pension merger agreement will next be submitted for approval to the Pension Benefit Guaranty Corporation (PBGC), a federal agency tasked with protecting pension benefits in private-sector defined benefit plans.
Members with questions should contact Local 727 Business Representative Melissa Senatore at (847) 696-7500 or [email protected].
Members of the Teamsters Local 727 Bargaining Committee (from left: John Sceles, Anthony Wendel, Local 727 Business Representative Melissa Senatore, Local 727 Secretary –Treasurer John Coli, Jr., Tim Cagney, Rich Flor.)
Nothing in this article should be read as the union’s waiver of any legal argument, position or additional grievance. The union does not forfeit its right to make any and all supplemental arguments.
Category: Newspaper
