Con Ed's Unionized Workers Reach Deal

With the lockout over, Con-Ed’s unionized workers have voted to approve a new contract that includes changes to pension plans for new hires, says the Wall Street Journal (paywall).

The contract was approved by 93 percent of union members, according to a union spokesman.

Last month, over a new labor contract with its biggest union, Local 1-2 of the Utility Workers Union of America, following a four-week lockout of 8,500 workers. About 5,000 managers performed union tasks like splicing cables, responding to emergencies and stocking shelves. 

The dispute stemmed from a proposal to move from the traditional pension plan to a cheaper plan for new hires. The tentative pact reached July 26 includes cash balance plans for new hires, and according to the agreement, traditional plans for existing employees will be protected until July 1, 2037.