GUELPH, ON, Sept. 13, 2014 /CNW/ - United Steelworkers (USW) Local 4120, representing over 900 administrative and technical staff, reached a tentative agreement Friday with the University of Guelph. The new deal includes an innovative approach to ensure long-term pension sustainability.
"These were challenging negotiations, but we have made real gains for our members," said Wendy Morley, President of USW Local 4120. "There are improvements in wages, job security and health and safety."
Following a groundbreaking pension agreement between the University of Toronto and USW Local 1998, representing over 7,000 technical and administrative staff, the agreement at the University of Guelph covers over 900 USW Local 4120 members and builds momentum to create a multi-employer, university-sector Jointly Sponsored Pension Plan (JSPP).
The union and university acknowledge that the pension plan has solvency funding requirements and an ongoing deficit which, under current government regulations, represent a significant concern with regard to the financial stability of the plan.
"We are looking forward to working with other employee groups and the university to ensure the long-term sustainability of the pension plan through this innovative approach," said Sean Logan, USW Area Coordinator.
Details of the tentative deal will not be released publicly until union members review the agreement and hold a ratification vote.
SOURCE: United Steelworkers (USW)
For further information: Wendy Morley, President, USW 4120, 519-766-4120, firstname.lastname@example.org; Sean Logan, USW Area Coordinator, 905-629-4991 ext. 225, email@example.com; Alex D. McKinnon, USW Research Director, 416-544-5981, 519-651-9755, firstname.lastname@example.org