Retail

Teamsters Back Costco Contract for Pension Expansion

April 29, 2016
By Steven Wishnia and Neal Tepel 

Oakland, Calif – Teamsters locals representing 16,000 workers at Costco stores on Apr. 19 recommended ratification of a proposed new contract.

The members had rejected a previous offer last month, but the new agreement will let about 4,000 workers on the East Coast move from a 401(k) retirement plan to the defined-benefit pension plan that 12,000 Teamsters at Costco on the West Coast have. A negotiator said the Teamsters had been pushing for the plan to be expanded for 12 years. The new plan “means more money being contributed especially throughout an employee's career,” International Vice President Rome Aloise said, adding that the company had realized how important the pension was to its workers. The West Coast union members will likely vote on whether to ratify the revised contract in early May, with the East Coast following in June. Read more

April 28, 2016

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