GM and CAW reach agreement
Lewenza said the union and the automaker reached the tentative deal around 11 p.m. ET Thursday.
Voting on the agreement by union members is slated for Sunday and Monday.
"We have preserved our wages. We have preserved and secured our pension benefits," said Lewenza. "We have protected most of our core benefits." [...]
Pension issues were one of the major items, with Lewenza saying Friday that the union has agreed to a pension benefit freeze extending through 2015.
He pointed out that the pension plan for the workers is only 39 per cent funded on a windup basis
Union pension official Sym Gill said the pension shortfall is roughly $6.5 billion to $7 billion, adding that the pension is expected to be back on a fully funded basis in 10 years.
And showing who is really leading the bandwagon for concessions:
"I’m hopeful when we look at the deal that all involved have made the difficult decisions necessary to create a viable company," Harper said.