Lake Terminal Railroad employees ink six-year deal
SMART Transportation Division-represented trainmen, engineers and yardmasters employed by Lake Terminal Railroad have ratified a new six-year agreement by a unanimous vote.
The agreement provides for six annual wage increases, beginning July 1, 2013, and rolls in previous cost-of-living adjustment increases, resulting in an 18.7 percent cumulative wage increase over the life of the contract.
It also includes lump sum back pay, establishes a $5 certification pay for conductors, engineers and remote control operators, increases carrier-matching contributions to 401(k) accounts to $1,300, and establishes an additional retirement account for new hires with a $75 monthly carrier contribution. There will be limits on employee health and welfare contributions to 12 percent of the plan costs and a freeze on co-pays and deductibles for the life of the contract.
SMART Transportation Division Vice President Dave Wier, who assisted with the negotiations, congratulates Lake Terminal General Chairperson Brad Elias and Local Chairperson Russ Tolson for “the exceptional effort put forth in bringing the members’ concerns to the bargaining table and negotiating an agreement with significant improvements in wages and working conditions.”