AT&T in tentative settlement with CWA in Southwest

AP News
Posted: Mar 16, 2012 5:52 PM
AT&T in tentative settlement with CWA in Southwest

AT&T Inc. says it reached a tentative agreement in negotiations with a telecommunication worker's union in the Southwest.

The company says its agreement with the Communications Workers of America in Mobility covers 8,800 employees.

The four-year agreement calls for a $1,000 lump sum payment to each worker, and salary increases of 2 percent in the first year, 2.5 percent in the second year, 2.25 percent in the third year and 2.5 percent in the final year.

AT&T says pension plans won't be changed, and new hires will be eligible for a cash-balance pension. The workers' 401(k) plan will be preserved, and the company will match 80 percent of employee contributions to the plan up to 6 percent.

If ratified, the agreement will date back to Feb. 25.