Union Gets 403(b) Concessions from Ohio Hospital

March 19, 2013 (PLANSPONSOR.com) – A hospital’s agreement to additional 403(b) contributions has averted a worker strike.

Workers had objected originally to the hospital’s plans to eliminate a pension plan and adopt a 403(b) retirement plan. Bobbi Jo Terwilliger, business agent for Teamsters Local 377, said management agreed contribute $1,400 per year to the plan in addition to a 50% match of any employee contributions, the Tribune Chronicle in Warren, Ohio, reports.  

Terwilliger said the contract also calls for a 2% pay increase each year for three years and freezes the workers’ out-of-pocket costs for health insurance for the life of the contract.  

The workers were scheduled to begin a strike March 25.