{"id":2780,"date":"2026-07-19T04:13:27","date_gmt":"2026-07-19T04:13:27","guid":{"rendered":"https:\/\/corporate-movers-usa.com\/?p=2780"},"modified":"2026-07-19T04:13:27","modified_gmt":"2026-07-19T04:13:27","slug":"peco-workers-vote-to-ratify-new-contract-with-raises-and-pensions","status":"publish","type":"post","link":"https:\/\/corporate-movers-usa.com\/?p=2780","title":{"rendered":"Peco workers vote to ratify new contract with raises and pensions"},"content":{"rendered":"<div>\n<div>\n<div><audio><\/audio><\/div>\n<\/div>\n<p>Peco workers ratified their new union contract on Saturday, officially adopting an agreement that includes raises and pensions for all workers. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=2778\">Kyle Schwarber\u2019s bat and baserunning set the tone in Phillies\u2019 6-1 win over the Mets<\/a><\/p>\n<div><\/div>\n<p>\u201cLocal 614 members stood together and won a great contract, and we\u2019re proud to be back at work serving the public,\u201d Larry Anastasi, president of IBEW Local 614, said in a statement when the results were announced. \u201cThey said it couldn\u2019t be done, but we brought back pensions, medical coverage, and raises for all our members.\u201d<\/p>\n<div><\/div>\n<div><\/div>\n<p>IBEW local 614 represents roughly 1,500 Peco employees, including linemen and call center workers, who have been without a contract for months. Their most recent five-year agreement expired on March 31, and workers walked off the job on the Fourth of July after the union and Peco couldn\u2019t reach an agreement. The work stoppage was the first in the company\u2019s history. <\/p>\n<div><\/div>\n<p>A tentative deal was reached just before midnight on July 6, bringing an end to the three-day strike. The agreement was described as \u201chistoric\u201d by the union that evening. <\/p>\n<div><\/div>\n<p>The vote took place on Saturday between 7 a.m. and 5 p.m. Of the union members who voted, 97% were in favor of ratifying the agreement. <\/p>\n<div><\/div>\n<p>The five-year contract is effective immediately and goes through March 31, 2031.<\/p>\n<div><\/div>\n<div><\/div>\n<p>In a statement Saturday night, Peco said it was pleased IBEW Local 614 had voted to ratify the contract.<\/p>\n<div><\/div>\n<p>\u201cThis agreement reinforces our shared commitment to maintaining a safe workplace and delivering exceptional service to the communities we serve,\u201d the company said.<\/p>\n<div><\/div>\n<p>The new agreement includes 4% annual raises for field workers in the first four years of the contract and 4.5% in the fifth year. Call center workers will get 3% raises annually throughout the five-year contract.<\/p>\n<div><\/div>\n<p>During bargaining, Peco had said that on average, its customer service employees earned $45.12 an hour. Average annual pay in 2025 for a lineman was over $243,500, including overtime. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=2776\">Why Eagles offensive tackle Jordan Mailata \u2018absolutely loves\u2019 the Eagles\u2019 new offensive scheme<\/a><\/p>\n<div><\/div>\n<div><\/div>\n<p>The agreement also includes cash-balance pensions for all workers. Previously, some 600 workers hired after 2021 didn\u2019t have access to a pension, while those who did have one were on different plans. <\/p>\n<div><\/div>\n<p>In 2001, Peco gave workers the option to switch over from a traditional pension plan to what is known as a cash-balance plan, union spokesperson Melissa McCleery said.<\/p>\n<div><\/div>\n<p>A cash-balance plan, like a traditional pension, is employer-funded, typically doesn\u2019t require the employee to make their own contributions, and often the employer manages how the funds are invested. But like a 401(k), the amount available to the employee upon retirement is based on a stated account balance rather than monthly payments for the rest of the retiree\u2019s life \u2013 though the amount can be split up over time.<\/p>\n<div><\/div>\n<p>Roughly 80% switched over to a cash balance plan when the choice was offered, according to McCleery. Since then, the benefits of those cash balance plans have been reduced twice, she said. <\/p>\n<div><\/div>\n<div><\/div>\n<p>\u201cLike many employers, Peco transitioned from traditional pension plans to cash balance pension plans and, more recently, to enhanced 401(k)-based retirement programs,\u201d the company said in a statement Friday. These programs \u201chave evolved over time in a manner consistent with broader employer and utility industry practices.\u201d <\/p>\n<div><\/div>\n<p>Roughly 20 to 30 workers still have the traditional pension and are able to keep it under the new union contract, said McCleery. <\/p>\n<div><\/div>\n<div><\/div>\n<p>Peco did not share how much the new contract will cost the company. <\/p>\n<div><\/div>\n<p>\u201cWhile specific contract details remain confidential between the company and the union, the tentative agreement will not result in any immediate changes to customer rates,\u201d a company statement noted. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=2774\">Shapiro takes new step in boosting Democrats in both state and federal swing districts<\/a><\/p>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Workers carried out a three day-strike earlier this month as the union and Peco weren\u2019t able to reach a deal in negotiations. <\/p>\n","protected":false},"author":1,"featured_media":2779,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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