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The following questions relate to the two articles under Topic 10 concerning the recent SEPTA strike.
The following questions relate to the two articles under Topic 10 concerning the recent SEPTA strike. Read both articles carefully and pay particular attention to employee benefits plan issues which were part of the collective bargaining process in negotiations between SEPTA drivers and SEPTA.
Article: http://planphilly.com/articles/2016/10/25/septa-and-transit-union-remain-far-apart-on-major-issues-daily-negotiations-to-avert-a-strike-begin
a. Consider first the previous provisions of the retirement plan.
What did drivers previously contribute toward the cost of their retirement plan?
What formula was used for drivers in determining their retirement benefits?
What would be the retirement benefit for a driver retiring after 30 years of service with a final salary of $50,000?
What would be the retirement benefit for a 'management' person retiring after 30 years with a final salary of $100,000?
b. What is the funding ratio for SEPTA's retirement plan? What is the funding ratio for the City of Philadelphia?
c. Consider now the provisions of the new retirement plan.
What is the new contribution required toward the cost of the retirement plan?
What is the new formula for determining retirement benefits?
d. Consider now the features of the previous healthcare plan.
Why did SEPTA want to change the nature of the healthcare plan offered to drivers?
On what basis did drivers contribute toward the cost of their healthcare plan?
e. Consider now the healthcare plan under the new agreement. What changes were implemented in the healthcare plan?
What changes were made in the contribution toward healthcare for drivers?
