There is a new program for management and non union employees called "Stock Together".
As a result of this new program, the Company notified us that the Discretionary Contribution program is no longer going to be paid out to managers.
This is important because Discretionary Contributions are part of the 2012 MOU.
The percentage of Discretionary Contributions that our members who were hired after October 28, 2012 received was equal to what management received. Since management will be getting 0%, this will affect our members in this group.
Following notification about the new program, the regional bargaining committee was convened and we had numerous meetings and conference calls regarding this issue and ultimately agreed to participate. We reached an agreement with the Company which will extend the Stock Together Program to our members.
For 2020 awards, employees who are actively at work on March 2, 2020 will receive an award of RSU’s with a grant date value as set forth below:
Full time employees who were first hired as a union represented associate on or after October 28, 2012 (“Pension New Hire”). Grant date value of 2020 RSU Award — $2,500
Full time employee who are not “Pension New Hires”. Grant date value of 2020 RSU Award — $500
Also, the company sent an email out earlier that has cause much confusion. The last line of their letter states "The last profit sharing contribution will be made in March 2020 for the 2019 plan year." This is referring to the Discretionary contributions for those employees hired after October 28, 2012.
It is not referring to the Corporate Profit Sharing (CPS) award. There is no change to the CPS award that is in the contract.
Update of CPS award:
CPS award for Plan Year 2019 will be paid to eligible employees on March 6, 2020. Members can defer CPS Award to Verizon Savings plan (401k). Deadline to defer is February 3rd , 2020. Click here for more information.
Finally, the Absence Lump Sum payment will be paid on Friday March 6, 2020.
CWA’s Local 1103 Executive Board