Allegheny County Port Authority, Pittsburgh, Tuesday approved a contract between the authority and the Amalgamated Transit Union Local 85 that includes nearly doubling employee contributions to one of its defined benefit plans.
Employee contributions to the Retirement and Disability Allowance Plan for Employees Represented by the Local 85 Amalgamated Transit Union will increase to 10.5% of pay from 5.5% of pay effective Sept. 1, confirmed Ellen McLean, chief financial officer and secretary to the pension committee.
The agreement was ratified by the union on Sunday. It was part of a larger deal between the union, the transit system and state and local governments to close a budget gap and avoid service cuts.
As of Jan. 1, 2011, the plan had $607 million in assets and $701 million in accrued liabilities.