Cooper Tire workers voting on new contract today -- UPDATE

Local steelworkers are voting today to ratify a contract between the tire company and workers. The Texarkana Gazette reported that 1,200 workers showed up to a ratification meeting yesterday at the fairgrounds to get details of the agreement. Voting started at 6:00 a.m. today. Here are a few highlights of the four year contract as reported by the Texarkana Gazette:

• Wage increases: Workers hired before Jan. 1, 2009: Lump-sum increase of $1,200 the first two years of the contract and a $1,000 one-time increase in the final two years of the contract. Workers hired after Jan. 1, 2009: One-time increase of $1,200 the first year of the contract and an increase of 20 cents per hour for each year worked, starting in 2013.

• Early-retirement buyout: Workers who are retirement-eligible can receive a lump sum of $1,000 for each year of completed service. The company set a limit of 50 people retiring each calendar year.

• Pensions/retirementaccount: The company’s 401(k) retirement matching program is discontinued.

I'll post an update once available. Cooper Tire is the largest employer in my senate district and employs over 1,500 workers.

Update: The contract was ratified 1,006 to 141.