|Title||Union Experiences with Worker Ownership: Legal and Practical Issues Raised by ESOPs, TRASOPs, Stock Purchases, and Co-operatives|
|Year of Publication||1982|
Employee ownership of businesses through Employee Stock Ownership Plans (ESOPs or TRASOPs ) and co-operatives is increasingly attracting the interest of workers and unions, as current economic conditions decrease their ability to bargain for more material benefits and they seek new methods of ensuring job security. ... In fact, in many ESOPs, such as the Rath Packing ESOP, the pension plan was continued. ... Chrysler and the UAW further agreed in a letter of understanding attached to the plan that: 1) where the members of the ESOP board are unable to resolve a matter within their power, the matter shall be referred to the Chrysler Vice President -- Employee and Industrial Relations Staff and the Director-Chrysler Department UAW, who shall agree upon a method of resolution; 2) a plan participant employee-stockholder shall not be prevented from attending an annual shareholder meeting of the corporation as an observer, but any absences from work for attending such meetings shall be treated as any other excused absence, requiring prior approvals based on operating efficiency needs and the employee's absence record; and 3) employee claims pursuant to the plan are to be processed pursuant to a special claim review procedure set forth in the Summary Plan Description and are not subject to the grievance procedure under any collective bargaining agreement between the parties. ... A committee of UAW members and management employees then was formed to raise funds for the feasibility study. ...
VERMONT ASBESTOS GROUP