1990 Buick Reatta Base Convertible 2-door 3.8l on 2040-cars

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The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.

Cadillac, Buick and Chevy decisions impacted by worries abroad

European Concerns Drive GM, But Beware Of The French Connection
GM's bid to rationalize Europe will impact the products that will be offered domestically.
It seems that Europe is defining the future of General Motors more so than its home North American market. Having axed Saturn, Pontiac and Hummer, GM has done a fairly good job of repositioning its remaining four divisions, Cadillac, Chevrolet, Buick and GMC. Cadillac carries the luxury banner. Chevrolet is aimed at the masses with cars and trucks along with a nod to performance thanks to Camaro and Corvette. Buick bridges the premium gap between Chevy and Cadillac, while GMC offers a hardcore work/upscale proposition.

Leno recalls '90s showdown with Tim Allen and his mullet

Not many of us have buddies with garages full of classic cars, but that isn't the case for Jay Leno and Tim Allen. Of course, one of the advantages for two guys with such vast collections is occasionally getting to pit their cars against each other. The two comedians did just that in the mid-'90s with a burnout battle on The Tonight Show between Allen in a race-prepped Mustang and Leno in a drag racer. After some time away from regular television, Leno is returning to the airwaves with a Jay Leno's Garage series premiering on Oct. 7 (tonight) at 10:00 p.m. ET on CNBC. Let this clip serve as another taste of what to expect for the new TV show's mix of comedy and cars. After reminiscing about the old days in a gorgeous garage, the comedians get into two modern machines to reprise the classic challenge – after a little trash talk anyway. Don't worry because the YouTube series isn't going anywhere, though.