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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.

Alfa Romeo Giulia Quadrifoglio and Nissan 370Z 50th Anniversary | Autoblog Podcast #600

In this, the 600th episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and Associate Editor Joel Stocksdale. They've been driving the Nissan 370Z 50th Anniversary edition, Alfa Romeo Quadrifoglio and Buick Enclave, and they're pretty excited about at least two of them. Then they talk about the Subaru Forester in their long-term garage. Finally, they spend a listener's money on a used car. Autoblog Podcast #600 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2020 Nissan 370Z 50th Anniversary 2019 Alfa Romeo Giulia Quadrifoglio 2020 Buick Enclave Long-term Subaru Forester Update Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

2024 Buick Envista Review: Looks like $60,000, costs less than $30,000

Pros: Compelling design; ample space for the segment; quiet and refined driving experience; punchy and efficient engine; well-equipped; low price Cons: All-wheel drive not available; armrests are a bit hard The 2024 Buick Envista is one of the best, most competitive and most relevant cars to come out of General Motors in a long time. It is wildly impressive and truly surprising. We had multiple people guess the Copper Ice test car pictured above cost $60,000 or even $80,000, and we agree that it certainly looks expensive. And yet, that Sport Touring test car stickers for $29,070 and isn’t even the top-of-the-line. That puts it in the heart of the subcompact SUV segment, but it boasts one of the biggest back seats and cargo areas in that segment. You certainly wouldnÂ’t guess that by looking at its rakish roofline. Its interior looks almost as good as the exterior, and provides lots of features for the money, including tech that looks great and is easy to use. It is rare for a car to be both a sensible choice and an emotional one, but the Envista is just that. So, how can the Envista be such a bargain in these inflationary times? Being built in Korea rather than by North American union members probably helps. Another key reason, though, is Buick cutting costs in smart areas. The engine is not powerful and its 0-60-mph time in the mid-9-second range is on the slow side, but when behind the wheel, the little turbocharged three-cylinder is punchy around town, its pleasingly snarl-like noise is nicely quelled by ample sound deadening, and its six-speed automatic transmission (perhaps a cost savings itself) does its job without fuss unlike the complicated transmissions of most rivals. The interior also sees the sort of hard plastics indicative of its segment, but the plastics donÂ’t look cheap and are mostly in places where your hands and elbows donÂ’t touch. The lack of all-wheel drive might be a dealbreaker for some, but otherwise, its cons are either justified by the low price or covered up by thoughtful design and engineering. ThatÂ’s a mark of the best inexpensive cars. The new Buick Envista is one of them. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2024? The Envista is an all-new model for 2024. What are the Envista interior and in-car technology like?