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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.

Which of these five plug-ins should win the 2017 Green Car of the Year?

It's going to be a competitive race for the 2017 Green Car Of The Year. With a minivan in the running for the first time in ages, the five finalists announced by Green Car Journal today include five very different plug-in vehicles. As Ron Cogan, the editor and publisher of Green Car Journal, said in a statement, "electrification is now considered by most automakers an essential technology for current and future high-efficiency models." Let's check out the list: Toyota Prius Prime, the updated plug-in version of the world's best-selling hybrid. Chevy Bolt, GM's all-new entry into the long-range EV game. Chrysler Pacifica, a family hauler with the ability to go 30 miles on electric power. Kia Optima. The nomination is for the full line-up, but really the hybrid and plug-in hybrid models are the green stars here. BMW 330e iPerformance, one of the automaker's many new plug-in hybrids that bring battery power to models outside the i sub-brand. Green Car Journal will announce the winners at the Los Angeles Auto Show on November 17th, along with some, "other green transportation announcements," whatever that means. Last year, the winner was the 2016 Chevy Volt, the first model to snatch up two wins. Which do you think should win this year? Related Video: News Source: Green Car JournalImage Credit: REUTERS/Kevork Djansezian Green LA Auto Show BMW Chevrolet Chrysler Kia Toyota Chevy Bolt chrysler pacifica green car of the year toyota prius prime bmw 330e

Chevy gives Camaro Red, Black Accents for SEMA

Just the other day, Chevy announced a series of modified show cars it's planning to bring to SEMA this year. Now it has revealed full details on what could prove the most enticing among them in the form of a pair of Camaros. These new Red Accent and Black Accent editions are based on the new, sixth-generation 2016 Camaro SS. The former starts out as a Camaro SS convertible, done up in silver with red trim inside and out. It's got a leather interior, custom grille, hash-mark fender graphics, blacked-out bowtie badge, and 20-inch alloys. Even the engine is visually enhanced with a red cover. While it was at it, Chevy also dropped the suspension and fitted a new air intake and Brembo front brakes. Joining it is the Black Accent concept, based on a red Camaro SS coupe. As its name suggests, it's got a blacked-out aero kit, bowtie badge, and fuel cover, along with darkened tailllamps and satin black stripes. It also gets a black leather interior and its own set of 20-inch wheels, along with the aforementioned lowering kit, Brembo front brakes, air intake, and red engine cover. The Accent concepts are designed to showcase the extent of the accessories Chevy is offering for the new Camaro, and will be showcased at SEMA alongside modified versions of the Spark, Trax, Malibu, Colorado, and Sierra. Feel free to scope out the gallery above and the details in the press release below. Related Video: 2016 Camaro SS Concepts Designed to Inspire Red, Black Accent cars showcase new accessories, preview production packages DETROIT – Chevrolet introduced two customized 2016 Camaro SS concepts that illustrate the possibilities enabled by the new portfolio of Gen Six Camaro accessories and performance parts. Dubbed Red Accent and Black Accent for their respective design themes, each uses components Chevrolet will offer during the first model year of the new Camaro. "These are great-looking examples of what customers can do to personalize their new Gen Six Camaro," said Roger McCormack, director, Accessories & Performance Parts Marketing. "This will be the largest-ever portfolio of Camaro accessories and performance parts.