Canadian Pacific provides labor bargaining updates Canadian Pacific said it is "pleased the collective bargaining process with the Teamsters Canada Rail Conference, on behalf of Running Trade Employees, and Rail Traffic Controllers has finally concluded and an agreement is now in place." The award contains, among other changes a cap on pension growth and a new pension accrual rate for future hires. The deal is three years in length and is retroactive to January 2012. CP also announced the five-year agreement reached with the International Brotherhood of Electrical Workers on November 15 has been ratified with 94% acceptance. This contract begins January 1, 2013.