Goodyear Tire says labor contract meets goals established during negotiations The Goodyear Tire & Rubber said the four-year master labor contract ratified by members of the United Steelworkers union on August 22 meets the goals established prior to the negotiations and helps the company continue its business momentum in North America. The new contract gives Goodyear the ability to freeze its defined benefit pension plans and replace them with a defined contribution plan at any time during the four-year contract once full funding is achieved. The agreement also reduces the percentage of North American earnings paid out under the company's profit-sharing plan and reduces the maximum annual payouts during the contract. The contract provides flexibility to reduce staffing and continues medical benefit cost sharing. Wages and benefits remain in line with the prior agreement.
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