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May 15, 2004
No union steelworkers at Allegheny Ludlum operations will be laid off as a result of the planned acquisition of J&L Specialty Steel LLC, according to a summary of the tentative contract between the United Steelworkers of America and Allegheny Technologies Inc.
However, the proposed three-year contract includes a voluntary retirement plan, called a Transition Assistance Program, designed to "enhance" voluntary attrition by eligible workers over three years.
According to the summary distributed to some employees this week, senior workers who accept the plan will receive lump-sum cash payments totaling $40,000; health and life insurance; and a $400 monthly payment until they become eligible for 80 percent of Social Security benefits. The package would result in overall higher pension benefits for those who chose to participate.
The summary gave no indication how many hourly steelworkers would be eligible for the program. Spokesmen for both the Steelworkers and Allegheny Technologies could not be reached for comment Friday.