After 8,000 utility workers were locked out earlier this summer, Utility Workers (UWUA) Local 1-2 in New York City approved a new labor contract with Consolidated Edison (Con Ed). 

The New York Times reports:

Harry Farrell, president of Local 1-2 of the Utility Workers Union of America, said on Wednesday that its membership voted by a margin of 93 percent to accept a new four-year agreement with Consolidated Edison.

UWUA Local 1-2 reports:

Chief among the contract highlights is the provision that in future contract agreements, through the year 2037, Con Edison can no longer seek to change the defined pension benefit retirement plan for members who were employed as of July 1, 2012. Employees hired after that date will receive a cash balance pension benefit which, if coupled with Con Ed’s 100% matching contribution through its Thrift Savings Plan, will, over time, be on par with those members covered under the defined pension benefit.

Read more info on the agreement here.