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Sunday, March 20, 2011
HECO: IBEW got raises, we got two-tier Pension Plan
By News Release @ 1:44 PM :: 5651 Views :: Energy, Environment

FROM HEI SEC form 8-K Filing 3-14-2011

Item 8.01  Other Events.

Collective bargaining agreement.  As of February 28, 2011, approximately 55% of the electric utilities' employees were members of the International Brotherhood of Electrical Workers, AFL-CIO, Local 1260, Unit 8, which is the only union representing employees of the electric utilities. On March 4, 2011, with the collective bargaining agreement expired, the union declared a strike on HECO and its subsidiaries. On March 11, 2011, the union's members ratified a new collective bargaining agreement and a new benefit agreement with the electric utilities. The new collective bargaining agreement covers a term from January 1, 2011 to October 31, 2013 and provides for non-compounded wage increases (1.75%, 2.5%, and 3.0% for calendar years 2011, 2012 and 2013, respectively). The new benefit agreement covers a term from January 1, 2011 to October 31, 2014 and includes changes to medical, dental and vision plans and increased employee contributions and changes to retirement benefits for employees commencing employment on or after May 1, 2011. The union's work stoppage ended on March 11, 2011.

HEI and HECO intend to continue to use HEI's website,www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, HECO's and American Savings Bank, F.S.B.'s press releases, SEC filings and public conference calls and webcasts. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC.

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KITV: HECO, IBEW Contract Details Made Public By Securities And Exchange Commission

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