- Current report filing (8-K)
January 07 2009 - 8:43AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported)
December 31,
2008
CENTRAL VERMONT
PUBLIC SERVICE
CORPORATION
(Exact
name of registrant as specified in its
charter)
|
Vermont
(State
or other jurisdiction
of
incorporation)
|
1-8222
(Commission
File
Number)
|
03-0111290
(IRS
Employer
Identification
No.)
|
77
Grove Street, Rutland,
Vermont 05701
(Address
of principal executive
offices) (Zip
Code)
Registrant's
telephone number, including area code
(800)
649-2877
N/A
(Former
name or former address, if changed since last
report)
|
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
|
Item
1.01. Entry into Material Definitive
Agreement.
|
On
December 31, 2008, members of the International Brotherhood of Electrical
Workers Local 300 ratified the union employees' five-year contract, with
Central Vermont Public Service Corp. (the "Company"). Of the
Company's
549
workers, the new contract covers
218
unionized employees and took effect at midnight Wednesday, December
31, 2008 when the existing contract expired.
Some
specific jobs will receive base salary adjustments of 10 to 60 cents per
hour, and all union job classification wage rates will increase by 3.35
percent in the first year of the contract. In the second, third
and fourth years, the increase will be 3.3 percent, and 3.25 percent in
the fifth year. To help control long-term costs and volatility,
the parties agreed to end CVPS's traditional pension benefit for new
hires, and to replace it with an enhanced 401(k) program. The
parties agreed to a future conversion date to be determined by the CVPS
board of directors after a full review of the overall CVPS retirement
package and our pension funding. The pension benefit will
remain in place for existing employees. The parties agreed to
maintain employee contributions for health care at about 20 percent of
company costs.
A
copy of the new contract is attached hereto as Exhibit
10.100.
|
Item
9.01. Financial Statements and
Exhibits.
|
(d)
Exhibits.
|
Exhibit Number
|
Description of Exhibit
|
10.100
|
Agreement
between Central Vermont Public Service Corporation and Local
Union No. 300 International Brotherhood of
Electrical Workers Effective as of January 1, 2009.
|
Forward-Looking
Statements
Statements
contained in this press release that are not historical fact are
forward-looking statements intended to qualify for the safe-harbors from
the liability established by the Private Securities Litigation Reform Act
of 1995. Statements made that are not historical facts are
forward-looking and, accordingly, involve estimates, assumptions, risks
and uncertainties that could cause actual results or outcomes to differ
materially from those expressed in the forward-looking statements.
Actual results will depend, among other things, upon the actions of
regulators, performance of the Vermont Yankee nuclear power plant, effects
of and changes in weather and economic conditions, volatility in wholesale
electric markets and our ability to maintain our current credit
ratings. These and other risk factors are detailed in CV's
Securities and Exchange Commission filings. CV cannot predict the
outcome of any of these matters; accordingly, there can be no assurance
that such indicated results will be realized. Readers are cautioned not to
place undue reliance on these forward-looking statements that speak only
as of the date of this press release. CV does not undertake any
obligation to publicly release any revision to these forward-looking
statements to reflect events or circumstances after the date of this press
release.
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
CENTRAL
VERMONT PUBLIC SERVICE CORPORATION
|
|
|
By
|
/s/ Joan F.
Gamble
Joan
F. Gamble
Vice
President – Strategic Change and Business
Services
|
January
7, 2009
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