Service Corporation International (SCI) Rejects Teamsters “Last and Best” Offer

Moreover, Service Corporation International (NYSE:SCI) hasn’t sought to eliminate or reduce any benefits, but rather it wants to give  employees the choice to opt out and receive cash compensation if they decide they do not want or need the health-care plan or the legal and educational assistance plan. Heretofore, employees have been required to participate in these plans whether they want or need them.

Service Corporation International (NYSE:SCI) also wants to replace the Teamsters pension plan with a 401(k) plan because the pension has a history of underfunding, there’s doubt whether pensioners will receive the benefits promised, and it’s been an ongoing source of litigation for the union. SCI’s proposal offers a dollar-for-dollar match up to 4% of annual income.

The Teamsters were to present the funeral directors and drivers with Service Corporation International (NYSE:SCI)’s proposal tonight for a vote, and if it was rejected, they’d immediately take a vote to go on strike. No word as yet on how the secret ballots were cast.

The article Service Corp Rejects Teamsters “Last and Best” Offer originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned, and neither does The Motley Fool.

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