University announces agreement with SEIU Local 715
February 1 , 2006
Stanford University and SEIU Local 715 announced an agreement Tuesday to close contract negotiations. The contract was reopened at the end of last year to discuss a limited set of benefits issues.
As part of the agreement, the university will change the “base earnings year” for the Stanford Retirement Annuity Plan (SRAP) from 1992 to 1994 effective retroactive to Sept. 1, 2005, and further adjust the base earnings year to 1995 in September 2008. Separately, the university is making the same adjustment for all unrepresented Stanford employees who are active participants in the SRAP.
University and union negotiators also agreed that SRAP would not be a subject of negotiations this summer, when discussions for the next contract will begin. Under the agreement, all other union and university issues are deferred until the summer negotiations.
“This agreement shows that difficult issues can be resolved at the bargaining table,” said Executive Director of Human Resources Diane Peck. “I am optimistic that this same spirit of meaningful dialogue and cooperation will serve as a foundation for negotiations on the new contract this summer."