It seems the person that should be doing research is you. People like you make my head hurt.
The choice was 15% or no jobs because Allied was headed towards bankruptcy. With this deal in place Yucaipa takes over Allied and preserves the pension and H&W.
Here is what Allied wanted:
The main highlights of the Allied proposal are:
1. Eliminate all future wage increases and cost of living increases. Eliminate all future health, welfare and pension increases.
2. Impose a 2.8% wage reduction for all drivers (or 0.55% in the case of brokers, taken from the percentage of revenue). These wage cuts are frozen in place for four years.
3. Eliminate all Teamster health plans. Employees will be offered a company health plan. Allied's cost for the health care plan is capped at 74%, so employees will have to pay 26% of the monthly premium cost. Allied will not pay contributions for dates when the employee is absent without pay or on workers' compensation.
4. Eliminate all Teamster pension plans. Establish a 401(k) with a 2% monthly contribution.