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AT&T Contract Extension Negotiated

June 20, 2003

The IBEW/CWA bargaining team reached a tentative agreement with AT&T early in the morning of June 19, 2003, on a contract extension/wage re-opener. The contract will be submitted to the membership for ratification on a schedule to be announced.

The extension will run through December 10, 2005. It includes wage increases of: 1.5 percent in November 2003, 1.5 percent in May 2004, 1.5 percent in November 2004 and 1.25 percent in May 2005. Pension bands will be increased by 5 percent on September 1, 2003 (employees retiring for any reason after June 18, 2003 will be eligible for the increase effective September 1, 2003). The CBA (cash balance account) pension band credit amount will increase 5 percent on January 1, 2004 and the interest credits will be at the rate of 4.5 percent beginning January 2004 through December 31, 2005. All other provisions of the contract remain the same as the current agreement. There is no cost shifting or retrogression on either active or retiree medical care nor any other benefit.

In April 2002, the company and the unions agreed to an 18-month contract that was ratified by the members.

The IBEW represents approximately 1,000 AT&T employees belonging to 11 local unions whose activities are coordinated through IBEW System Council T-3.