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The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.

Weekly Recap: Ferrari looks to reclaim old success with new manager

Clearly, Ferrari doesn't race for fourth place, and this week, major changes continued at the Scuderia. It was a rough year for Ferrari, and the Scuderia conducted its season-ending tests in Abu Dhabi this week with a view toward a fresh start in 2015 with new leaders and a new ace driver. Though plenty of other Formula One teams were disappointed with their finishes in 2014, Ferrari was perhaps the most eager to put this season in its rear-view mirror. The Scuderia finished a distant fourth in the Constructors standings with 216 points, well behind No. 1 Mercedes (701 points), and Ferrari failed to win a single race as the Silver Arrows dominated the grid. It was an especially bitter pill for a team that claims 16 Constructors championships and 15 Drivers titles – the most in history – and is the only surviving team from F1's first season, 1950. Clearly, Ferrari doesn't race for fourth place, and this week, major changes continued at the Scuderia. Ferrari named Philip Morris executive Maurizio Arrivabene as team principal. He replaced Marco Mattiacci, who held the job for only seven months after taking over for Stefano Domenicali, who resigned in April amid the Scuderia's early-season struggles. Phillip Morris (through its Marlboro brand) is a key Ferrari sponsor, and that played a role in Arrivabene's ascension. Still, he's no stranger to F1, and has been intimately involved in the Ferrari-Marlboro partnership. He also has served as the sponsors' representative on the FIA's F1 Commission since 2010. In a statement, new Ferrari chairman Sergio Marchionne said: "We decided to appoint Maurizio Arrivabene because, at this historic moment in time for the Scuderia and for Formula One, we need a person with a thorough understanding not just of Ferrari, but also of the governance mechanisms and requirements of the sport." Arrivabene's background is primarily in marketing and communication, and most recently he held the title of vice president of consumer channel strategy and event marketing for Philip Morris. He has been with the company since 1997. Arrivabene now leads a team that's rife with change. Marchionne took over in October when longtime boss Luca di Montezemolo quit in a disagreement about Ferrari's future, and the company itself will be spun off from parent Fiat Chrysler Automobiles in 2015.

2018 Jeep Grand Cherokee Buying Guide | Popular SUV questions and answers

The Jeep Grand Cherokee is several SUVs rolled into one. When equipped with the standard 3.6-liter V6, the Grand Cherokee is a refined and well-mannered sport-utility that delivers a comfortable ride, a handsome cabin, along with Jeep's legendary off-road prowess. At other end of the spectrum is the Trackhawk, a Grand Cherokee with the heart of a 707-horsepower muscle car. Powered by the same supercharged V8 found in the ferociously quick Dodge Challenger Hellcat, the Grand Cherokee Trackhawk is one of the fastest and wildest SUVs of all time. Between these extremes there are plenty of other options, including two somewhat less powerful (but still potent) choices of V8. An available air suspension not only helps to make the ride smoother, it can significantly raise the ride height for any rock-crawling moments you encounter. Here you'll find all the information needed to make an educated buying decision if you're considering a 2018 Jeep Grand Cherokee, including safety and reliability ratings, engine specs, horsepower, fuel economy ratings and pricing. We'll also summarize what Autoblog's professional auto reviewers think of the Jeep Grand Cherokee. Is the 2018 Jeep Grand Cherokee Safe? The Jeep Grand Cherokee scores four out of a possible five stars in the National Highway Traffic Safety Administration's overall crash-test rating system. The Grand Cherokee was tested in both rear- and all-wheel drive format. The two Grand Cherokee models tested earned four-star ratings in frontal impact tests, and five stars in NHTSA's side impact tests. The only difference between the two is regarding their resistance to rollover, with the rear-wheel drive Grand Cherokee scoring a three-star rating, versus four stars in the all-wheel drive model. The Insurance Institute for Highway Safety, which provides ratings for new vehicles based on its own comprehensive crash tests, found room for improvement when it comes to the Grand Cherokee's performance in its crash test regime. While it earned top marks in some categories – such as side impact crash tests, and front crash avoidance (when fitted with optional safety equipment) – the Grand Cherokee registered a "Marginal" and "Poor" rating for its performance in the Small Overlap Front test. This simulates a vehicle hitting a static object, such as a utility pole, with only a fraction of its front end.