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6/24/2005

Teamsters Address PepsiCo Board of Directors

Source: Teamsters

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Union Raises Concerns About Company's Failure To Keep Promises to Workers

A delegation of Teamsters from around the country recently attended PepsiCo's annual meeting of shareholders to raise concerns about pension benefits for Frito-Lay members. "Frito-Lay promised workers that if they switched into company pension and health and welfare plans and out of the Teamster plans, the workers would not suffer," said Jeff Padellaro, Local 633 business agent, in his address to the PepsiCo board of directors. "The company promised that the benefits would keep pace with those guaranteed by Teamster plans. This didn't happen, and in our mind it's a broken promise, Mr. Chairman."

"The meeting provided an opportunity to remind the company that we expect them to live up to the promises they made to our members when they went into the company's fund some 25 years ago," said Rich Volpe, International Vice President and Director of the Teamsters Bakery and Laundry Conference. "Our members deserve to retire in dignity."

"I delivered chips for 29 years and 51 weeks," said Donald Kinney, a Frito-Lay retiree. "And the company is taking $3 a month out of my pension for the rest of my life because I was one week short of 30 years. It's a shame."

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