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Canadian Pacific yesterday announced the collective bargaining process with the Teamsters Canada Rail Conference and Rail Traffic Controllers has concluded and a three-year agreement now is in place.

The Class I received the award of a federally appointed arbitrator that includes a cap change on pension growth and a new pension accrual rate for future hires. The agreement is retroactive to January 2012.

CP also announced a five-year agreement reached with the International Brotherhood of Electrical Workers last month has been ratified. The contract takes effect Jan. 1, 2013.

"I am pleased we were able to reach another agreement with a key union," said CP President and Chief Executive Officer E. Hunter Harrison in a prepared statement. "With our labor situation settled, CP is in very good position to continue the work of being an even more reliable and efficient railway for our customers."