Yup, benefit plans don't get better these days, union contract or not. I sit on the fence, I don't buy the complaineypants and you should be greatful you have a job lines. If people followed those we would all be making $2 an hour 60 hours a week and benefits or workplace safety would be non existent. It is a pain in the ass, especially in principal, just some chinsy accounting move to keep a few bucks.
Its funny how these cost saving measures really end up costing the company more in the end. The intangible losses from pissing employees off include loss of creativity, efficiency, drive, people quitting or looking for new jobs can often outweigh a few dollars saved. The problem is that the guy who came up with the brilliant idea is often promoted by the time it comes full circle. My only comment to you is that if you are not happy just use it as motivation, kick ass in your job or kick ass and get a better job, sell yourself to either your company or other companies.
I have watched first hand the positive effects of this kind of stuff too, my company made moves like this. It provided enough irritation to the long time highly experienced workers that a great deal of them left, all to the same company for way better pay, benefits, and on the job respect. This void allowed Jr. people like me the chance to move up way faster and get a great deal more opportunities, rewarding jobs and money. Sometimes there is a silver lining to stuff like that, although I wouldn't be saying it around the office.