Is Scranton, Pennsylvania the Next Detroit? Public Union Pensions Driving Scranton to Bankruptcy
By Management Labor Lawyer | | NLRB
Scranton, Pennsylvania, home of Vice President Joe Biden, is bracing for bankruptcy because of overly generous union pension plans. According to Stephen Moore of Investor’s Business Daily Online: The city also increased various fees, such as for garbage collection, by two-thirds. It’s becoming a tax hell. These taxpayer costs are skyrocketing, because the city’s auditors…
Read More Cuts to Pension Plans Part of the 2015 Congressional Budget Bill
By Management Labor Lawyer | | NLRB
For the first time, Congress approved a bill that allows the retiree benefits of distressed union multi-employer pension plans to be cut. A multi-employer pension plan is where a group of employees in the same industry join unions to provide pension coverage to retirees. Of the 1,400 multi-employer plans in the U.S., hundreds either have…
Read More The Inner-Workings of the PBGC Taking Over Union Pension Plans
By Management Labor Lawyer | | NLRB
Many of my clients are suffocating under the weight of unfunded pension liabilities. They ask me what happens if they sell the company, what happens if they get rid of the union, what happens if they file bankruptcy, etc. While answering each of those questions depends on a myriad of specific facts and legal analysis,…
Read More Ormet Allowed to Sell Bankrupt Ohio Facility Free and Clear of Unfunded Pension Obligations
By Management Labor Lawyer | | NLRB
Ormet, a Delaware corporation, recently went bankrupt and shuttered its facilities in Ohio and Louisiana. As part of the bankruptcy proceedings, Ormet agreed to sell its Ohio plant for $25 million. The Steelworkers Pension Trust, the union representing Ormet’s employees, tried to delay the closing on the theory that the deal approved by the judge…
Read More REIT Not Subject to Unfunded Pension Withdrawal Liability
By Management Labor Lawyer | | NLRB
Finally, some good news about getting out from beneath suffocating unfunded pension liability – but only if you own a REIT. A real estate holding company was not liable for a commonly owned employer’s $1.8 million withdrawal liability judgment because the company’s primary purpose during the relevant time period was personal rather than profit-seeking. Specifically,…
Read More Austin Legal Labor Relations Newsletter #3
By Management Labor Lawyer | | NLRB
Welcome to The Labor Leader – a weekly recap of the most valuable content on labor relations from an employer’s perspective. The National Labor Relations Act covers both union and non-union private-sector employers. This newsletter is a digest of my views on labor laws, the National Labor Relations Board, and unions. Email about Mark…
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