Another Pension Plan Frozen, Benefits Dramatically Cut

Faced with insolvency or major benefit cuts, retirees and employee-members of the Alaska Ironworkers Pension Plan chose benefit cuts. Well, at least 175 of the 824 eligible voters did and that’s enough to effectuate the cuts. Majority of votes submitted wins, and since 507 people did not vote, the 175 who voted in favor of…
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Facebook Cafeteria Employees “Win” a Pension Plan

Cafeteria workers (who are not Facebook employees) at Facebook’s Menlo Park, California headquarters just ratified their first collective bargaining agreement. In a strange U-turn from current trends, the workers replaced their 401(k) plan with the union’s defined benefit pension plan. Defined benefit pension plans, once the crux of generous union benefit packages, have been decreasing…
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Ohio Construction Company Cleared of $5M Pension Liability Claim

Stevens Engineers & Constructors, Inc. doesn’t owe withdrawal liability to the Iron Workers Local 17 Pension Fund because the work identified by the union did not fall with the jurisdiction of their previous collective bargaining agreement. The decision is a blow for the distressed Iron Workers pension fund, which is severely underfunded with a deficit…
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Ideas for Broken Pension Plans

Federal lawmakers are trying to come up with a way to protect the pensions of more than one million union workers. Several options have been offered, none have been accepted. The latest offer comes from union crony Ohio Senator Sherrod Brown and Massachusetts Representative Richard Neal. Their bills came the same day the Pension Benefit…
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Over 100 Union Pension Funds Set to Fail

Some 114 multiemployer pension funds are on track to fail within the next 20 years. These funds, covering 1.3 million workers, are currently $36.4 billion underfunded. The funds have total assets of $43.5 billion and liabilities of $79.9 billion. Most of that shortfall is attributed to the Central States Teamsters plan ($17.2 billion), the Bakery…
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Unionized Companies Mistakenly Believe No More Union Means No More Pension Plan

Employers often assume that when their employees decertify a union, that every obligation an employer had under the collective bargaining agreement disappears. They are wrong. In 2013, employees in three separate bargaining units (all with the International Union of Operating Engineers) of one Company voted to decertify. At that time, the Union and Company were…
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