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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Oops, Spike Lee’s Production Companies Forgot to Pay into Union Pension Fund

Filmmaker Spike Lee and his production companies were sued for short-changing health benefit and pension plan contributions to three separate entertainment industry unions. The suit seeks to hold Spike Lee personally liable for the $45,000 owed. The underpayments came to light as part of a payroll audit conducted by trustees for the union’s health benefits…
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Union Pension Fund Sues Yahoo, Claims Internet Company is Really an Unregistered Investment Company

Lead plaintiff in a shareholders’ federal class action, UFCW Local 1500 Pension Fund, claims Yahoo’s board of directors and top executives are violating the Investment Company Act of 1940. According to the suit, Yahoo’s investment securities make up 90% of the company’s value, so it must register as an investment company. The pension fund wants…
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