Skip to comments.The Union's Bleeding Pensions
Posted on 08/11/2009 10:07:05 AM PDT by Mobile Vulgus
We've mentioned it here and there in the past, but one of the under reported stories about unions today is that few of them have fully funded pension plans and worse, many are in dire trouble. The Wall Street Journal reminds us all of the mess that union pensions are in with a July 27 piece headlined, "Union Pensions in the Red ."
The WSJ reports on the unusual actions of the Service Employees International Union (SEIU), one of the most powerful unions in America, as it tries to fix its pension funds.
Read the rest at Publiusforum.com...
It’s all in the plan, Stan!......The unions support Odinga and he routes tax money into the failed union pension systems!....problem solved!
Not to worry, O has lots of money. It’s our money but that won’t make any difference at all.
I wanna know what Obamacare will do to the Unions’ health care liabilities.
Wipe them out, I dare say...
Who needs planning and money managenet when Obailout will just throw good taxpayer money into their funds to prop them up. One bad deed deserves another.
No kiddin !
Where is the bail out for those of us with private 401K retirement plans, which have shown substantial losses in the last year? Since our tax dollars will go to prop up union pensions shouldn’t we at least get some sort of tax break?
Then put the item back on the shelf. Most of us buy on impulse, not need. So choose NON-Union products.
Need a new vehicle? Buy non-union, made in the USA, Toyota or Nissan.
Also, DO NOT renew your AARP membership. Plenty of other ways to get discounts.
A simple three step law would fix this.
1) Union member pensions have higher funding priority than Union executive pensions. In other words, the Unions are required to first fully fund member pensions before a single dime can be paid into the executive pensions
2) Union dues to be garnished to fund pensions until such time as the pensions are fully funded. IOW, no other operations expenses, bonuses lobbying or any expenditures of any kind until the pensions are fully funded.
3) Union executives shall not receive a compensation rate higher than the average salary of all union members. No bonuses, no perks, nothing until the pensions are fully funded.
He will also supply more union members. Does the receptionist at your doctor’s office belong to a union? My doctor’s office group has a technician on staff who draws blood for the office group. I doubt he is in a union.
I recently met a woman who is in “patient escort services” at a hospital. (She helps elderly and disable who valet park get to the correct office and escorts them back to the car). This isn’t a unionized job at this time.
The same thing that is affected GM and SSI looks like it is hitting the Union Pensions as well,.
Note, my guess they are not employing cost saving techniques as using ETF"s for large cap exposure and my guess the pension boards get paid well, go on fact finding missions to exotic or expensive locals, and are full of political hacks and lackies....
The need low cost providers like Vanguard to run it, but perhaps they wouldn't want to deal with some some of the leisure suit with the open collar shirts with large neck crowd.......
but why worry about private pensions.....the GOVT pensions at every level are obscene and outrageous and they are bankrupting every city, county and state yet all that gets done is higher taxes....nice work if you can get it...
I think they are cramming this govt health care down our throats because they see big increases in their health union membership, probably forced on people....and all those union dues....
again.....the govt pension system is much worse.....and those pensions don’t fail.....my taxes just keep going up.....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.