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Keyword: unionpensions

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  • Has pouring money down the “re-elect a Democrat Congress” sewer finally bled private unions out?

    05/04/2012 11:35:05 AM PDT · by jmaroneps37 · 17 replies
    coachisright.com ^ | May 4, 2012 | Kevin "Coach" Collins
    The Department of Labor classifies almost half of America’s private union pension funds as either “endangered” or “critical” because they are so grossly underfunded. Among the unions on this list are the Democrats’ favorite piggy banks; “the Service Employees International Union (SEIU) the United Food and Commercial Workers (UFCW), the International Brothers of Electrical Workers, the Laborers International Union of Northern America, the International Association of Machinists, the United Brotherhood of Carpenters, the International Union of Operating Engineers and the National Plumbers Union.” On average all private union pensions are almost 40% underfunded. In real life terms this means less...
  • The Chicago Way: Union Boss Collects Pension After One Day on Job

    09/24/2011 9:27:31 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | September 24, 2011 | Mike Shedlock
    If you need evidence on how corrupt self-serving unions and union officials can be, then please consider Ex-labor chief's 1-day rehire nets $158,000 city pension A retired Chicago labor leader secured a $158,000 public pension — roughly five times greater than what a typical retired public-service worker in the Windy City receives — after being rehired for just one day of active duty on the city payroll, local news reports said. According to The Chicago Tribune, Dennis Gannon stands to collect approximately $5 million in city pension funds during his lifetime. He now draws the pension while working for a...
  • One-day rehiring nets former Chicago labor leader $158,000 pension

    09/22/2011 7:27:57 AM PDT · by listenhillary · 19 replies
    Chicago Tribune ^ | 9/21/2011 | Jason Grotto
    Most city workers spend decades in public service to build up modest pensions. But for former labor leader Dennis Gannon, the keys to securing a public pension were one day on the city payroll and some help from the Daley administration. And his city pension is more than modest. It's the highest of any retired union leader: $158,000. That's roughly five times greater than what the typical retired city worker receives. In fact, his pension is so high that it exceeds federal limits and required the city pension fund to file special paperwork with the Internal Revenue Service to give...
  • Law gives huge pension perks to union leaders (The Chicago way...)

    09/21/2011 8:19:52 AM PDT · by Kozel89 · 6 replies
    Chicago Tribune ^ | Sept 21, 2011 | Jason Grotto
    All it took to give nearly two dozen labor leaders from Chicago a windfall worth millions was a few tweaks to a handful of sentences in the state's lengthy pension code. The changes became law with no public debate among state legislators and, more importantly, no cost analysis. Twenty years later, 23 retired union officials from Chicago stand to collect about $56 million from two ailing city pension funds thanks to the changes...
  • California tax revenue plummets in July, raising fear of trigger cuts

    08/10/2011 10:52:13 AM PDT · by dragnet2 · 49 replies
    latimes.com ^ | 8/10/2011 | Michael J. Mishak
    July income was $539 million lower than expected, leading many to doubt the state budget's assumption of economic recovery and a $4-billion windfall. If revenues remain low, drastic education cuts will kick in. California's tax revenue plummeted in July, missing expectations by nearly $539 million and raising fears that deep education cuts will be needed to keep the state budget balanced. The plunge occurred before the recent Wall Street gyrations that wiped away many of the year's stock-market gains. If the economy remains sluggish and the $4 billion does not materialize, cuts in public schools, universities, libraries, child care, and...
  • New Lame Duck Threat to Bailout Union Pensions (401k threat)

    10/13/2010 1:38:09 PM PDT · by roses of sharon · 47 replies · 3+ views
    Human Events ^ | 10/8/10
    Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone. Sen. Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci. In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions. ***...
  • Obama's Cloward-Piven Policies Causing Ominous Rumblings in Philly

    08/17/2010 9:43:26 AM PDT · by unspun · 14 replies
    Gulag Bound ^ | August 17, 2010 | Janet Smiles
    Reported in the Examiner, Philadelphia: Firefighter Union to City: Liar, liar, pants on... you get it already.Exactly a week ago, it was written here how a fire in West Philadelphia killed a 12 year old boy. Much blame was put on the fact that Philly's Democrat Mayor Michael Nutter recently made Fire Department cutbacks, or "brownouts" to punish us all for not going along with this stupid soda tax idea. Please bear with me, before I begin this story a little back story is necessary. Apparently Philadelphia is our future and we need to see where the present proposed Marxist...
  • Why Democrats are Pushing the $165 Billion Union Pension Bailout

    07/30/2010 9:22:30 AM PDT · by goldendays · 16 replies · 4+ views
    biggovernment.com ^ | 07/30/10 | LaborUnionReport
    Why Democrats are Pushing the $165 Billion Union Pension Bailout by LaborUnionReport Somewhere lurking in the hot, putrid halls of Congress this summer is a union bailout bill of epic proportions and long-term ramifications. Whether or not Democrats can ultimately push it (or something like it) into passage is yet to be determined. However, with rumors that Sen. Dick Durbin (D-IL) signed on as a co-sponsor on Thursday, it would appear that the union bailout is quietly creeping along. If it passes, though, its ramifications surpass the mere $165 billion-plus price tag, as it will influence the political landscape for...
  • Lawmaker Introduces $165 Billion Union Pension Bailout Bill

    05/24/2010 11:36:59 AM PDT · by Painesright · 78 replies · 2,806+ views
    FoxBusiness.com ^ | 05/24/2010 | Erik Berte
    Taxpayers could be on the hook for another $165 billion if a bill to bail out private union pension funds makes it through Congress. A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers. The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people. As FOX Business Network’s Gerri Willis reported Monday, these pensions are in...
  • Taxpayer Problem: GM’s $12.3B of Unfunded Pensions

    04/07/2010 1:33:00 PM PDT · by wrrock · 9 replies · 534+ views
    Car Dealer Review ^ | 4/7/2010 | Car Dealer Review
    According to a report by the Government Accountability Office, GM will need to add $12.3 billion into its pension fund by 2014. To make matters worse, if GM terminates their pensions, the Pension Benefit Guaranty Corporation – funded by taxpayers - would then become responsible for as much as $14.5 billion in unfunded liabilities. In the video: Aaron points out, this could enrage taxpayers fed up with paying for government worker benefits at a time when the average government employee is making more than private sector workers and receives better benefits.
  • Unions want to dump pensions on taxpayers

    04/06/2010 7:06:18 AM PDT · by rvoitier · 73 replies · 2,836+ views
    The Daily Caller ^ | 04/06/10 | Aleksandra Kulczuga
    Legislation introduced last week could shift costs of union pension plans to taxpayers in an attempt to stave off organized labor’s pension funding crisis.Senator Bob Casey, Pennsylvania Democrat, introduced the Create Jobs & Save Benefits Act of 2010 to address the funding problems faced by union-administered multi-employer pension plans.Multi-employer pension plans have to cover the benefits of members, even if their companies are defunct.