Posts tagged defined benefit
Op-ed: To High Praise and Hallelujahs, Trump Nominates Keith Sonderling for Secretary of Labor
June 30, 2026 // As Acting Secretary, Sonderling has strongly advocated for Trump's pro-business and pro-worker agenda, touting the manufacturing jobs that have been returned to the U.S., and has worked tirelessly to beef up and expand apprenticeships through the U.S. Department of Labor for small businesses and private-sector concerns. Under Biden's DOL, apprenticeships were issued through the major labor unions like the AFL-CIO and SEIU, effectively cutting out any private sector opportunities. Sonderling has also long been a champion for defined benefit pension plan sponsors to be able to use group annuities to protect pension benefits through pension risk transfers, and to allow employers to incorporate retirement plan options like cryptocurrency assets and private credit funds. But most pivotal, Sonderling is working hand-in-hand with the Fraud Task Force to eradicate the rampant unemployment insurance fraud.
Boeing union members are angry they lost their pension plan. They’re not likely to get it back
September 24, 2024 // But the fact is that the traditional pension plans, once a staple of the retirement of many workers, have become exceedingly rare in the modern American workplace. And once a company drops traditional pensions plans to shift employees to a 401(k) type of retirement account, they are almost always gone for good. While other unions have also sought to have lost pension plans restored, as the United Auto Workers union did during its successful strike at General Motors, Ford and Stellantis last fall, no American union has ever succeeded in bringing them back. Even though the auto strike produced a deal with record pay raises and other gains for the UAW, it did not restore pension plans to workers hired since 2007.
Ford says it is ‘at the limit’ with UAW contract offer
October 13, 2023 // Ford officials said on Thursday that cutting a deal that does not allow the company to survive makes no sense and that striking the Kentucky truck plant would also hurt the UAW's profit-sharing checks. In a sign of the strike's expanding impact, Delta Air Lines (DAL.N) said on Thursday it is feeling a pinch from the automotive and entertainment labor strikes. Delta President Glen Hauenstein said the UAW strike has curtailed a "significant" amount of business in Detroit. Automakers have more than doubled initial wage hike offers, agreed to raise wages along with inflation and improved pay for temporary workers, but the union wants higher wages still, the abolishment of a two-tier wage system and the expansion of unions to battery plants. The UAW has room to expand its walkouts and increase the pressure on the Detroit Three to offer bigger wage gains, richer retirement packages and more assurances that new electric vehicle battery plants will be unionized.