Posts tagged pension plan
As doormen and porters prepare for strike, NYC luxury condo labor dispute divides Cuomo backers
May 27, 2025 // Gutierrez and his colleagues said they may go on strike as early as Thursday if the board and developer Lightstone Real Estate Partners don’t agree to the new contract. It would be an unusual stoppage at a single building organized by the influential 32BJ union. There were two such strikes last year, a union spokesperson said. The dispute also reveals strange bedfellows in the race for New York City mayor. Campaign finance records show Lightstone contributed $100,000 to the SuperPAC backing Andrew Cuomo’s mayoral bid, just weeks before 32BJ formally endorsed the former governor in the Democratic primary. When asked for comment on the dispute between Cuomo’s two benefactors, his campaign referred questions to his SuperPAC, Fix the City.
AP Exclusive: US meatpacking workers win back pensions in new union contract with JBS
May 27, 2025 // The United Food and Commercial Workers union said Thursday that 26,000 meatpacking workers at 14 JBS facilities would be eligible for the pension plan. The new contract, which was ratified by workers this week, also adds paid sick leave, wage increases and new plant safety measures.
Federal bailout gives $635 million to carpenters union pension plan
November 24, 2024 // The federal government is spending $635 million in taxpayer funds to bail out a multiemployer pension fund for a Detroit carpenters union. Pension experts warn that the bailout comes with little or no accountability and no indication that it won’t happen again. Julie Su, acting secretary of labor, announced the bailout in a video posted to her X account Oct. 18. Su credited the 2021 American Rescue Plan Act, which appropriated $86 billion for union pensions.
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.
Central States Reaches Agreement to Repay $127M Overpayment
April 9, 2024 // Congressional Republicans, including Senator Bill Cassidy, R-Louisiana, and Representative Virginia Foxx, R-North Carolina, had subpoenaed the PBGC, PBGC Director Gordon Hartogensis and PBGC Inspector General Seema Nanda for documents related to the repayment. The subpoenas for Hartogensis and Nanda came after Hartogensis testified on March 20 to a subcommittee of the House Committee on Education and the Workforce that Central States was then negotiating with the DOJ to secure the repayment.
House probe starts after $127M in bailout funds paid to dead Teamsters’ pension plan
January 16, 2024 // Foxx and Good also said the “mismanagement casts doubt on PBGC’s implementation of the larger program, the $91 billion Special Financial Assistance (SFA) program,” saying Central States had sent a follow-up letter to the inspector general’s office that implied it would use the money “as their personal slush fund” to help it “achieve its statutory objective of remaining solvent through 2051.” Inspector General Nicholas Novak previously told The Post that there was no clawback function available to PBGC as part of the American Rescue Plan, through which the Biden administration provided more than $80 billion to other multi-employer pension funds.
US Overpaid Teamsters Pension Counting Dead Participants
November 3, 2023 //
Teamsters Sacrifices 30,000 Workers: 3 Ways Union Contributed to Yellow Trucking’s Demise
August 2, 2023 // A key reason Yellow was said to be closing its doors is that the union was refusing Yellow’s restructuring and modernization efforts. Part of that restructuring would have included efficiency savings by enabling an additional 600 utility truck drivers to also sometimes perform dock work, but the union controls what tasks workers are allowed to perform, and Teamsters President Sean O’Brien asserted that this restructuring “would have decimated thousands of Teamsters jobs.” Instead, the union’s refusal to allow company management to do what it felt necessary to save the business contributed to the decimation of 22,000 Teamsters jobs.
A “Critical” Issue with Pensions
February 12, 2022 // Here's everything you need to know about union pension plans and their current funding status.
Opinion: Labor Unions Are Growing in California Because Workers Need Them
December 13, 2021 //