Posts tagged Pension
Yellow closure affecting 800 Hoosier union truckers
August 21, 2023 // The nearly 100-year-old company was known for its “less-than-truckload” business model, meaning it delivered freight for multiple customers on the same truck. The company was significantly popular, growing to be one of “the Big Three” carriers in the country until trucking was deregulated in 1984. That meant nonunionized carriers could come to market, building competition for the big three.
Navy Shipbuilders’ Union Approves 3-Year Labor Pact at Bath Iron Works
August 21, 2023 // The contract, which takes effect Monday, raises pay a range of 2.6% to 9.6% in the first year with differences due to a mid-contract wage adjustment that already took effect for some workers, and will be followed by a 5% increase in the second year and 4% increase in the third. Workers are receiving an increase in contributions to their national pension plan while health insurance costs will grow. Machinists’ Union Local S6, which represents about 4,200 production workers, touted the biggest pay raises by percentage since the union's founding in the 1950s.
OPINION: Pritzker risks bankrupting Illinois to curry favor with Big Labor
August 14, 2023 // Members of AFSCME Council 31 eagerly voted in local union meetings over the past two weeks to ratify the contract, which negotiators had tentatively agreed to on July 1. And who could blame them? The contract also includes a $1,200 “stipend” paid to every worker merely for ratifying the contract. Pritzker, a Democrat, included these bonuses in his last contract negotiation in 2019, ostensibly to compensate workers for the financial “hardship” of being state employees under his Republican predecessor, Bruce Rauner. Predictably, such payoffs have now become standard operating procedure. The governor celebrated his and AFSCME’s windfall by tweeting out, “Illinois is a pro-worker state through and through.” The pronouncement was eerily reminiscent of Biden’s one-time campaign promise to become the “most pro-union president you ever saw.”
Teamsters Plan 22,000-Worker Strike at Trucking Firm Yellow
July 20, 2023 // Pension accruals and health-care benefits will be suspended July 23 if Yellow doesn’t make the necessary payment, the International Brotherhood of Teamsters said Tuesday in a statement. The union said it’s preparing for a strike as early as July 24. Yellow, the third-largest less-than-truckload carrier, has been struggling financially as it seeks to refinance more than $1 billion of debt that matures in 2024. Its stock has been in a tailspin, plunging about 60% in 2023 and more than 90% since the beginning of last year. Less-than-truckload competitors — such as Old Dominion Freight Line Inc., XPO Inc. and FedEx Corp.’s freight unit — “stand to gain from the drama unfolding at Yellow,” Lee Klaskow, an analyst with Bloomberg Intelligence, wrote in a note.
Opinion Project labor agreements are not right for Prince George’s new schools
July 10, 2023 // A debate has arisen over the use of project labor agreements (PLAs) on the construction of six new schools in Prince George’s County. But PLAs, which require union construction crews, are not the solution for Prince George’s County. PLAs are government mandates that exist exclusively as a method for public officials to steer tax dollars to organized labor. Most local businesses, particularly those owned by racial minorities, cannot work on projects covered by PLAs. These businesses risk financial ruin in the form of exorbitant pension withdrawal liabilities by agreeing to the terms of PLAs. Consider the case of a trucking company in New Jersey that unwittingly agreed to work on a PLA project and, years later, was hit with a demand from the union’s pension fund for $700,000 — more than twice what the company earned on the project.
Commentary: To Unions, Organizing Time Is Fine When It’s on the Taxpayers’ Dime
June 29, 2023 // Despite public sector unions, and particularly teachers’ unions like Weingarten’s American Federation for Teachers, facing mounting scrutiny for their role in school closures and broader left-wing political activism, the practice of release time has garnered little attention.
Terms regarding FedEx pilot strike detailed in tentative agreement between union and company
June 15, 2023 // Specifically, a 30 percent pay increase, a 30 percent increase to the pilots' legacy pension and a fully developed and "equally valuable company-funded" market based cash balance pension to provide a "durable" replacement for their legacy pension are part of the terms. ALPA said that to date, this is the largest investment in a pilot contract on a per capita bases and it "substantially raises the bar" when it comes to pilot retirement. “After careful consideration and thorough debate, our union leaders recognized the value this agreement will bring to our pilots and their families,” said MEC chair captain Chris Norman. “Now, we shift our focus to ensuring our pilots have the time and resources needed to make an informed decision.”
Potential UPS strike approaches as company negotiates with union
May 29, 2023 // Tensions are rising as the potential for delivery truck drivers going on strike inches closer. UPS has until Aug. 1 to make a deal with the driver's union before they walk.
A Mandate for Labor Error: Big Labor Radicalizes
May 25, 2023 // s for claims by some conservatives that embracing unions will drive electoral success, these notions arise from populist factions’ overinterpretation of the 2016 election results and under-interpretation of elections since then. Many note that in his 2016 campaign, Donald Trump’s efforts in the upper Midwest states of Wisconsin, Michigan, and Pennsylvania were aided by his moderate stances on economic issues relative to the positions of prior Republican candidates like Mitt Romney. And this is generally true—but not on labor-relations issues.