Posts tagged Retirement

    Southwest, American Airlines passengers face looming winter woes

    November 28, 2023 // "We're behind the industry in every area you can think of in our contract. So we're asking for quite a bit. Obviously, wages, retirement, disability. One of the big pillars that other airlines didn't have a huge issue with, but we do, is our scheduling system," Santoro said.

    Ford workers join those at GM in approving contract settlement that ended UAW strikes

    November 20, 2023 // The United Auto Workers union overwhelmingly ratified a new contract with Ford, a pact that, along with similar deals with General Motors and Stellantis, will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business as it shifts away from gasoline-fueled vehicles. Workers at Ford voted 69.3% in favor of the pact, which passed with nearly a 15,000-vote margin in balloting that ended early Saturday. Earlier this week, GM workers narrowly approved a similar contract. At Stellantis, 68.7% of workers favored ratification, an insurmountable lead with votes at only two small facilities left to be counted.

    UAW and Ford reach tentative deal to end strike

    October 26, 2023 // The Ford deal includes the biggest contract wins the UAW has secured in years, including a 25 percent hike in base wages through April 2028, the union said. The agreement provides cost-of-living adjustments to wages that will help raise the top hourly wage by over 30 percent to more than $40 by the end of the contract, union officials said. The starting hourly wage will grow to more than $28. The deal also shortens the time it takes new workers to reach the top wage, and eliminates wage tiers that left newer workers on a lower pay scale, the UAW said. It also boosts Ford’s contribution to retirement accounts.

    Workers at Mack Trucks set to strike after rejecting tentative contract deal

    October 9, 2023 // Union workers at Mack Trucks have voted down a tentative five-year contract agreement reached with the company and plan to strike at 7 a.m. Monday, the United Auto Workers union says. Union President Shawn Fain said in a letter to Mack parent company Volvo Trucks that 73% of workers voted against the deal in results counted on Sunday. The UAW represents about 4,000 Mack workers in three states. Union leaders had reached a tentative agreement on the deal on Oct. 1. The deal included a 19% pay raise over the life of the contract with 10% upon ratification. There also was a $3,500 ratification bonus, no increase in weekly health care contributions, increased annual lump sum payments for retirees and a $1,000 annual 401(k) lump sum to offset health care costs for employees who don’t get health insurance after retirement. Fain said in his letter to Volvo Trucks’ head of labor relations that employees working early Monday will exit the factories after performing tasks needed to prevent damage to company equipment.

    Detroit casino union employees overwhelmingly vote to authorize a strike

    October 3, 2023 // Detroit casino union employees voted overwhelmingly to authorize a strike Friday night. The Detroit Casino Council — which represents workers at MGM Grand Detroit, Hollywood at Greektown and MotorCity casinos — said 99% voted yes to authorize a strike if a new contract agreement isn't reached by mid-October when the current contract expires. Workers say they sacrificed raises and took on heavier workloads during the coronavirus pandemic after agreeing to a three-year contract extension in September 2020. DCC said workers deserve pay increases now that business is bouncing back.

    Opinion: TALKING TRANSPORTATION: Union Power and the Potential Strike at Metro-North

    August 8, 2023 // The union, which represents car inspectors, coach cleaners and mechanics has been without a contract since 2019 and says MTA management is dragging its heels on a new contract. The union has entered mediation through the Railroad Labor Act but says the first round did not go well. Under New York State law the union does have the right to strike and that would pretty much halt train service. But the effect of that might be far less in these post-COVID times as we’ve all learned how to WFH (work from home). This labor unrest comes as the MTA admits it paid $1.3 billion in overtime last year. About 1100 of its employees doubled their salaries with OT. There are mechanics and MTA cops taking home over $300,000 due to extra duty. Under their contracts, available overtime must first be offered to the most senior (and highest paid) staffers so those veterans, closest to retirement, are raking it in.

    Opinion: An educator is leading NC’s battered ranks of teachers to unionize

    July 31, 2023 // After two years of pushing unionization as a volunteer, Mangrum has taken a part-time, paid consulting role with the American Federation of Teachers (AFT), the nation’s second largest teachers union with 1.7 million members. Her job is to explore the union’s potential to organize a significant share of the state’s 94,000 public school teachers. “We have members across the state,” Magnum said. “Two years ago we didn’t have any.” Just how many, she wouldn’t say, but she allowed that it’s more than 100

    Santa Maria man who embezzled from county union fund sentenced to 11 years

    July 28, 2023 // Torres, who served as a deputy probation officer for Santa Barbara County, embezzled roughly $635,000 of public funds from the Santa Barbara County Probation Peace Officer Association (SBCPPOA). Torres was president of the association for over 20 years. Funds stolen from the SBCPPOA bank account were dues contributed from members’ paychecks. Torres embezzled those funds over a span of 10 years — from Jan. 1, 2009, to June 30, 2019. Torres was ordered to pay $1,072,654 in restitution to the SBCPPOA and $328,345 in restitution to the California Franchise Tax Board, the DA’s Office said.

    A Bandage Approach: Teaching after Retirement

    July 26, 2023 // The problem is that allowing retired teachers to come back to the classroom does nothing to address the problem. Let me be clear on what I mean by “the problem.” I am not talking about the problem of teacher recruitment and the number of people entering the profession. I’m talking about the teacher pipeline problem caused by the retirement system itself. It is a system that pushes people out. It incentivizes teachers, principals, and superintendents to retire in their mid-50s. This new provision does not address that issue; instead, it makes it worse. Researchers have long known that defined-benefit pensions, such as those used in the Missouri teaching profession, have two key effects on the labor market. They provide a pull for workers to stay until the peak benefit period, then they push workers out. If a teacher begins working in Missouri right out of college around the age of 22, they will likely hit their peak benefit period around the age of 53. If lawmakers truly want to keep great late-career teachers in the profession, they should revise the system that pushes them out in the first place. The best way to do this would be to move to a new type of pension system where teachers’ retirement plans would continue to accrue wealth as they continue to work through their 50s.