Posts tagged Retirement
Unions using ESG to control workers — and drain Americans’ retirement savings
March 21, 2024 // They’re pushing board nominees and shareholder proposals that aim to force more workers into union membership, even when workers don’t want it. The Biden administration has smoothed the path for this underhanded strategy, and not only does it threaten workers, it endangers millions of Americans’ retirement savings. A new Institute for the American Worker report shines a light on labor unions’ reliance on ESG.
OPINION These new government contracting rules will put parents, caregivers, seniors out of work
March 12, 2024 // Many independent contractors we have engaged quit full-time positions to become caregivers. They sought opportunities like what we offer to stay engaged in their fields, have an intellectual outlet, and enjoy camaraderie with colleagues, while contributing to the family finances. They don’t want the pressure of short-term deadlines and in-person meetings; they don’t want to have to track time and explain about sick kids or field trips. Can we continue to offer these work relationships? Maybe, although the guidance that contractors cannot "perform similar work of employees" makes it fraught.
Minnesota unions plan to wage simultaneous strikes
March 8, 2024 // Nearly 10,000 workers from a coalition of separate unions, working for a diverse group of employers, are planning a series of coordinated strikes in Minnesota this week and next. Their aim: Exert leverage at the bargaining table.
New Law Redefines Employees and Contractors
March 7, 2024 // Data suggest worker misclassification may be the exception rather than the rule in many industries. Surveys consistently show that most independent contractors prefer their independence. Around 79% of them prefer their arrangement over a traditional job, according to the U.S. Bureau of Labor Statistics, while fewer than one in 10 contractors want a traditional work arrangement. "Since a lot of older Americans do seek out these flexible forms of work as they near retirement — or after — this rule will likely lead to reduced work opportunities for them." Implemented in 2020 when acting U.S. Labor Secretary Su was California's labor commissioner, California's Assembly Bill 5, or AB5, similarly set out to protect workers by getting more people on the payrolls. But many Californians working as legitimate contractors suddenly lost income after businesses and nonprofits stopped working with them as freelancers and didn't hire them as employees.
Independent Work Offers Hope for Financial Security for Women 50+
March 5, 2024 // “I have friends who are struggling in retirement because they lost good jobs at age 50 and could never find another career position despite years of job searching.” A 2017 field study bears this out. Conducted by the Federal Reserve Bank of San Francisco, the study revealed a 47% lower callback rate for older female applicants than young female applicants aged 29 to 31 years. For sales jobs, the callback rate was 36% lower for older female applicants. Because independent contracting is vital to keeping pre-retirement women attached to the workforce, it defies logic that legislators insist on stifling the very independent career opportunities that help these women supplement their income, stay active, and maintain a sense of purpose.
UAW loses key local leader known for influence, strategy during negotiations
February 23, 2024 // By contrast, the national union's corruption scandal led to more then a dozen convictions, including two past national UAW presidents and Fiat Chrysler executives. "I was disgusted and disappointed by what some individuals did," said Ricke, who, as local union president, earned a salary of about $175,000, which is tied to the regional leader's wage.
Opinion: Construction Unions Face Fork In The Road: Shrink Or Seize The Moment
February 16, 2024 // “This is the best shot the unions have had in decades,” said Joshua Freeman, a Queens College, City University of New York history professor. “There’s low unemployment, a sympathetic administration, an infrastructure ramp and sympathetic public attitudes. Lots of things are going in the right direction for unions.”
Report: Illinois has 5th highest amount of post-employment benefit liabilities
February 7, 2024 // Nationwide, current unfunded state OPEB liabilities are more than $1.14 trillion, or roughly $3,500 for every American man, woman and child. Only four states have a higher amount than Illinois, including Texas, New York, California and New Jersey. Two states, Nebraska and South Dakota, have zero liabilities after implementing defined contribution health care benefits. “OPEB liabilities in many cases are much different than pension liabilities because they are not protected by state constitutions or by contract law,” said Williams. OPEB plans have worse overall funding ratios than state pension plans. With an average funding ratio of merely 13.46%, many have no pre-funded assets whatsoever, allowing liabilities to grow rapidly year over year.
Adrian nurses holding ‘practice strike’ say it’s ‘last chance ProMedica has to come to their senses’ in contract negotiations
February 2, 2024 // MNA is demanding a few key items in the next contract, including higher wages, no two-tier retirement system and smaller staffing-to-patient ratios. According to the union, the highest wage a nurse can make is around $42/hour. They want that to be more than $50/hour. The union also said ProMedica wants new hires to have a different retirement plan than current nurses.
UAW President: If corporations won’t pay for pensions, taxpayers must
January 23, 2024 // "We have to take the issues that matter to the working class and poor, and we have to make our political leaders stand up with us," Fain said during his opening remarks. "Our message in doing this is simple: Support our cause, or you will not get our endorsement." Fain described political activism as an extension of the gains the union obtained this fall in its new contracts with the Detroit Three automakers. The new pacts delivered record wage hikes, resumed cost-of-living adjustments, obtained improvements to retirement packages and other benefits and secured billions of dollars in investments. The union, however, was unsuccessful in delivering its demand to secure pensions and post-retirement health care for all 146,000 autoworkers. Those hired after 2007 have 401(k)s with matching contributions that were upped in the latest round of negotiations. Analysts have estimated the union's demand would cost billions of dollars.