Posts tagged Retirement
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.
Former Law Enforcement Union Officials Sentenced To Prison For Defrauding Union’s Annuity Fund
January 19, 2024 // U.S. Attorney Damian William said: “Kenneth Wynder and Andrew Brown raided union-sponsored retirement accounts for years, placing their self interest over the hard-working public servants they represented as the president and financial advisor of the union, respectively. Wynder also evaded taxes on cash, checks, and other income he obtained from the union, including as a product of their theft from the union members’ retirement accounts. Union officials and advisors who violate their duties to the union members they represent will face serious consequences for their abuse of trust.”
UAW secures nearly $8M in back pay
December 13, 2023 // According to a July 2022 letter, also on the UAW’s website, the union was informed that month an arbitrator determined GM violated its national agreement with the union when it closed the plants; the decision, the letter states, was an “important victory.” It states as a result of GM’s breach, the arbitrator found that certain members who kept working with the company at other locations, but experienced some period of layoff were entitled to be made whole. The award does not resolve an issue over mutually satisfied retirement for members the arbitrator previously found was not subject to arbitration, but the Dec. 5 letter states “we continue to fight for MSR’s for all eligible members.”
Wisconsin’s Anti-Union Model Faces Reckoning as Top Court Shifts
December 12, 2023 // “They’ve been trying to overturn it through the legislature and the ballot box and have been wholly unsuccessful,” said Brett Healy, president of the conservative John K. MacIver Institute for Public Policy, which estimates Act 10 has saved taxpayers $16.8 billion as of this year. Act 10 also made it easier for school districts to fire low-performing teachers and retain good ones, said Walker, now president of the Young America’s Foundation, a conservative activist organization for youth. The former governor pointed to the state’s standardized test scores and graduation rates, which typically meet or exceed national averages. “We’ve seen tremendous success,” Walker added. “All the attacks they said at the time, how this would devastate schools, proved be just that—attacks. They don’t match reality.”
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.