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yet another reason why ALEC/VRWC/UCA have been and are intent on destroying unions.
Say what? Nobody pays as they go? How does the pension collect interest & grow?
yet another reason why ALEC/VRWC/UCA have been and are intent on destroying unions.
They are unfunded defined pension plans. This isn't even counted as part of the 16 trillion in debt. They will just borrow or print the money when it's time to pay up.
Defined pension plans are being phased out in the private sector and even public sector is finally realizing how ed they are.
If that's indeed true, then what better way for unions to protect themselves than by taking over control and full responsibility for pension programs?
very few workers would benefit, because very few works are in unions, thanks to VRWC union busting and slandering.
"Union membership in the private sector has fallen under 7%[2] — levels not seen since 1932".
http://en.wikipedia.org/wiki/Labor_unions_in_the_United_States
As unions are busted, esp in "right to get paid less" states, general wages fall.
I can't figure if you're more of a ding dong or a twinkie.
These employees should have worked for free. Just too jealous of the wealthy, I suppose.
Are these expenses included in proposed/projected budgets?
Completely irrelevant to the point of unions acting in the best interests of whatever membership they do have.
Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay
Twinkie-maker Hostess continues to screw over its workers. The company is in the process of complete liquidation and 18,000 unionized workers are set to lose their jobs. More troubling – they could lose their pensions.
According to a report by the Wall Street Journal , Hostess’ CEO, Gregory Rayburn, essentially admitted that his company stole employee pension money and put it toward CEO and senior executive pay (aka “operations”). While this isn't technically illegal, it's another sleazy theft by Hostess executives - who've paid themselves handsomely while running their company into the ground. Just last month, a judge agreed to let Hostess executives suck another $1.8 million out of the bankrupt company to pay bonuses to CEOs.
If there's no way to recover the money for the Hostess pension plans for workers, then the Pension Benefit Guaranty Corp. will have to foot the bill to make sure workers get at least some of the retirement money they paid in.
Hostess shows us clearly what Bain-style predatory capitalism is all about: big bucks for the very few rich executives, layoffs and poverty for the workers and their communities.
http://www.alternet.org/corporate-ac...ons-and-put-it
Wealth transfer from taxpayers to private equity hyenas.
Put him in jail...
Hostess is bringing back Twinkies next week.
But employees are complaining about massive wage cuts. They're mad.
A spokesperson for the employees said, "We can't tighten our belts. We eat Twinkies. It's impossible."
When unions are small, they have insufficient power for "acting in the best interests of whatever membership"
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