Brothers and Sisters,
In
a continuing effort to educate members; from time to time, there are
news articles that help explain our ongoing issues with Management and
the Board of Directors. Here is a couple from Rolling stone in this
month’s issue.
The video
In the next contract we may need to be covered under "ERISA" which is the federal law governing pensions.http://www.dol.gov/
3 comments:
OVERVIEW
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for pension plans in private industry. ERISA does not require any employer to establish a pension plan. It only requires that those who establish plans must meet certain minimum standards. The law generally does not specify how much money a participant must be paid as a benefit. ERISA requires plans to regularly provide participants with information about the plan including information about plan features and funding; sets minimum standards for participation, vesting, benefit accrual and funding; requires accountability of plan fiduciaries; and gives participants the right to sue for benefits and breaches of fiduciary duty.
Employee Retirement Income Security Act of 1974 (ERISA) - Sets uniform minimum standards to ensure that employee benefit plans are established and maintained in a fair and financially sound manner. In addition, employers have an obligation to provide promised benefits and satisfy ERISA's requirements for managing and administering private pension and welfare plans.
Our pension sucks! The teamsters have a real pension. They force employers (winco, franz bread, safeway, Fred meyer etc to pay in to the fund. The fun has over 33 billion in it 98.2% fully funded.
Post a Comment