Autoworkers union opposes at-risk pension rule

Eugene

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Wed Jun-21-06 09:29 PM
Original message

Autoworkers union opposes at-risk pension rule

Autoworkers union opposes at-risk pension rule

Jun 21, 2006 — By Susan Cornwell

WASHINGTON (Reuters) - The United Auto Workers would oppose a bill to overhaul
the traditional U.S. pension system if it kept a current proposal for identifying
pension plans at risk of default, a union official said on Wednesday.

<snip>

Lawmakers are now trying to draft a compromise merging House- and Senate-passed
versions of the pension legislation, which affects 44 million Americans with
traditional pensions in older industries such as automobiles, airlines and steel.

Republican negotiators recently proposed a framework to define which pension plans
are so poorly funded that they are at risk of default and must add cash.

But UAW legislative director Alan Reuther said that "at risk" provision would
penalize companies that put more than the minimum required into pension plans in the
past. The union backs changes proposed by Senate Democrats, he added.

<snip>

Full article: http://abcnews.go.com/Business/wireStory?id=2103194

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Sadie5

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Wed Jun-21-06 09:35 PM
Response to Original message

1. Reuther?

Wonder if Alan Reuther is somehow connected to Walter Reuther the union official who was killed in a small plane?

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susanna

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Wed Jun-21-06 11:17 PM
Response to Reply #1

3. He's his nephew. n/t

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pooja

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Wed Jun-21-06 09:39 PM
Response to Original message

2. Do you realize how many people today are working

and do not have pension plans or even the option of 401k's. Pensions are the plans of the past that thought American's would continue to be on the top.. but when companies started disassembling companies and splitting them all over the world, they don't have the same monies coming in to cover retired personels in their company. Which is why I stress that in a global market, there must be a set standard for similar work practices all over the world. And there needs to be a global economic unit. we cannot continue to base pay and standards on an individual countries money. (similar to the euro but worldwide.)

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