There is another union pension scandal brewing. A Hudson Institute study in September demonstrated that the union hierarchy’s staff plan is funded at over 95 percent, while the average funding percentage of a rank-and-file member’s pension plan is 79 percent. Not one of the staff pensions are on the Department of Labor’s list of critically underfunded pension plans, while more than half of rank-and-file pension plans are endangered. The evidence is clear, the bosses are padding their pockets while leaving the rank-and-file out to hang.


Under Federal pension law, if a multiemployer pension plan is determined to be in critical or endangered status, the plan must provide notice of this status to participants, beneficiaries, the bargaining parties, the Pension Benefit Guaranty Corporation, and the Department of Labor. This requirement applies when a plan has funding or liquidity problems or both as described in the Federal law. If a plan is in critical status, adjustable benefits may be reduced and no lump sum distributions can be made. Pension plans in critical and endangered status are required to adopt a plan aimed at restoring the financial health of the pension plan.

Participants with questions regarding the notices should first contact your plan administrator. If you still have questions, contact the Department of Labor’s Employee Benefits Security Administration electronically at www.askebsa.dol.gov or by calling toll-free 1-866-444-3272.

Hope your not in one of these unions.
http://www.dol.gov/ebsa/criticalstatusnotices.html