Collective bargaining for pension plans across US at stake in Bricklayers Local 1 pension dispute
In an effort to try and bring Bricklayers Local 1 to their knees in current contract negotiations, the management trustees of the union’s pension plan have filed a lawsuit against the union trustees over a proposal to radically change the union’s pension plan. The outcome of this lawsuit has serious implications for Collective bargaining for pension plans across America at stake in Bricklayers 1 pension dispute for unions across America.
The management trustees of the Bricklayers pension fund want to end the current defined benefit plan and replace it with a defined contribution plan. (See separate story on Page 14 for the difference in the two concepts.) That is not unusual in the pension world today.
However, the management trustees want to kill one plan and start a new plan as an action of the pension trustees instead of the issue being a subject of collective bargaining during contract negotiations. In effect, the management trustees want to use the members’ own retirement funds to get something they could never achieve through collective bargaining.
http://labortribune.com/collective-bargain-for-pension-plans-across-america-at-stake-in-bricklayers-local-1-pension-dispute/
