Word: pension
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Studies will not produce action at the highest levels until union officials are satisfied that certain legal doubts have been resolved. In the past, labor leaders have generally been reluctant to take on the fiduciary responsibilities entailed in managing pension funds. The Employee Retirement Income Security Act (ERISA) requires pension trustees to direct investments "solely in the interest of the participants and beneficiaries." While activists may argue that preserving union jobs and the long-term economic viability of urban areas is a legitimate financial interest of union members, socially-oriented investment decisions might invite class-action suits by members pursuing...
...studies and the changes you're starting to see is coming from local and state union officers." An Operating Engineers Local in south Florida has put up $2 million to offer its members home mortgages. In Southern California, the Building and Trades union is contemplating a program to target pension money for building houses, apartment buildings and shopping centers. The construction trades have always had exceptional influence over pension funds because of the unstable nature of employment in their industry...
...there are signs around the country that other unions are envious of the 50-per-cent representation in pension boards common to the building trades, trucking and other multi-employer industries. The International Chemical Workers have succeeded in placing a watchdog representative on one board and gaining joint control on another. In March the bargaining council of the Communication Workers of America voted to demand "effective union participation in pension fund investment policies...
...greatest breakthrough in pension board representation has come in a company that desperately needs the cooperation of its union. In return for permission to defer its pension-fund contribution, Chrysler consented to a union demand for a joint advisory board on pensions. Three representatives from Chrysler and three from the United Auto Workers will oversee the investment of 10 per cent of each year's net increase in pension money for "socially desirable" ends. In addition, the union can veto investments in up to five companies every year as a result of ties to South Africa...
Together with the nomination of union head Douglas A. Fraser to the board of directors, the pension concessions at Chrysler represent a new phase in union influence over management in the U.S. The outcome of the Chrysler experiment will help determine whether "pension power"--today bringing to mind only the Gray Panthers--will become a commanding slogan in the future...