Hey genius. The prez IS on the executive board.
And don't tell me about our pension. When our 'leadership' put our fund in 'critical status', I made an FOIA request to obtain Series 5500 docs in order to find out what they were investing in. Real estate? Venture capital entities? And chew on this buddy. I sent everything I had to four law firms. One agreed to take the case. The only problem was the $400 per hour fee. So don't tell me that I don't have my 'facts'. I sent everything to the local so they KNEW we were aware they were effin up. I had a conversation with our fund manager back in '08. I asked him if he should be going into bonds instead of equities. He said 'no...that would be chasing the market'. And guess how that worked out for us? And IBT stepped in and got a friggin' hedge fund to run us. How is THAT working out? And you;re damn right I LIKE my post. That's because I have worked there for 28 years and know WTF I am talking about. I put the blame on all the above. IBT had been given a 3% stake. And WTF did they do to help? That's too funny. I ask why we need a local when we're giving up 10 years or so of negotiated wages and benefits and you side-step it.
Ok I'll play your game...long time ago IBC goes non-union, so you don't have a local, so no CBA. IBC goes belly up in '04, and you're in a company pension. The creditors come in and wipe away any assets in your pension plan, which would've been tapped out anyway because IBC would have raided it for operations. (You would have had no say in the operation of a company pension plan unlike the Union plan which has trustees appointed by your executive board, which you get to vote in place). No IBT to come in and find investors. No job, no pension, no healthcare. Is that what you wanted? An FOIA request to find out info on a private pension plan
? And you call me a genius! You are entitled to a complete pension report including investments every year. A statement cluing you in on that has been sent to your home address for the last 28 years and you use a law pertaining to Federal public documents to get info readily available! The asset allocation of investments in your plan included bonds. Lots of plans fell into "critical-red zone status" not because of mismanagement but moreso the market meltdown. Those are FACTS. You sent everything you had, which was next to nothing, and one law firm responded? Good thing for you they didn't respond, you would've wasted your money.
Unions represent all their members, even the ones who don't appreciate the efforts. You still have pension credits, because you had a union. You'd have nothing if IBC held that pension. You're "giving up" negotiated wages and benefits because of mismanagement by your employer, not your union.
Thanks for the lesson on union structure...the president has one vote, the executive board has seven members. The majority vote sets salary, not one vote.
I hope IBC pulls through, and you keep your job.