Stress on Multi-Employer Pensions Ease

Thursday, May 27, 2010

LiUNA Headquarters - Stress on Pensions Caused by Wall Street Eases According to New Survey, But Action by Congress Still Urgently Required.

Many multi-employer pension plans have moved back into the so-called
“green zone,” but 46 percent remain below that level,
according to a new survey by the Segal Company of 230 multiemployer
plans with combined assets of over $74 billion.

“The devastating impact of the housing market and Wall Street
crash is still being felt by union pension plans covering hundreds of
thousands of men and women,” LIUNA General President Terry
O’Sullivan said. “While there’s been improvement,
now more than ever every LIUNA leader should let Congress know workers
need pension relief.”

O’Sullivan sent a letter to all members of the U.S. House of
Representatives on May 19 calling for the passage of the
“Promoting American Jobs and Closing Tax Loopholes Act of
2010” (H.R. 4213), which would give plans time to recover from
the crash of investment markets in 2008 and the downturn in our
economy. In addition, LIUNA members have been encouraged through the
LIUNA Action Network to call their member of Congress to urge passage
of the bill.

“If you haven’t already, I urge you to call your member of
Congress in support of this bill,” O’Sullivan said.
“Working men and women are not asking for a bail-out. What we
need, and what this bill would provide, is simply more time to recover
from the excesses of Wall Street.”

The Bill recognizes problems caused by the market crash and recession
and allows funds to amortize - or spread out - losses in
2008-2009 for 30 years, and extends the time for plans to improve
funding levels.

According to the Segal report, 54 percent of funds surveyed were in
the green zone as of January 1, 2010, an increase from 39 percent a
year earlier. Prior to the recession in 2008, more than 83 percent of
Multiemployer pension plans were in the green zone. The survey also
found that average funding under the Pension Protection Act of 2006
increased to 86 percent - however, prior to the recession,
average funding was 97 percent. The Segal report states that much of
the improvement in zone status is the result of investment gains made
in 2009, as well as “the hard decisions undertaken by some
boards of trustees on plan design and funding changes.”

Virtually all pension funds are struggling to recover from the Wall
Street collapse. Multiemployer plans, particularly in the construction
industry, face a “triple hit:” the recession triggered
stock market losses of as much as 50 percent, unemployment in
construction remains at more than 20 percent resulting in lower
pension fund contributions, and new funding requirements under the
Pension Protection Act placed additional pressures on funds at exactly
the wrong time.

“Multiemployer plans are still facing formidable challenges and
will continue to do so as long as unemployment remains high. Even when
the economy improves, it will take months if not years to recoup 2008
investment losses,” O’Sullivan said. “It is crucial
that Congress act to give us time to recover.”

Retired Public Employees Assn Picnic

Monday, May 24, 2010

REDDING - The Retired Public Employees Association Chapter 34 will hold its annual Picnic at Anderson River Park on Tuesday, June 1, 2010 at 11:30 am. All RPEA members are invited to attend. On the menu is tri-tip and BBQ Chicken, green beans, green salad, Cake for dessert, soft drinks and water. There will be entertainment by the Old-Time Fiddlers. Contact Don Curtis at 530-335-7041 if you are attending. If you are a retired public employee and interested in RPEA membership, UPEC has applications at the office or go on line to http://www.rpea.org.

Financial Regulation Applauded by CalPERS

Friday, May 21, 2010

SACRAMENTO, CA—The California Public Employees’ Retirement System (CalPERS) today applauded the US Senate for passing the most sweeping overhaul of financial market regulations since the Great Depression.
“This is a welcome and needed action to restore trust and accountability in our financial markets,” said Rob Feckner, President of the CalPERS Board of Administration.  “Wall Street reform will go far in protecting the retirement security of the public employees we represent, California taxpayers, and every American whose dreams depend on a marketplace that puts the needs of investors and shareowners ahead of corporate greed, irresponsibility and corruption.”
“We are especially grateful to Senator Chuck Schumer for his leadership on corporate governance.  Beginning with his ‘Shareholder Bill of Rights’ and continuing through consideration of the final Senate bill, Senator Schumer has been a tireless proponent of proxy access,” Feckner added.
“Chairmen Chris Dodd and Blanche Lincoln should be commended for their painstaking work to push this overhaul through the Senate, and we want to thank Senators Dianne Feinstein and Barbara Boxer for listening to the needs of institutional investors and supporting our efforts to strengthen accountability, transparency, and trust in our markets,” said Feckner.
Joe Dear, CalPERS Chief Investment Officer said, “Thanks to Senator Schumer, the Senate passed bill removes any doubt that the Securities and Exchange Commission can issue rules that ensure institutional investors can access the corporate proxy - the single most powerful tool to improve corporate governance in America’s boardrooms.  Proxy access is a meaningful way to boost accountability and transparency on corporate boards.”
CalPERS is an investor in more than 9,000 publicly traded companies and is the nation’s largest public pension fund with $203 billion in assets. The pension fund administers retirement benefits for more than 1.6 million active and retired State, public school, and local public agency employees and their families on behalf of 2,600 California public employers.
For more information about CalPERS, visit http://www.calpers.ca.gov. For additional CalPERS corporate governance information, visit http://www.calpers-governance.org.

Exclusive Benefit for UPEC Local 792Members

Thursday, May 20, 2010

Union Bank of Redding is offering a Welcome Bonus of $50.00 cash to UPEC members who open up a Company Benefits Checking Account with Union Bank. This is a temporary offer that expires June 10, 2010.

This exclusive program delivers a wide range of financial services and discounts when you open a Union Bank Company Benefits Checking account and directly deposit your payroll check (or a minimum a $100.00 per month direct deposit). Union Bank has provided UPEC with a flyer detailing this program and benefit. If you would like to have this flyer emailed to you, send Crystal Mair-Darker an email at and she will be happy to forward it to you. Or you can contact Debbie Sockwell of Union Bank at 530-242-9411.

SCGU Voting Information

Tuesday, May 18, 2010

The SCGU members have been mailed ballots and information regarding the upcoming vote. Mail in or hand deliver ballots to Local Union Office. Ballots must be RECEIVED by May 28, 2010 by 5:00 PM to be VALID.

There are five informational meetings scheduled as follows:

Wednesday, May 19, 2010 at 5:30PM at the Local Union Office (Redding, CA)
Monday, May 24, 2010 at 5:30PM at the Local Union Office (Redding, CA)
Tuesday, May 25, 2010 from 11:45AM - 1:15PM at the Local Union Office (Redding, CA)
Wednesday, May 26, 2010 from 11:30AM - 1:30PM at Gepetto’s Pizza (Burney, CA)
Thursday, May 27, 2010 from 11:45AM - 1:15PM at the Local Union Office (Redding, CA)

If you are a member and have not received this information in the mail by Thursday, May 20, 2010, please contact the Union office at (530)245-1890 to verify your membership and mailing address so that we can provide you with the needed materials.

*Please note that there was an error on the Mediator’s Proposal for the year of the date the contract would end. The term of the Contract would be 2 years, ending on April 30, 2012.

UPEC’s Legislative Advocate

Wednesday, May 05, 2010

REDDING HQ - The UPEC Executive Board added a Legislative Advocate to it’s representation toolbox for members. The Board has hired Liberty “Libby” Sanchez to work in the Sacramento Legislature on behalf of the local membership. Libby is the owner of her Legislative Advocacy firm in Sacramento that specializes in governmental relations with executive, legislative, and regulatory bodies. In addition to working as a legislative Advocate she has worked as a Principle Consultant to the Senate Policy Committee with jurisdiction over all labor issues, served as a Chief Senate Consultant on Workers’ Compensation, Chief Consultant to the Assembly Committee on Labor and Employment, and a Senior Consultant to the Assembly Committee on Insurance. Libby earned her B.A in 1994 and J.D. in 1997 from Case Western Reserve University School of Law. 
Business Manager Chris Darker said the failed economy caused by Wallstreet has increased the attack against our public employees from not only local and state government officials but legislators who continue to write bills that undermine wages, hours and working conditions. “Most of what we are dealing with is politically motivated and that is the arena we need to be fighting in” said, Darker.
UPEC is in the process of updating the Legislative page on the UPEC website to keep members informed of the Legislation that is being tracked by the Local.