Tag Archives: 401(k)

Nabisco Strike Ends After Union Members Approve New Contract

“Congratulations to these brave workers on their wins,” said one labor writer. “May their determination and grit be an inspiration for workers everywhere.”

By Jessica Corbett, staff writer for Common Dreams. Published 9-19-2021

Nabisco workers on strike (Photo: BCTGM/bctgm.org)

A strike that started last month in Portland, Oregon and spread to other Nabisco bakeries and distribution centers across the United States ended Saturday after unionized workers voted “overwhelmingly” in favor of a new collective bargaining agreement.

Though some Portland employees opposed ratifying the four-year contract, calling for better terms, it ultimately garnered the necessary support from workers there and at facilities in Aurora, Colorado; Richmond, Virginia; Chicago, Illinois; and Norcross, Georgia. Continue reading →

Leading US Retirees ‘Like Lambs to the Slaughter,’ Trump Labor Dept. Quietly Offers Up 401k Plans to Private Equity Vultures

“Private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers’ 401(k) plans and IRAs.”

By Jake Johnson, staff writer for Common Dreams. Published 6-16-2020

Stephen Schwarzman, co-founder and CEO of Blackstone, at the Annual Meeting 2018 of the World Economic Forum in Davos. Photo; World Economic Forum/flickr/CC

With the American public’s attention consumed by the Covid-19 pandemic and mass protests against police brutality, the U.S. Labor Department earlier this month quietly gave corporate sponsors of retirement plans something they’ve been agitating over for years: a government green light to invest workers’ savings into funds managed by notoriously predatory private equity firms.

The move, announced on June 3 by Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers’ retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. Continue reading →

Bolstering Call to Expand Social Security, New Reporting Reveals How Corporations Are Offloading Pensions

Not only are pensions being offered less, existing pensions are being transferred to insurers, with employees suffering consequences

By Andrea Germanos, staff writer for Common Dreams. Published 8-7-2019

Economists “warn that rarely, if ever, can people replicate the security of a pension,” said Karen Friedman, executive vice president and policy director of the Pension Rights Center. (Photo: 401kcalculator.org)

New reporting showing companies’ scrapping of pension plans has gone into overdrive means that Social Security must be expanded, an advocacy group said Wednesday.

“Expanding Social Security is important for today’s retirees,” Social Security Works said in a tweet, “but even more important for tomorrow’s.

The shift from traditional pensions to 401(k) or similar retirement plans—a change panned as an inequality-fueling disaster—isn’t new. “But lately,” reported Axios, “those changes are happening even faster.” Continue reading →

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Tag Archives: 401(k)

Nabisco Strike Ends After Union Members Approve New Contract

“Congratulations to these brave workers on their wins,” said one labor writer. “May their determination and grit be an inspiration for workers everywhere.”

Leading US Retirees ‘Like Lambs to the Slaughter,’ Trump Labor Dept. Quietly Offers Up 401k Plans to Private Equity Vultures

“Private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers’ 401(k) plans and IRAs.”