George’s Secret Deal To Cut Your Pension

Pension Fund documents obtained by the 814 New Directions Slate reveal that George Daniello has already approved a plan to slash members’ pension benefits.  George voted with the employers to approve a “Funding Improvement Plan” that will cut your pension even if employers agree to increase contributions to the fund.

The pension cut agreement became legally binding on Nov. 20, 2008. George has kept the deal secret from the members for a year!

Click here to download the leaflet on George’s Secret Pension Cut Deal.

Click here to download Q&A on the Local 814 Pension Cuts.

Click here to read for yourself the “Funding Improvement Plan” the official document from the Local 814 Pension Fund.

The Facts on George’s Secret Pension Cut Deal

George Daniello and the employer trustees to our Pension Fund have agreed to a legally-binding “Funding Improvement Plan” that will cut your pension.

Under this agreement, your annual pension credit will be reduced to zero after the current contract expires. That means your pension will be frozen at what you have already earned and you will get no credit toward your pension after that no matter how many hours you work.

These massive cuts will automatically go into effect as the “Default Schedule” for our Pension Fund unless the union and employer trustees to the fund can agree on a new plan during contract negotiations.

Under the plan, Local 814 has to negotiate hourly pension contributions of $6.90 in the new contract.

When the contract expires on May 1, employers will only be required to pay $4.50 in hourly pension contributions—not $6. (See Article 6b of the Memorandum of Agreement).

That means our union will have to negotiate a $2.40 increase in the new agreement—and even then our future pension credit will be cut to zero.

The only way to keep the $72.00 pension according to the agreement is for the employers to increase their hourly pension contributions to $8.55 in the next contract.  Ask George what his secret plan is to get that!

George Daniello has hidden this agreement from the membership for almost a year. The Local 814 New Directions Slate obtained a copy of the “Funding Improvement Plan” by exercising our rights under federal law, the Pension Protection Act.

The Pension Fund is YOUR money. You deserve the truth about what is happening with your benefits—and a plan to protect them.