Friday, July 31, 2009

SEIU Pensions - Fully Funded for Officers, Not for Us...

There are three different "levels" of pension funds that SEIU is directly responsible for - one fund for SEIU rank-and-file in certain unions, one fund for SEIU employees, and one fund for SEIU officers. However, they are all jointly invested in one single trust, with one single set of trustees for each fund, with Andy Stern sitting at the head of each of those boards of trustees.

Anyone wanna guess which, of those three funds, is the only one that is currently fully funded at 100% of the requirement to pay future responsibilities?

If you guessed "the SEIU officers" pension fund, you guessed correctly.

So you say, that doesn't affect everyone in SEIU, does it? Well, let's take a look at how some other locally-controlled SEIU industry-specific pension plans are doing:

Fine, the Plague would say: It's just the economy, ya see? Everyone's pension funding is down because of the economy, right? Wrong. Look at the dates in the image above - Each of those funds (with a couple of exceptions) were floating in the high 70s to low 90s but all started a generalized downward trend in SEIU Pension funding when Our Glorious Maximum Leader was elected to the SEIU presidency in 1996 - even though we had large upward swings in the economy in the late 1990s and throughout the middle of the first decade of the 2000's. And those trendlines do not reflect what has happened to those pension funds in the wake of the Mortgage Meltdown.

Right now, it appears that the only SEIU-controlled pension fund that is fully funded is the one dedicated for the officers of SEIU.

Anyone want to guess what the Zombie UHW pension fund looks like nowadays, now that both Thug Regan and Esquirol Medina are both pulling down quarter-mill salaries for basically nothing?

"Stronger Together," indeed...

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