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Tipsheet

Good For Me (Not Thee) ...

The WSJ hits SEIU president Andy Stern for hypocrisy regarding rank-and-file members' pension plans ... 

"Mr. Stern's "middle class" spin would be more believable if the SEIU did more for its own members, especially their pensions. Public records based on the SEIU's own filings show that the SEIU National Industry Pension plan – which covers some 101,000 workers – was only 75% funded in 2006. Put another way, the plan had only three-fourths of the money it needs to meet its retirement obligations. And the national chapter is only the start. Some 13 local SEIU pension plans in 2006 were less than 80% funded; several didn't reach 65%.

... On the other hand, SEIU leaders are highly attentive to their own pension funding. A separate fund run by the national union, this one covering the benefits of SEIU officers, was 103% funded in 2006. The top SEIU guns are set for their golden years."

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