According to this article in the NY Sun, the Service Employees International Union (SEIU) is underfunded in its pension fund for dues-paying union members, but is over-funded for it’s own union officers!
Yet in 2006, the SEIU National Industry Pension Plan, a plan for the
rank-and-file members, covering 100,787 workers, was 75% funded. That
is, it had three-fourths of the money it needed to pay benefit
obligations of workers and retirees.
In contrast, a separate fund for the union’s own employees,
numbering 1,305, participants was 91% funded. Even better, the pension
fund for SEIU officers and employees, which had 6,595 members, was 103%
Wow, I guess we see who the union is really interested in. Workers be damned, as long as they look after those making the decisions. Maybe the union members need union representation to negotiate a better deal from the union bosses.
And these are the guys (well, SEANC by extension) who filed a lawsuit against Treasurer Richard Moore for his handling of state employee’s pension funds!