Struggle in Collective Bargaining Over Pensions
This content discusses the challenges and solutions regarding pensions in a unionized workplace, including employer concerns, defined benefit plans, and strategies to maintain such plans amid evolving financial landscapes. It emphasizes the importance of ensuring a secure retirement for workers while navigating complex pension structures efficiently.
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Presentation Transcript
Queens University Centre for Law in the Contemporary Workplace Pensions in a Unionized Workplace May 2014 Jo-Ann Hannah Director, Pensions and Benefits
I encourage you to go on living if only to enrage your annuitants - Voltaire, French philosopher, 1750
The struggle in collective bargaining over DB pensions Employer Concerns Employer Solutions Costly DC for new hires Volatile funding DC for everyone Accounting rules
How the Union sees Defined Benefit Historic fights for a decent pension plan 4.5 million workers still have DB plans
Peace of mind Member has a known amount at retirement Sponsor responsible for investing and funding the pension
Our employers have DB plans Stewart converted Sun Life employees Defined Benefit (DB) to a Defined Contribution Plan Donald Stewart s annual DB pension is $650,000 Donald Stewart Retired President & CEO Sun Life
DB delivers better value A Better Bang for the Buck National Institute on Retirement Security, 2008
How do we keep DB plans? Support solvency funding relief Benefit cuts early retirement Member contributions DB lite for new hires Hybrid pension split the risk No concessions policy
Resistance is NOT Futile! Coca Cola Hiram Walker 3M General Dynamics Nav Canada St. Stanislaus-St. Casimir s Polish Credit Union Xstrata NVI Mining Rio Tinto Alcan Detroit 3 Air Canada Recent negotiations where we kept DB
When Push Comes to Shove Target benefit plans DC plans Negotiate beyond insurers package Employer pays fees Employer contribution rates must recognize employee risk
Two issues on the DB to DC conversion . . . Problems in retirement security down the road Lesser benefits for new hires Tension in the workplace
