AFL-CIO Slams Big Bucks Pensions

[Omaha Steve]

AFL-CIO Slams Big Bucks Pensions

WASHINGTON, April 7, 2006

(AP) The AFL-CIO, pushing for more federal regulation of lucrative corporate salaries and pensions, released information Thursday about some of the sweetest executive retirement deals in the country.

"As corporate America is slashing workers' pensions left and right, we think investors and the public should know about the huge pensions these CEOs are raking in," said Richard Trumka, secretary-treasurer of the AFL-CIO.

The labor federation, which represents more than 9 million workers, posted updated information about executive salaries and pensions on its Web site.

Trumka said average executive pay at a company on the Standard & Poor's 500 is already more than 400 times the average worker's wages. And many executives now get multimillion-dollar "supplemental executive retirement plans" at a time that many companies are cutting back on reliable "defined benefit" retirement plans for workers, he said.

Full story: http://www.cbsnews.com/stories/2006/04/07/national/main1480734.shtml

Fast Fact

The AFL-CIO is backing efforts to get the SEC to require more disclosures of executive pay and benefits, while making public standards for tying strong job performance to executive pay.

[DemoTex]

1. My US Airways pilots' pension plan was terminated 3/31/2003.

Later that year the then-CEO, Dave Siegel, was fired. Siegel walked away from US Airways with over $10 million in Golden Parachute money. All labor got was a Golden Shower.

[JohnnyRingo]

2. As a Delphi retiree I see it as a trend

First Delta and the other airlines, then the auto industry.
The rest of corporate America is sitting back and learning what they can get away with.
CEOs are getting huge benefits because they're sadly doing exactly what they have been paid to do, crushing the labor force.

I'm sorry for you and every other American worker who are suffering through George Buxh's corporate renaissance.
Being retired shouldn't mean you're just "between jobs".

I also think the current plague of bankruptcies are as bogus as when Donald Trump was broke while he was divorcing Ivana.
After they cut their commitments with the workers, they'll suddenly be fine.

[lovuian]

3. Yes this has to stop!!!

Its so WRONG!!!

[BiggJawn]

4. Like the Investors would actually give a shit?

Less money to the rank and file, more money in their dividend cheques.

So how long will the AFL-CIO continue to wring their hands and go "tsk-tsk" like Joe Lieberman? What happens when there's not enough members left to pay the Union Head's salaries anymore?

Maybe they need a campaign to show Mr. and Ms. Murka that "Always the LOWEST price, ALWAYS!" actually hurts their neighbours, friends, their dad and granpa who still work for Ford, etc.

Naw, wouldn't work. We just need to go back to school and learn how to become Alarm System Specialists for 30 kilobux.