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Reuther believed that retirement did not end a worker's association with a union, and workers deserved a lifelong pension. [7] Reuther was adamant that the pension plans be fully funded, actuarially sound (the amount set needed to be set to the life expectancies of the pensioners), and noncontributory, with the full cost borne by the company.
The UAW expanded its scope to include workers in other major industries such as the aerospace and agricultural-implement industries. The UAW disaffiliated from the AFL–CIO on July 1, 1968, after Reuther and AFL–CIO President George Meany could not come to agreement on a wide range of policy issues or reforms to AFL–CIO governance. [33]
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This list of largest pension funds in the United States involves two main groups: ... New York State Common Retirement: $201,263 $201,263 93.7% 7.0% 4
The UAW said the agreement commits GM to more than $11 billion in additional manufacturing investments that was already planned. Most of it is related to EV production. A $50,000 retirement incentive
Faria noted that UAW president Ron Gettelfinger agreed to have the UAW's "all-in" wage, benefit and pension costs drop from a high of $75.86 per hour in 2007 to an average of about $51 per hour starting in 2010. By comparison, the CAW's cost per hour was $77 in 2007 and will rise to over $80 per hour by the end of the new contract.
Boeing workers' efforts to restore the traditional pension plans it ditched a decade ago feels to many like a long shot, as reinstating such a structure could exacerbate the planemaker's shaky ...
UAW has asked for an immediate 20 percent raise and yearly gradual increases totaling an hourly pay increase of 46 percent, the restoration of traditional pension payment plans and retiree health care, a four-day workweek, job protections, and a beneficial transition to electric vehicles. [28]