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April, 2000
 Join your fellow employees who are fighting for your benefits - Join the Alliance! Retirees, Vendors, Contractors, Temps, and Active Employees are all eligible to become members of the Alliance. |
Highlights for week ending September 16, 2000
|
Call to Action: Please sign the petition at the following site, and ask your co-workers, friends, and family to do the same. We need as many signatures as possible before September 19, when it will be hand-delivered to people in Washington and announced to the media: http://www.e-thepeople.com/affiliates/suntimes/index.cfm?PC=PETFV1&PETID=429958 On Sept 7, Senator Roth and the Finance committee unanimously voted to send the Roth Security and Retirement Savings Act of 2000 on to the full Senate for a vote on September 22. In its current form, this bill LEGALIZES PENSION THEFT. In addition to signing the above petition, call your Senators and voice your outrage. Senator Harkin will be proposing a cash balance amendment to the Roth bill to make the following changes:
Be clear and concise when you call the senate: we need them to vote FOR the Harkin cash balance amendement. If the amendment doesn't pass, then vote AGAINST the Roth retirement savings bill. Any staff people with technical questions can be referred to me, to Senator Harkin's staff, to the Pension Rights Center in Washington, or to http://www.cashpensions.org. Thanks! Janet
Krueger |
- Visit http://www.opensecrets.org/candidates/pac/S6DE00016.htm
to see political action committee (PAC) contributions to Senator Roth.
Note contributions from the Finance, Insurance & Real Estate sectors
amounted to $297,771. PAC contributions for Senator Roth total $1,058,434.
(It's been postulated that the retail investment sector stand to benefit
most from employee-directed retirement funds since management fees from
individual accounts are much higher than from traditional large group
defined benefit pensions.)
Contrast Senator Roth's PAC contributions with Congressman Barney Sanders' PAC contributions. See http://www.opensecrets.org/candidates/pac/H8VT01016.htm. Contributions to Sanders' from the Finance, Insurance & Real Estate sector total $5,500, completely from credit union associations. PAC contributions to Congressman Sanders total $101,250. Congressman Sanders has been one of the strongest advocates for IBM and other employeess who have been cheated by pension theft.
- Letter
to the Wall Street Journal pertaining to legislation regarding pension
changes that are being pushed by Senator Roth (R-DE) and being praised
by the industry-supported lobbyists such as APPWP and ERIC
- Jane Bryant Quinn: Retirement
proposals won't aid workers.
- Wall Street Journal: Fidelity Urges Its
Investors To Lobby Retirement Plan. "Fidelity Investments is
waging an unusual Internet campaign to turn its 16 million customers
into amateur Washington lobbyists for a retirement-savings package pending
in Congress. But there's something Fidelity isn't telling its customers:
Some of them could actually be hurt by obscure provisions recently added
to the Senate version of the package."
"If adopted by Congress, the retirement-savings package could be a windfall for the mutual-fund industry, which earns lucrative fees for managing 401(k) plans and IRAs. Of $1.7 trillion in U.S. 401(k) assets, 45% were invested in mutual funds at the end of 1999, according to the Investment Company Institute, the mutual-fund trade organization. Almost half of the $2.5 trillion in IRA assets is socked away in mutual funds. And Boston-based Fidelity, with about $1 trillion in assets under management, is the number one player in the mutual-fund and 401(k) markets."
- GOP
Seeks to Increase Exemptions from Overtime Compensation. WashTech
learned this week that Republicans in Congress will support an increase
in the federal minimum wage if it is tied to an increase in the number
of workers excluded from federal overtime laws. As part of the GOP proposal,
an existing exemption from overtime compensation computer workers under
the Fair Labor Standards Act (FLSA) would be
broadened to include even more high-tech workers. By targeting the FLSA, legislators are responding to high-tech industry lobbyists who hope to significantly decrease the number of workers they are legally obligated to pay overtime.
- Seattle Times: Two
unions compete to organize discontented Boeing workers
- Humor, Wizard of Id Cartoon