A significant dynamic of the SEPTA strike that didn't get resolved in contract negotiations was the union's accusation that SEPTA had mismanaged its pension fund. Rather than just making the size of pension contributions a contract issue, the TWU complained about the health of its pension. But the strike ended without SEPTA agreeing to the forensic audit the union had at one point demanded.
It looks like the TWU hasn't forgotten the matter, however. The Philadelphia Weekly reports today that the TWU is considering suing SEPTA:
Local 234, which ended a six-day strike on November 8, has retained the law firm of Kaufman, Coren & Ress, P.C. The issue at hand: Workers want to know what firm the money is being invested with, what the rate of return is and what fees investors are being paid.
“We believe that SEPTA is not properly managing our pension,” Local 234 President Willie Brown says. “Even before the recession it wasn’t funded at proper levels. We want to ensure for future retirees.”
The Weekly says the union's board will meet tomorrow to decide whether to pursue legal action.
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Doesn't the TWU 234 have two members on the pension board? Are they asleep or what?— zjimmyjcb- This sounds like a ploy for the Union to takeover the pension fund so it can mismanage it. Funding rules aren't determined by SEPTA, but the IRS and ERISA. Everybody's investment funds were severely hit during the markets downturn in the past 18 months.— dankil13
- END PUBLIC PENSIONS. Taxpayers cannot afford them!! Public pensions are definitely, absolutely unsustainable in the long term, if you do the math! You have public employees retiring at 55 or maybe 60, then getting paid $30,000 a year for 10, 20, or even 30 years! People are living longer now. Switch all public employees to 401(k)s now!— chrissmith
- Willie Brown and the TWU need to knock it off! I think Brown is a dirty person who is abusing the power of the union. There he is with full benefits including a pension while I don't even have a pension and did not even get a raise. I wonder of some of what he's doing would be enough to terminate his membership of the union or perhaps even give him some jail time. He's really making SEPTA look very bad. I can't believe how greedy the man is. Shame on him!!— Syrinx
- Syrinx, join a union and you too can have all that.
Comment removed.
MONEY AND JUSTICE DON'T MIX
WILL THE NEW COUNCIL GIVE YOU A SAY?
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Contact:
Doron Taussig:
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