Hostess Brands Inc. took Union Workers’ Self-Funded Pensions to Pay Debts without the Workers’ consent

by Colonel on November 18, 2012

“In 2005 before concessions I made $48,000, last year I made $34,000. My pay changed dramatically but at least I was still contributing to my self-funded pension.

In July of 2011 we received a letter from the company. It said that the $3+ per hour that we as a Union contribute to the pension was going to be ‘borrowed’ by the company until they could be profitable again. Then they would pay it all back. The Union was notified of this the same time and method as the individual members. No contact from the company to the Union on a national level.

This money will never be paid back. The company filed for bankruptcy and the judge ruled that the $3+ per hour was a debt the company couldn’t repay. I consider this money stolen.

” — bluebarnstormer, Copyright 2012 Kos Media LLC

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