Union Keeps Money for Itself, Lets Workers’ Pensions Erode
The United Mine Workers of America—a roughly 100,000-member coal mining union—is lobbying hard for a taxpayer bailout [1] of its underfunded pension plan before the end of the year. And it’s already well on its way.
The Senate Finance Committee passed S.1714 [2], the Miners Protection Act, out of committee on Sept. 22.
The UMWA’s pension plan for coal miners is vastly underfunded. It has less than half the money it needs to pay promised benefits and is projected to run dry by 2025. Despite this mismanagement, the UMWA has also managed to provide its officers and non-coal worker employees with a pension that is 100 percent funded.
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