By Nathan Bomey
Source: MSN
Pensions were left for dead, but their obituary might’ve been written too early.
Why it matters: Defined-benefit pensions have plummeted in recent decades as employers shifted more investment risk to their workers, in the form of 401(k)-style defined-contribution plans.
The big picture: UAW president Shawn Fain plans to make a fight to restore traditional pensions a cornerstone of the union’s next collective bargaining effort with General Motors, Ford and Stellantis.
- The union won record raises from the Detroit automakers in 2023 contract talks but did not win back the pensions it was seeking.
- “Our fight’s not even close to being finished,” Fain told workers in a town hall in September.