The employer offered a matching 401K up to $2.00 contract before last we turned it down. The problem was that over 30% of the ILWU workforce works for non-PMA companies and they can not participate in the 401K. PMA said last contract that they would start a new 401K for those that are not included. It was another empty promise and it never materialized. What would you do with those that cannot participate in our 401K???
Maybe the thing to do is force the employers to come to contract terms with the foreman and walking bosses as they always seem to get what ever we get and a whole lot more. That would sure put a different perspective on things wouldn’t it?? the employers are hurting right now. We have to stand together and keep up the pressure. Next we will start getting some bad press that cause all these people to lose there jobs etc. The employers ALL take out strike insurance in the event of “labor troubles”. Stevedores like SSA, MTC, Jones, etc are making more money now BECAUSE of our work safely program. There billing is the same as when we are busting our ass. By the hour. So the longer a ship takes to complete the more they make..
And someone (who was unsigned) said that once the 401K is explained (like in properly?? is that what you mean that you know something the rest of us don’t???) it is going to greatly enhance our retirement.. What happens when the market crashes?? What if one of your funds goes belly-up?? What happens if the company that runs the 401K now is bought by someother company and they invest in something that loses your bucks?? You have NO control of your money once it is collected by the 401K. You can not get it unless you retire or are deregistered. EVER... All you can do is stop paying into. But they still keep what ever you have given them up to that point. All of this can happen.
If you let PMA talk you into the great benefits of it they will start to pressure you into diverting pension money into it. Ultimately they will want to excuse themselves completely from all pension responsibilities. Other Unions and companies have already experience this. Don’t be fooled by this. The 401K is nice but it no panacea. And a number of your brothers cannot participate. If they can be talked into matching it then they should be but to task to make it availible to everyone, but it isn’t a high priority in my opinion.
Tim Milligan 35181
