NEA represents school nurses as well as teachers and other support professionals. NEA aggressively represented the interests of its members to protect their rights to a secure pension.
Colorado The Colorado Education Association (CEA) played a leadership role in preserving the state pension plan that covers teachers and other public employees. As part of the Colorado Coalition for Retirement Security, an alliance of 10 employee groups and unions, CEA members rallied against the governor, state treasurer, and legislators to fight a proposed referendum that would have kept new state employees out of the existing defined-benefit plan, which guarantees a set retirement income based on years of service and salary. Anti-pension advocates were proposing a new defined-contribution plan, in which the state only would put money into an employee's retirement account, but that account would not guarantee a set retirement income.
Enron's defined contribution plan included, like many such plans, employer matches that were represented as preferred stock options to employees. That made those contributions not under the control of the employees - just like what would have happened in a defined benefit plan.
And, ENRON hyped loyalty by advocating that the portions of the defined contribution plan UNDER the employee's control be invested in company stock. And, based on their stock history, that was also a smart investment - if you didnt know about the 'other shoe' about to drop.
That made the contributions of the employer, and in many cases, also of the employee, worthless.
But it also means that, EVEN IF they had had a defined benefit plan, it would have likewise been worthless.
ZASHAGALKA, RN
3,322 Posts
Enron's defined contribution plan included, like many such plans, employer matches that were represented as preferred stock options to employees. That made those contributions not under the control of the employees - just like what would have happened in a defined benefit plan.
And, ENRON hyped loyalty by advocating that the portions of the defined contribution plan UNDER the employee's control be invested in company stock. And, based on their stock history, that was also a smart investment - if you didnt know about the 'other shoe' about to drop.
That made the contributions of the employer, and in many cases, also of the employee, worthless.
But it also means that, EVEN IF they had had a defined benefit plan, it would have likewise been worthless.
And a union wouldn't have changed that outcome.
~faith,
Timothy.