AI Pension Fund rescue in the works

By July 6, the Automotive Industries (AI) Trust Fund will receive word that the Pension Benefit Guaranty Corporation (PBGC) will provide more than $1 billion in needed funding to make the AI pension plan whole for at least the next 30 years. That means that members who have paid into that plan and were expecting a full pension will be able to count on receiving it.

There’s no denying that the AI plan was in trouble. And it wasn’t alone. As many as 114 multiemployer pension plans covering nearly 1.3 million workers were severely underfunded and headed toward failure within the next 20 years. The largest of these was the Teamsters’ Central States plan, which had the most unfunded liabilities at nearly $35 billion.

What precipitated this looming disaster for so many people who had worked all their careers, often taking lower wage increases to bolster their pension contributions? At the close of the 1990s, the majority of multiemployer plans reported assets exceeding 90 percent of total liabilities.  

Second Annual Car & Motorcycle Show a big success for GW Auto Shop Club

Saturday, April 22, was the day of the Second Annual Car/Motorcycle Show to benefit the George Washington High School Auto Shop Club in San Francisco.

Auto shop instructor and Local 1414 retiree Rich Del Rosso (pictured above) organized a sold-out and very successful show, held in the high school’s parking lot. Numerous sponsors, including IAM Local 1414, supported the show and many members brought their cars and mingled.

“We thank the many members and retirees who helped Rich make this show a success,” says former IAM Business Rep and Local 1414 active retiree Art Gonzalez. “We also acknowledge the GW principal and staff who support the auto shop program every day.” Local 1414 was instrumental in rebuilding the auto shop program 10 years ago. Gonzalez spearheaded the project and DelRosso was one of its first instructors.

Currently, 101 students are registered in the program. Over the years, many auto shop graduates became apprentices, and have since turned out as journeymen and become active members of the Local.

View more photos in our Photo Gallery.