Friday, January 24, 2014

Reader: "Is Dave Regan giving up his pension, too?"

Check out a reader’s email about the more than 20,000 SEIU-UHW members who’ve lost their defined-benefit pensions since Dave Regan parachuted into California as SEIU’s “trustee.”

Last month, Regan gave away the pension at Motion Picture Television Fund Hospital in Los Angeles, where workers must now rely on a cheap 401(k) plan to survive when they retire. Earlier, Regan eliminated the pension plans for workers at Dignity Health and Daughters of Charity Health System, among others.

The reader writes:

I saw your story about Regan giving away the pension at the LA hospital. A question.  If Regan is throwing OUR pensions into the garbage, shouldn’t he be willing to swap HIS OWN pension for a 401k like the rest of us?

What’s good for the goose, right?? Its only fair.

Can you tell me how rich is Dave’s pension and who pays for it?

Great points!

As far as Dave’s pension, it’s super fat. When he retires, Regan will receive more than $200,000 a year -- until he dies. 

That’s because Regan's SEIU pension is equipped with a rich pay-out formula:  a 2.5% multiplier that’s applied to the average annual salary during his last three years on the job. That’s light-years ahead of the pension formula for Kaiser workers.

And who pays for Regan’s pension? It's SEIU-UHW’s members -- who also pay his salary, benefits and expense account.