Mandatory Union Pension Fund Disclosure Before Elections.
This bill requires labor unions to give employees detailed financial reports about their pension plans (defined benefit plans) at least three days before any union election. If a pension fund is underfunded, the union must also provide a free, independent financial expert to answer employee questions. The goal is to ensure employees have full transparency regarding their retirement security before voting on union representation.
Key points
Unions must disclose the funding level (assets vs. liabilities) of pension plans before elections.
If a plan is underfunded, employees must be informed about potential benefit reductions and the estimated payout from the federal insurance (PBGC).
Lying or misleading employees about the pension fund status is subject to criminal penalties and can invalidate the election results.
Expired
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