Some Say Union Revival Could Address Retirement Insecurity Data from the Bureau of Labor Statistics shows the U.S. now has the fifth lowest trade union density of the 36 member nations of the Organization for Economic Co-operation and Development.
Even the most cursory internet search will uncover an array of surveys and studies, conducted by all manner of stakeholders, underlining the substantial decline in U.S. union membership seen over the past several decades.
As data from the Bureau of Labor Statistics (BLS) shows, last year, 10.8% of workers in the United States reported being a union member, compared with 20.1% in 1983. That’s up 0.5 percentage point from 2019’s numbers, but still far lower than in the past. The data shows a strong regional concentration of union membership, as well, with more than half of all U.S. union members living in either California, New York, Illinois, Pennsylvania, New Jersey, Ohi
What Labor Nominee Walsh Means for the Fiduciary Rule’s Future The Democratic Party has already laid down its marker
On January 7, 2021, President-elect Joe Biden named Boston Mayor Martin Walsh as his nominee for Secretary of Labor. Walsh’s nomination raises questions for the future of the Labor Department’s (DOL’s) fiduciary rule, which regulates “investment advice fiduciaries” under the Employee Retirement Income Security Act of 1974 (ERISA).
In particular, the new fiduciary rule guidelines promulgated by the DOL in December 2020 appear to be in jeopardy under a Biden administration with Walsh as Labor Secretary.
Keith Blackman
Background
Under ERISA, an investment advisor is considered a fiduciary with respect to a retirement plan or IRA if the advisor renders “investment advice” for a fee or other compensation.
The Argument to Save Pensions by Saving Unions
Some sources say growing union membership to previous levels could go a long way toward solving many of the most vexing economic challenges facing Americans today, including retirement insecurity.
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Even the most cursory internet search will uncover an array of surveys and studies, conducted by all manner of stakeholders, underlining the substantial decline in U.S. union membership seen over the past several decades.
As data from the Bureau of Labor Statistics (BLS) shows, last year, 10.8% of workers in the United States reported being a union member, compared with 20.1% in 1983. That’s up 0.5 percentage point from 2019’s numbers, but still lower than in the past. The data shows a strong regional concentration of union membership, as well, with more than half of all U.S. union members living in either California, New York, Illinois, Pennsylvania, New Jersey, Ohio or Michigan.
Labor pick Walsh likely to be moderate: Experts businessinsurance.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsurance.com Daily Mail and Mail on Sunday newspapers.
Marty Walsh, the Mayor of Boston, who has been nominated to the post of Labor Secretary by US President-elect Joe Biden, has been invited to visit Galway during his term of office.