In the News

James Obermanns and Ronald Santo Quoted in Plan Advisor Magazine Regarding Retirement Plans For Union Members

June 16, 2015

James D. Obermanns and Ronald J. Santo, Michigan-based attorneys in Dykema’s Labor & Employment practice group, were quoted in the Plan Advisor Magazine article, “Challenges of Retirement Plans with Union Members.”

In the article, Obermanns points out that there are frequent disconnects between retirement plan documents that go to the IRS and collective bargaining agreements and that it is much better for company negotiators to communicate changes to the plan committee up front.

Later, Santo highlights generational issues that exist when dealing with unions—namely that pension plan committees are frequently dominated by older employees who want to retain their defined benefit plans, whereas younger employees want a defined contribution plan because they are more apt to switch jobs.

To read the entire article, click here.