The Laborers' International Union of North America (LIUNA) believes that the men and women who work hard for their employers, for their families, and for themselves, deserve to retire with dignity and enough financial resources to live comfortably. We need policies that promote, support, and encourage the use of employer-paid defined benefit pension plans which offer a set regular payment for as long as the beneficiary lives. Unfortunately, the use of these defined pension plans has declined dramatically for non-union workers, in favor of 401(k)s and other investment funds that depend mostly on what employees can save.
For Contractors: Attract and Retain Skilled Labor and Reduce Your Workload with LIUNA’s Multi-Employer Pension Plans
Contractors partnering with LIUNA benefit from participation in multi-employer pension funds, which offer several strategic advantages:
- Attract and Retain Talent: Offering a defined benefit pension plan makes your company more attractive to skilled workers seeking long-term security.
- Simplify Administration: Multi-employer plans reduce the administrative burden of managing individual retirement programs, allowing you to focus on your core business operations.
- Cost-Effective: Pooling resources with other employers leads to economies of scale, making it a fiscally responsible way to provide broad-based retirement benefits.
- Enhance Reputation: Demonstrating a commitment to your employees' future can improve your company's reputation and competitiveness in the industry.
By participating in LIUNA's multi-employer pension plans, contractors not only invest in their workforce's future but also strengthen their own business's foundation.
For LIUNA Members: Guaranteed Retirement Security
As a proud member of LIUNA, you gain access to robust retirement benefits, including a defined benefit pension and annuity. These benefits provide a predictable, lifetime income stream, ensuring financial stability throughout your retirement years.
Research from the National Institute on Retirement Security highlights that defined benefit pensions offer middle-class Americans secure and adequate retirement benefits, helping them maintain their standard of living into retirement . Unlike 401(k)s, which are subject to market fluctuations and individual investment decisions, defined benefit pensions deliver guaranteed monthly income for life, allowing retirees to budget confidently and avoid the risk of outliving their savings.
Moreover, union representation significantly increases access to these valuable benefits. According to the Bureau of Labor Statistics, 95% of union workers have access to employer-sponsored retirement plans, compared to just 70% of nonunion workers . This disparity underscores the critical role unions play in securing comprehensive retirement benefits for their members.