Wal-Mart employees may not know this, but the United Food and Commercial Workers International Union, which organized Black Friday’s “strikes” outside their stores, has a serious problem. Its pension funds are failing.
Most are in critical status (defined as less than 65 percent funded) or in endangered status (less than 80 percent funded), according to the union’s own reports to the U.S. Labor Department. Without an infusion of new cash, they will not be able to pay all their obligations to future retirees.
That’s why the UFCW seeks to sign up 1.4 million Wal-Mart employees — to inject fresh money into its failing plans. This union, with 1.3 million members in North America, has been unsuccessfully battling for years to organize Wal-Mart, the world’s biggest retailer.