Andrew Stern, president of the Service Employees International Union, often has emphasized his commitment to building a lean, efficient organization. His union and unions generally, he argues, need to aggressively cut costs and generate revenues in every way possible. Yet the SEIU is a union in major financial trouble. Its pension plan is no exception. Several weeks ago, the Washington, D.C.-based SEIU National Industry Pension Fund (NIPF) revealed in an April 30 letter to union leadership that the pension plan was in "critical status," or the "red zone." This "Notice of Critical Status" stated as follows: "This is to inform you that on March 31, the Plan actuary certified to the U.S. Department of the Treasury, and also to the Trustees, that the Plan is in critical status (the "red zone") for the plan year beginning January 1, 2009. Federal law requires that you receive this notice."
