Navigation Links
Major Union Questions PA Pension Fund, Calls on PSERS to Protect Workers, Retirees
Date:7/3/2008

HARRISBURG, Pa., July 3 /PRNewswire-USNewswire/ -- Eileen Connelly, Executive Director of the Service Employees International Union's Pennsylvania State Council, today called on the Pennsylvania School Employees' Retirement System (PSERS) to protect retiree pension dollars and workers' rights by steering clear of an investment management firm affiliated with Lazard, Ltd., a troubled firm whose affiliates have lost money for PSERS annuitants and whose past is replete with union-busting and scandals.

On June 23, PSERS' Board of Trustees announced that it would entrust a Lazard affiliate with $350 million of PSERS participants' retirement assets. The Board did so despite the poor performance of its Lazard-managed investments. PSERS's sole investment with a Lazard-affiliated entity -- as a investor in a real estate fund called "Lazard-Freres Strategic Realty Investors Fund II" -- has consistently underperformed and failed to meet performance benchmarks.

That Lazard fund's largest asset is Atria Senior Living, a national assisted living provider which operates more than 130 facilities in 26 states, including 4 in Pennsylvania. Elderly residents and workers have cited wide-ranging concerns at Lazard's Atria, such as poor patient care, poverty wages for employees and skyrocketing rent increases. Legislators in multiple states have called on Atria to stop gouging residents and respect its employees. Instead, Lazard's Atria has retaliated against low-wage, predominantly minority workers struggling to form a union to improve their pay and the quality of resident care.

Connelly committed to mobilizing SEIU and other union members, many of whom have their retirement savings in PSERS, to call on the fund board to take action. The letter is the first step in a campaign to convince PSERS to reflect the values of its members and retirees. SEIU plans to communicate directly with Pennsylvania teachers around this issue and mobilize its members that participate in PSERS to protest the fund's dealings with Lazard at PSERS' Board Meeting on August 14, 2008.

More information on SEIU's efforts, Lazard's history, and a copy of the letter: http://www.LazardUnveiled.org.


'/>"/>
SOURCE SEIU Healthcare
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Majority of 2.4 Million U.S. Children With ADHD Not Diagnosed or Consistently Treated, According to New Gold Standard Study by Cincinnati Childrens Researchers
2. Laboratory at UI plays major role in diagnosing cancer
3. Draxis Health selected by Johnson and Johnson Consumer Companies, Inc. for major contract manufacturing relationship
4. DaVita Acquires Majority Stake in HomeChoice Partners, Inc.
5. Major Pharma Clinical Case Studies From Amgen, AstraZeneca, GSK, Intermune, Cephalon Inc, Sunesis Pharmaceuticals and Dartmouth Medical School During Fall Clinical Focused Programs
6. Major grant advances UWs clinical and translational research enterprise
7. Major differences revealed in how local authorities in the UK support disabled people
8. Watson Wyatt Identifies Major Benefit Trends During Open Enrollment Season
9. Worldwide Probiotic Drink, Yakult(R), Launches in Its First Major U.S. Market
10. Ericom Provides Significant Cost-Savings for Major New York City Healthcare Organization
11. Eckert Seamans Announces Major Expansion in Philadelphia, West Chester and Harrisburg
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/22/2017)... ... September 22, 2017 , ... Silicon Valley ... even on the go. Their electric toothbrushes aggressively attack oral bacteria by reducing ... sanitizing technology. Combining leading edge Enke technology with a premium timeless design, they ...
(Date:9/22/2017)... ... September 22, 2017 , ... “Letters From Home”: a moving ... lost, have value to God. “Letters From Home” is the creation of published author, ... the President’s Cabinet of Jerry Savelle Ministries International, who has traveled and ministered on ...
(Date:9/22/2017)... ... September 22, 2017 , ... ... and create life. Although frozen embryos have a slight statistical advantage for live ... freezing is a wonderful opportunity for women undergoing medical treatment or who are ...
(Date:9/21/2017)... ... 21, 2017 , ... With ProSlideshow Portrait from Pixel Film Studios creating a ... select from up to two layers of subject matter along with fully customizable backdrop ... Final Cut Pro X. , With ProSlideshow Portrait each user are given ...
(Date:9/21/2017)... ... 21, 2017 , ... Process Capability Indices for Medical Device ... ET, http://www.fdanews.com/processcapabilityindices      , Quality in device manufacturing is ... Quality System Regulation (§820.250), and Devicemakers find themselves staring at a warning letter. ...
Breaking Medicine News(10 mins):
(Date:9/9/2017)... ... ... – Monday, September 18 th .The Brain Tumor Foundation (BTF) begins ... the public.Where:  BTF,s Mobile MRI Unit – a ... Washington, D.C.What:BTF brings its nationwide initiative, the Road to Early Detection Sponsor-A-City ...
(Date:9/9/2017)... Lilly and Company (NYSE: LLY ) will ... an investigational, oral, first-in-class molecule for the acute treatment ... placebo in the Phase 3 SPARTAN study. Detailed results ... the International Headache Society (IHC) in Vancouver ... lasmiditan,s potential to reduce pain and provide freedom from ...
(Date:9/7/2017)... MIRAGE, Calif. , Sept. 7, 2017  For nearly two decades, ... service in the Assisted Reproduction Insurance industry. Today, New Life Agency announces ... fertility medications. ... http://pharmacarecard.com/ (PRNewsfoto/PharmaCareCard) ... ...
Breaking Medicine Technology: