WHEREAS:

Thousands of state and local government employees defer part of their wages to increase their future retirement benefits to plans under IRS Code sections 457(b) and 401(k); and

WHEREAS
In most states and cities with such plans, no active AFSCME members or members of AFSCME Retirees serve as Plan’s board members or trustees; and

WHEREAS:
These deferred compensation plans invest billions of the members’ money in portfolios which sometimes use our own money to further privatization and to send jobs overseas; and

WHEREAS:
It is in the best interest of AFSCME and all American workers to use these members’ money to help create jobs in the country, housing and stop privatization.

THEREFORE BE IT RESOLVED:
That AFSCME will lobby in the appropriate political arenas and support legislation to change the law governing such deferred compensation plans to ensure workers’ representatives are included as plan board members and/or trustees in deferred compensation plans, and that such plans offer protections against imprudent investments by the plan’s investment companies, and improper use of plan’s funds by the sponsor; and

BE IT FURTHER RESOLVED:
That AFSCME will work with the councils to help establish participation in deferred compensation boards across the country.

SUBMITTED BY: 
Juan Fernandez, President and Delegate
Egbert Isaacs, Vice President and Delegate
Sheera Glass, Secretary and Delegate
Thomas Orawiec, Treasurer and Delegate
Morris Johnson, Delegate
Alan Mendelson, Executive Board Member
Diana Thillet, Executive Board Member
AFSCME Local 154, Council 37
New York