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New York-based healthcare union forgoing raises to aid pension

New York Times, July 21, 2009

Facing a crisis in its pension fund, 1199, New York's giant healthcare union, reached a settlement that calls for forgoing nearly a billion dollars in raises for 145,000 union members so that hospitals can increase their pension contributions to safeguard future retirement benefits. The union agreed to a wage freeze for next year, but also accepted less generous pensions for future hires.