Monday, October 20, 2008

Evergreen Worker stuff.

There has been plenty of discussion on the blogs concerning our status. Check out Sound investment or irresponsible debt? by Bill Holmes of HighBoldtage and EVERGREEN PULP: Closing for good? The Humboldt Herald. Be sure to check out the comments.

I have been in contact with local labor leaders and will be meeting with some tomorrow over proper protocol for Evergreen workers to enter local union trades. I encourage workers to hope for the best but be prepared for the worst. This may be the time to really consider using the training available to have a new vocation. When/if the Pulp Mill starts, you will have to make a decision on where to go career wise.

I have also been in contact with a local insurance provider who may be able to write insurance to fill the gap of our unemployment for under $200 a person as opposed to the over $500 for Cobra. I will be calling the membership when I have a meeting set up. We have until Nov. 30th unless I am able to have Attorneys get us an extension per WARN ACT violation.

I have had local financial experts examine the financial transaction of the sale of Evergreen (Lee & Man Paper Manufacturing Ltd.) and what I am hearing so far is not all positive.

To top it all, I am sure you all have received your 401k Quarterly statement from Principal Financial Group for the 3rd Quarter. I lost $4,600 this last three months and have been losing over $1,000 per month for the year. (Well over $10,000 this fiscal year) Don't even want to see my loses for the 4th Quarter of 2008. Most of my account is in Large U.S. equity. (High risk)

10 comments:

Mike Buettner said...

Not surprised but very sorry to hear the news.

My best to you Richard.

Fred said...

I'm no expert, Rich, but I would think at your age you should be starting to switch at least some of your retirement assets into something other than stocks.

Rmabo said...

Fred, it is possible Richard does what my wife and I do. She has her's in 65% low risk and 35% mid caps, mine are in Mostly high but some in mid and a bit in my mattress LOL. Anyway it caovers all bases this way and maybe the Marks have a simaler arrangement.

Fred said...

I should hope so. It's nearly always best to have a diversified portfolio, with the option of more risk involved when you're younger and less as you approach retirement.

samoasoftball said...

I am not expecting to retire on my 401k, so I speculate high risk. I have a defined benefit retirement program that pays per years of service. That is what I will retire on.

Rambo said...

Thats one of the reasoons i go high risk too rich. i have my 24 years of guard service i can look forward to upon retirement

Anonymous said...

I went to the Mill to get some of my things today and was told I have until the end of next week to get everything that is mine. I told them that I thought some kind of announcement would be sent out and was told there was no plan to do so.

Not A Native said...

Today's Times Standard article on homelessness says that Evergreen workers have been asking about getting temporary shelter. Do you believe thats true? My impression was that everyone at the mill was unionized.

What support will the union offer to members who are having difficulty keeping their living arrangements? It seems to me that if union members are committed to solidarity, they would help each other out and share what they have.

I'm certain many workers are well established, especially since you mentioned that the workforce was very stable with many having worked there over 20 years. A lot of them should be very financially comfortable, or at least have places to temporarily house their union brothers and sisters.

Anonymous said...

You said "I have also been in contact with a local insurance provider who may be able to write insurance to fill the gap of our unemployment for under $200 per person..."

Could you please try to include salaried ex-employees in this group plan? Our insurance runs out Oct 31st. Could you tell us the name of the provider? Thanks

samoasoftball said...

12:27pm- Yes I will do what I can.