Private firms could be required to save underfunded union pension plans even if doing so reduces profits and jeopardizes the retirement savings of non-union workers. That’s the consequence of a binding arbitration provision in a proposal now before Congress. The provision is included in the horribly misnamed Employee Free Choice Act (aka Card Check) and may actually be the primary driving force behind the measure, which is described by labor bosses as their top legislative priority for 2009. Card Check abolishes secret balloting voting for employees in workplace representation elections, and mandates that federal arbitrators impose settlements when a company fails to reach an agreement with a newly recognized union within 120 days.

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