The Defense Fund is an important component of union members’ resources. The primary purposes of the GSU Defense Fund is to ensure and provide for the continued operation of GSU and to provide strike/lockout pay to members of GSU in the event they strike or are locked out.
GSU members pay additional dues of 1 percent of regular pay to a maximum of $10 per member per month. These additional dues will continue to be paid into the GSU Defense Fund until suspended by the Joint Executive Council or discontinued by a vote of the members of the union.
The GSU Defense Fund is required to maintain a minimum operating balance of $2.5 million. At the end of the fourth quarter of 2021, the assets of the GSU Defense Fund stood at slightly over $5.7 million. On a year-to-date basis, the Fund’s investment portfolio with RBC experienced a decline in value of -9.41% resulting in an estimated market value of $4,772,000 as of the end of November 2022. Together with cash on hand, the Fund’s assets are an estimated $5.2 million. Holding to the investment strategy adopted by the board of directors, we expect these losses to be temporary and to return to normalcy when the market recovers from the current jitters.
The GSU Defense Fund is administered by a Board of Directors of five members of GSU in good standing who are not elected representatives to the Joint Executive Council of GSU.
The Board of Directors are elected at GSU’s biennial policy conventions. Interim appointments to fill vacancies are conducted by the GSU’s Joint Executive Council as required between policy conventions.
The Defense Fund is audited annually as part of GSU’s annual audit process.
If you have questions about the Defense Fund or the Board of Directors, contact your GSU staff rep.