I stole this from a poster on Jawin. He or she deserves the credit. I embellished it .
Millions of working Americans are depending at least in part on pension funds provided by their trade unions. But at least 108 of those funds are in danger due to being inadequately funded by the union officials responsible for insuring their financial integrity, according to the federal government.
If you are depending on one of the following at-risk union pension funds, here are two questions you should ask your union's leaders:
Of the 108 Funds 14 are Carpenters Pension Funds including NYC:
Carpenters Retirement Plan of Western Washington 73.10%.
Chicago District Council of Carpenters Pension Fund 70.10%.
Carpenters Pension Trust Fund of St Louis 68.60%
MA State Carpenters Pension Fund 68.60%.
Carpenters Pension Fund of Philadelphia and Vicinity 66.40%.
Carpenters Pension Fund of Illinois 64.20%.
NJ Carpenters Pension Fund 63.60%.
Carpenters Pension fund of Western Pennsylvania 60.80%
Carpenter Pension Trust for Southern California 60.40%
NY District Council of Carpenters Pension Plan 59.30%.
Wisconsin Carpenters Pension Fund 56.50%
Carpenters Pension Trust Fund for Northern California 53.70%.
Michigan Carpenters Pension Fund 50.20%.
Twin City Carpenters Pension Fund 50.20%.
The article says to ask two very important questions:
If you are depending on one of the following at-risk union pension funds, here are two questions you should ask your union's leaders:
* Why aren't you funding our pension properly?
* What have you funded with our money instead of our pension fund?
Look at the California funds run directly by McCarron and His Brother.60% for the Northern and 53% for the Southern.
So Doug what are you doing with he money instead of funding the Pension fund. How many Hotels have the California Funds bought in Palm Beach,Vegas and other places. How Many IF ANY are run by the Hotel Management companies which Douglas sits on the board off or is CEO of??
In the case of the Mass and Empire Pension Fund. How is the First Trade Union Bank getting bail out money from these funds after being put in Supervision by the Office of Thrift and Supervision for Higher Risk loans,insufficient capital and elevated criticized assets.
Why is Dale Stuhlmiller of Association of Wall and Ceiling(Hudson Valley Acoustical) Fame not only the Chairman of The Empire District Fund, replacing Joseph Olivieri, but also on the Board Director of First Trade Union Bank??? Mr. Walsh can you have somebody from the US Attorneys Office look at that one. Why did the Bank change to a Trust the month before going into supervision.
Here is great ammo and evidence why the UBC should not be running the NYC Council or Funds any longer. Here is evidence why the UBC should not be negotiating anybody's contract. Here is evidence of blatant incompetence on the part of the UBC. By its actions of dissolving locals and councils at McCarrons discretion and against the will of the members,local and councils,it has declared itself singularly in complete control of all locals and councils and should therefore be held liable with the seated trustees for the conditions of the Pension and Welfare Funds. Many of these funds are the victims of McCarrons mergers which he did by force and against will of the subordinate body.
Lest Ask the Question "What have you funded with our money instead of the Pension Fund"
Lets take the MA State Carpenters Pension Fund at 68.60%. .We dont know what the Empire Pension Fund rate is since it is buried in Spencer,Glen and Garrisons ass. They have not even filed the 6 month Trusteeship papers let alone the funding % of the Pension Fund.
So what did the Mass carpenters Fund do with the pension money.
In December 2010 The feds out the First Trade Union bank in Supervision for 3 years.
"Federal bank regulators recently clamped down on the torrid lending pace at First Trade Union Bank, which raised $10 million in fresh capital announced last month from its union pension-fund owners amid an upswing in problem loans."
Thats right they got 10 million from the Pension Funds one of which is 68% percent funded,
And in the second half of 2010 they plan to take more:
"During the second half of the year, First Trade shrank its balance sheet and moved forward on plans to raise capital from an ownership group consisting of the New England Carpenters Pension Fund (36.5 percent ownership stake), New England Carpenters Guaranteed Annuity Fund (18.2 percent) and the Empire State Carpenters Pension Fund (45 percent).
So is this what they did with the money instead of funding the pension fun?? Do these funds have to absorb First Trades Losses??How much more will they bilk from underfunded Pension Funds. I am sure that this pales to the Hotel Business the California Funds are running.
And the Carpenters Pension Trust Fund of St Louis at 68.60% should have a look at the Builders Fixed Income Inc
4-21-10 notice of Endangered Status, they claim 74.7% as of 1-1-10.....amazing that they are always 12-18 months behind in reporting actual numbers....what the hell do the accountants, cpa's fund trustees/fiduciaries do all day, all year long?
Would not a good Bean Counter have daily tracking numbers....each day, every day of the year as to where they stand? Foregoing that thought, a competent team of Financial Planners & Fiduciaries (who could balance their own check book), say 20 people assigned to this task...produce the yearly numbers....what would that take 60-days tops?
So why are they always a year to a year & a half behind in the Reporting or is this strictly limited to those bellweather years when the funds take a beating in the market & via internal theft & fraud - so they hide the info as long as possible?
Also of note: the numbers they do show & admit to, they only go back 2-years when Federal Law requires the archiving of all Records with full access to members being made for a minimum of 6-years.....Records to be kept in a bonded, secure, sprinklered warehouse to boot, yet they store the shit out back in an ill kept half assed warehouse/office/training & classroom facility with a half assed shop out back.....(ABC Contractors have better shop facilities than this place, yet it's been that way since the day the doors opened 20+ years ago...shit-hole a disgrace
5-PAGER PENSION FUND, 2007 & BEYOND LISTED AS N/A......as in they ain;t gonna find the records, gotta destroy them, send the super shredder over - stat!
Give me a hand would you. You probably have this already so see if you can tell me how many shares of PB Capital McCarron had ULLICO and the Carpenters Pension Fund buy of Perinni.
We know McCarron had a conflict of Interest being on the Board at Perinni but did we prove how he used the Carpenters to enrich Perinni and himself.All payments from Perinni he had Perinni dump in his Pension Fund instead of paying him.
He was on the Board for Perinni but was also in 1996 put on the Board of Perinns PB Capital,
He promised to have the Carpenters buy shares of PB Capital and promised that ULLICO would buy significant shares of Perinni through a Separate Account P .
"Mr. McCarron is a director of ULLICO, Inc. which is the
parent company of The Union Labor Life Insurance Company which through its Separate Account P is expected to purchase a significant number of shares of Series B Preferred Stock. "
" McCarron has been a Trustee since
1987, of the United Brotherhood of Carpenters Pension Fund for Officers and Directors ("United Brotherhood Pension Fund"). The United Brotherhood Pension Fund is expected to be a significant investor in PB Capital. "
"Douglas J. McCarron. Mr. McCarron is 46 years old. Mr.
McCarron has been President of the Carpenters Local Union No. 1506 (a labor
union) and President of the Southern California Conference of Carpenters (a bargaining agent for all
Southern California Carpenters local unions), since 1982. He has also been
General President of the United Brotherhood of Carpenters and Joiners of America
(a labor union) since November 1995 and a Member of the Executive Council of the
AFL-CIO since 1995. Mr. McCarron is a director of ULLICO, Inc. which is the
parent company of The Union Labor Life Insurance Company which through its
Separate Account P is expected to purchase a significant number of shares of
Series B Preferred Stock. From 1992 through 1995, Mr.McCarron was General
Second Vice President of the United Brotherhood of Carpenters and Joiners of
America (a labor union). Mr. McCarron also served as Secretary-Treasurer of the
Southern California District Council of Carpenters (a labor union) from 1987
through 1995. Mr. McCarron has been the Chairman since 1986, and a Trustee since
1987, of the United Brotherhood of Carpenters Pension Fund for Officers and
Directors ("United Brotherhood Pension Fund"). The United Brotherhood Pension
Fund is expected to be a significant investor in PB Capital.
Fees for outside Directors of the Company currently consist of an annual
retainer fee of $16,000, plus $900 per Board meeting attended, as well as $900
per Committee meeting attended by members of the Audit, Compensation and
Nominating Committees, $4,000 per meeting attended by members of the Executive
Committee and $2,500 per meeting attended by members of the Special Committee.
except for Mr. Tutor and Mr. McCarron, the latter of which requested
that his fees be paid directly to the United Brotherhood of Carpenters Pension
Fund, a pension fund of which he is a Trustee
PB Capital is a limited partnership whose principal business
is investing in securities and whose principal office is located at 909
Montgomery St., Suite 400, San Francisco, California 94133. RCBA L.P. is the
sole general partner of PB Capital.
RCBA L.P. is a California limited partnership whose principal
business is acting as general partner for investment partnerships and providing
investment advisory and financial consulting services. RCBA L.P. is a
registered investment adviser with the Securities and Exchange Commission and
with the State of California. The sole general partner of RCBA L.P. is RCBA
Inc. The principal business office address of RCBA L.P. and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the executive officers and directors of RCBA Inc., their addresses, citizenship
and principal occupations are as follows: Blum and Tutor
I am sorry if you have this already and have posted it. How many shares of Preferred B stock did ULLICO buy and how much did the carpenters invest in PB Capital which is all Perinni
don't know the particulars, although I have read this stuff before....tutor, blum, feinstein, mccarron etc. $30M by RNT & $8M by MCCARRON, after S & L failure & Real Estate Bust in early-mid-nineties....$38M cash infusion from RNT & SoCal Carp's saved Perini from pending bankruptcy. West Coast Operations of Perini kept company afloat through profits & this loan.
This was parlayed into a shitload of JV Projects, pretty much a complete takoever & injection of TSC staff into Perini's daily op's inclusive of CEO/CFO yad, yada.
On 4-3-08 that original investment was parlayed into a 40% buyback of stock by David B. Perini for $863M and survived SEC scrutiny etc....the check was cashed before the financial shit hit the fan in Nov 2008......end result was the formation of the largest publicly held construction firm in the US....now known as TP Corp, largest equipment fleet in country (all owned) one of the best credit ratings and bonding capacities out there.
on $8M, the UBC's end of that original investment should result in a 21.052% share of the $863 Million, or $181,684,210 payable to the So Cal Carpenters Pension Funds predicated on the 4-3-08 check date....Damn good rate of return for 12-13 years. Why then would they be funded now at 53%.....you could presume that the money was returned to the funds & the dividends etc were reinvested, so SOCAL's Pension Fund should have rec'd a $181M cash infusion 5-months prior to the so-called Financial crash.
How much went into the Hotels or offshore accounts/other investments? Who the hell knows....could their fund fiduciaries be dumb enough to put all their eggs in one basket & call it a market loss.........can't answer that
Hey Brothers, word is that Franky " better late than never " Spencer has sent in his second Form LM - 15 Trusteeship Report. Theoretically it has just been received by the U.S. Department of Labor Public Disclosure Office.
Problem being that Franky is 5 months late with his report. Another one ( the third ) is due on April 26, 2011. Here is a guy who is McCarrons right hand man for the Red Hand Express and the Trusteeship of the Empire State Regional Council of Carpenters, and he can't be punctual with his government REQUIRED reports.
Try sending your dues in 5 months late and see what happens !
Page 11. the list of Signatories on First Trade Union Bank - Dale Stuhmiller & Al Pecairo were both replaced, were they not?
Who of the original 10 is still there, serving as Directors of this Board? Most do not (emphasis added) qualify as fiduciaries/directors of any Bank or Financial Institution, particularly under OTS reg's & other Federal Guidelines.
Are you aware of any more changes to this original plan, any new filings etc?
They did mention the possibility of acquisition (sale) of the bank? What are the possibilities of that occurring in the near future and how will it effect the Annuity & Pension Funds for NERCC & ESRCC?
Rich - John,
This post (all the technical data ) should go to Judge Berman, re: the McGuire letter, ERISA regs, Funding status requirements, critical & endangered status defined (80% & 65% funding levels), PPA 2006 and the subsequent Joint Committee on Taxation (JCT) 12-15-08 Amendments.
This is material info that he can use to assist with his decision.
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