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JANUARY 12TH MEETING REPORT
PRESIDENT WEIR INDICATES THE 370 FUND HAS RULES AGAINST HEDGE FUND INVESTMENTS.TELLS MEMBERS FUND IS IN NO DANGER
At the Jan 12th meeting William Weir told members that the 370 Pension Fund which is still separate from the Empire Council has no danger to Madoff. He explained that the 370 fund has rules provided to the investment managers which prohibit investments in hedge funds. Let us hope those managers did not go around those rules as they have done with other funds invested in Madoff. Mr Weir also indicated that the 370 Pension Fund has up to 11 investment managers. I am asking for an updated copy of that list. Can it be called Poetic Justice that the only fund not SEIZED by Morin and the Empire Council is the only one safe from this potential disaster.
Endangered Status Continued By 370 Pension Trustees
In a letter to "All Bargaining Parties via First Class Mail" Erin Ceccucci who is being used as a front by the Empire Council and conducting duties reserved for a Fund Manager detailed the Fund Improvement Plan. The letter indicates that the fund will take an additional MINIMUM of 50 cents per hour effective June 1,2009. Since the Endangered status was declared by the Actuary the percentage used for calculation has dropped by 2%. Weir slate Officers have been telling members that due to this change the fund is no longer endangered. When I asked Mr. Weir if they were still going to implement a Funding Improvement Plan and take the 50 cents he said yes that the actuary was still going to use a 7.75% regardless of the change. I will ask the EBSA if this is an option on Mr. Weirs part. The letter did not indicate any drop in Pension benefits. One has to wonder why this letter was not sent to 370 members
TRUSTEES SENT TO VEGAS.GIVEN POCKET MONEY
At the Jan 12th meeting William Weir told members Trustees Lynch, Shanahan, Hotlaing and Sowolski were excused. He also indicated they were allocated $100 for their training trip. So where were they? Why beautiful downtown Las Vegas. We members in these trying and poor economic times have just paid for these 4 Trustees to travel to Vegas for Trustee Financial Training. That is 4 round trip airfares.4 hotel rooms. Unless of course they will be staying at the Training Center built by Cash McCarron on the Vegas strip. 4 allocations of pocket money and 4 Travel Expense reimbursements requests we will see submitted by these Trustees(in a couple of cases, and not all four, using the word Trust anywhere near these Weir picks is an insult to the membership).
While we are all back here in NY alarmed by the Madoff issues, while we have Glens Falls members whose children are in Child Health Care Plus, while we are having raise allocations SEIZED for the Health Fund, while we are having raise allocations SEIZED for the endangered Pension fund and while we are wondering how we will pay next weeks bills our "Trustees" are given a free trip to Vegas. This is almost as big an INSULT as Patty Morin taking a raise to $303,000 and Dave Stewart saying Morin was concerned about the rank and file members.
We know it is a requirement that the Trustees be trained in different areas to make them more efficient trustees but how can you possibly justify free trips to Vegas. Now Mr. Blacklock I know you told me the UBC has more credibility with a Training center in Vegas and that it was built there because airfare is cheaper to Vegas but I have to ask. "How much is airfare to Albany"?How much would it be for the UBC to send 1 Trainer to Albany to train these Trustees at the Union Hall. That would be 1 Round Trip Ticket. 1 Hotel Room.1 bit of Pocket Money and 1 travel reimbursement request. No. How stupid of me. That makes no sense. Our Trustees would be cheated out of a trip to Vegas. Why should the expense of their trip be given to members who have no health insurance. The thousands of dollars you spent on these trustees trip could buy How Many members families health care for an entire year??What a stupid idea.
SPEARHEAD THE INVESTIGATION
During our lively banter at the meeting Mr. Weir made the comment that I was probably the one spearheading the investigation of the 229 Fund. While I am not sure WHICH investigation he is referring to let me say that I hope so.
Mr Weir was as well as Mr.Stewart, Mr. Blacklock, Mr. Kent and Mr. Middleton, to name a few Officers ,were all at the 229 Meet the Funds night held in Glens Falls. At this meeting the ex 229 members were offered a health plan they could not pay for. As we looked around the room one thing that was clear is the distraught and emotions of our Union Brothers wives and family members. I watched two members wives as they did all they could to stop from bursting out in tears because they could not provide their family with health care. I watched as they shook and their chins and lips quivered as they tried to hold back their tears. Perhaps Mr. Weir and the rest did not witness this. Is this what being a 370 member means. I will never forget their faces. If as you say Mr. Weir I am spearheading any investigation into the rape and pillaging of their Health and Pension Fund by the Empire Council than I AM PROUD TO DO SO. What I want to ask is WHY you as the leader of these members are not??
more to come...