Monthly Archives: May 2016
OH WHERE OH WHERE HAS MY PENSION MONEY GONE

OH WHERE OH WHERE HAS IT GONE.

45 UBC CARPENTERS FUNDS AND 13 TEAMSTERS FUNDS IN ULLICO J AND ITS FRONT MEPTS NEWTOWER

2000-ULLICO TOTAL ASSETS DECLINED $537.3 MILLION BETWEEN DECEMBER 1999 AND JUNE 200

2000-ULLICO STOCKHOLDERS LOST $375 MILLION IN THE FIRST 6 MONTHS

YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO

2002-ULLICO Inc. experienced a loss of $25.2 million in the third quarter of 2002, on top of an $8.7
million loss in the second quarter and $8.5 million loss in the first quarter. The total consolidated net loss
for the nine months ending September 30, 2002, was $42.4 million

2002-Total assets declined $93.7 million during the first nine months of 2002

2002-Total stockholders’ equity declined $66.8 million during the first nine months of 2002

YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO

2003 -DOUG MCCARRON INVOLVED IN YET ANOTHER ULLICO FRAUD.DOUG MCCARRON SUBPOENAED BY A GRAND JURY.MCCARRON DEMANDS THE UBC LAW FIRM OF DECARLO AND CROOKED TEETH TO BE HIS LAWYERS

2003-THE UBC,DOUG MCCARRON AND UBC HACK LAWYER JOHN DECARLO INVESTIGATED BY THE DEPARTMENT OF LABOR FOR POSSIBLE FRAUD IN THE UNITED AUTO WORKERS STOCK PURCHASE AND HAMILTON LANE SCAM.DECARLO DEPOSED BY THE DEPARTMENT OF LABOR.

2003-UBC PENSION FUND INSURANCE BROKER MARSH USA INC. DECLARES ULLICO DOES NOT MEET THE CRITERIA FOR A COMPANY WITH WHO THEY WOULD DO BUSINESS. THE TRUSTEES ARE ADVISED TO PULL OUT 50% OF THEIR SEPARATE J DIVERSION OF FUND MONIES

2003-UNION GENERAL PRESIDENTS EXPRESS THEIR CONCERN OVER ULLICO
2003- “Accordingly, we are greatly concerned with company and other reports that raise serious questions about the ongoing financial viability of ULLICO Inc. and its subsidiaries”.

2003-“The jeopardy the company faces from the Maryland Insurance Commission, a
grand jury, the SEC, and the Department of Labor; I believe that most directors do not understand the number,
scope, and severity of investigations”

February 2003-
four years of losses in insurance lines totaling $280 million
projected loss in 2003 of [20-300 million?]
WHAT IS THE ANSWER?? TO STEAL MORE MONEY FOR UNION MEMBERS FUNDS

“Another key issue is the status of
ULLICO’s operating capital. We will explore possible sources in the longer
term of investment capital, such as additional investments from union
related pension funds.”

YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO

2004-SELF-DEALING AND BREACH OF DUTY AT ULLICO INC
REPORT PREPARED BY THE COMMITTEE OF GOVERNMENTAL AFFAIRS UNITED STATES SENATE

1. ULLICO’s Employment and Business Dealings with Robert
Georgine’s Relatives

During his chairmanship of ULLICO, Georgine used the company to provide employment to at least four of his relatives: his daughter, two sons-in-law, and a nephew
In addition to his base salary of $650,000 per year, Chairman and CEO Robert Georgine claimed approximately $20 million in stock profits, bonuses, and benefits between 1998 and 2001. Four other senior ULLICO executives received
more than $9 million in stock profits, bonuses, and benefits over the same time
period.
2. The ULLICO Corporate Jet
As ULLICO’s businesses were struggling, as the unrealized gains from Global Crossing stock were disappearing, and as certain of ULLICO’s senior executives including DOUG MCCARRON were enriching themselves with special opportunities to dump their ULLICO stock at inflated
prices—the company decided to lease an expensive corporate jet.
3.ULLICO’s Board of Directors was large.
It consisted of 28 current and formerlabor leaders
(WHO DIVERTED HUNDREDS OF MILLIONS OF THEIR MEMBERS MONEY TO ULLICO)

4. ULLICO spent almost $14 million on legal, consulting, and lobbying fees to deal
with the multiple investigations
spawned by the stock transactions.
The company
spent more than $2 million on the Thompson investigation. Then they spent twice
as much, more than $4 million, on representation of individuals investigated

YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO

2012- INVESTORS WERE LINED UP DEMANDING THE RETURN OF $1.6 BILLION DOLLARS OF THEIR MONEY FROM THE ULLICO SEPARATE J ACCOUNT
YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO

2013
ULLICO CASUALTY LIQUIDATED BY THE STATE OF DELAWARE

March 11, 2013,- Ullico Casualty Company
the Court signed a Rehabilitation and Injunction Order

JULY 7, 2013
Delaware Rehabilitation &
Liquidation Bureau
Company Name:
Ullico Casualty Company in Liquidation
Date of Rehabilitation: March 11, 2013
Date of Liquidation: May 30, 2013

ULLICO CASUALTY filed its
annual statutory financial statement for the fiscal year ended December 31, 2012, on
March 1, 2013.
ULLICO CASUALTY reported its
surplus as regards policyholders as of
December 31, 2012, as approximately
negative $52,000,000
.
YET MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO

WHERE TO LOOK

All funds and Unions file 5500s.All Unions file 990s and LM2s each year.Each Union Officer who takes money, gifts or whose family members work for the Union is required to file an Lm30. Companies who give gifts file LM10s. See ULLICOs 200-300 page LM10s with gifts to Union Officials.To learn where to view these records and others please go to http://www.theratlist.com.Here you can also learn about the members at the NCCMP such as Hoffa who spent 52 million of your money to lobby for MPRA.

Form 5500-How to view your 5500. Go here https://www.efast.dol.gov/portal/app/disseminate?execution=e1s1 search uses your EIN with no hyphen.

Form 990-Each not for profit must file an IRS 990 each year..How to view 990s which is the only place that show how much they are really getting paid. Go here http://foundationcenter.org/findfunders/990finder/ Search by EIN,Zip code or name or here http://www.guidestar.org/Home.aspx.Guide Star requires you create an account but its free.

Form-LM2 -LM30 -LM10

DOL Public Disclosure Room

https://www.dol.gov/olms/regs/compliance/rrlo/lmrda.htm

This is my work product.It is not to be lifted and posted on NYSTeamsterPensionCrisis or any site they own and operate.

THE RATS LOSE!!!THE RATS LOSE!!!

 FEINBERG REJECTS CENTRAL STATES PENSION CUTS.Treasury Department Rejects Teamsters’ Central States Proposal to Cut Retiree Benefits Proposed cuts would have slashed members’ pension checks by 50% or more
 
Members of the International Brotherhood of Teamsters and their supporters rallied against cuts to Central States Pension Fund benefits last month outside the Capitol in Washington. ENLARGE
Members of the International Brotherhood of Teamsters and their supporters rallied against cuts to Central States Pension Fund benefits last month outside the Capitol in Washington. Photo: Bloomberg News
By Timothy W. Martin
 
 
The Treasury Department rejected a proposal to cut retirement payouts for hundreds of thousands of truck drivers, construction workers and other service personnel, turning back an attempt to keep the Teamsters’ Central States Pension Fund afloat.
 
The decision by well-known mediator Kenneth Feinberg heads off planned reductions to pension checks of up to 90% for some, a win for labor unions and retirees. But the victory could prove short-lived. The plan, which represents 400,000 workers at 1,500 companies in the Great Plains, Midwest and Southeast, faces a funding shortfall that its administrators say could leave it insolvent in a decade.
 
Mr. Feinberg said he rejected the plan because it unfairly imposed uneven cuts among retirees, sent notifications to participants that were too technical to be understood and was based on overly rosy assumptions about investment returns. “We at Treasury do not believe that the plan as submitted will reasonably avoid insolvency,” Mr. Feinberg told reporters.
 
It is extremely rare for retirees’ pension benefits to be reduced. In most cases, it is illegal, but a 2014 federal law made it possible to impose cuts on participants in some cash-strapped plans covering workers and multiple employers. At Central States, some 270,000 retirees were facing benefit cuts.
 
Bill Orms, a 69-year-old retired truck driver from Akron, Ohio, already has sold a winter home in Florida, anticipating tighter times ahead. The proposed cuts would have halved his monthly after-tax income to about $1,200. “You get to breathe again,” Mr. Orns said after learning of the Treasury decision. “You get to exhale. Our life was on hold.”
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Central States represents employees of global giants including United Parcel Service Inc. and Kroger Co. , as well as smaller companies such as YRC Worldwide Inc. ’s YRC Freight of Overland Park, Kan.
 
Decades ago, it had four active workers contributing to the plan for every one retiree or inactive member. But that ratio has nearly reversed, as a decline in membership due to deregulation of the trucking industry has left far fewer active workers paying into the plan than receiving benefits.
 
The pension plan has been reeling from investment losses from the 2008 financial crisis. It currently has about half of the money it needs to meet future obligations, with $16.8 billion in assets against $35 billion in liabilities.
 
Without an injection of funds or benefit cuts, Central States could run out of money in the next 10 years, said Thomas Nyhan, the plan’s executive director, who added he was “disappointed” by the Treasury’s decision.
 
Mr. Nyhan had argued retirees would have been better off with the cuts than they would be if the plan became insolvent. A safety net does exist with the federal Pension Benefit Guaranty Corp. if Central States were to run out of cash. But the PBGC caps payouts at $12,870 a year, or less than $1,100 a month.
 
Central States retirees are currently pulling in $1,128 a month on average, though that total includes workers of all different lengths of tenure. The longest-tenured workers get about $2,400 a month. The average proposed benefit reduction was around 23%, though some saw their retirement income curbed as much as 90%.
 
The PBGC itself is facing financial duress. Its funding deficit for multiemployer plans soared to $52.3 billion in 2015 from $8 billion in 2013, according to PBGC annual reports. About 55 multiemployer plans currently receive financial aid from the PBGC.
 
Labor groups, retirees and lawmakers cheered the Treasury decision. “This decision means that there won’t be any cuts to retirees’ pensions this July or the foreseeable future,” said Teamsters General President James P. Hoffa.
 
But at some point, Central States, which pays out $2.8 billion in retiree benefits annually, will have to figure out a turnaround plan, experts say.
 
“It doesn’t solve the underlying problems,” said Jean-Pierre Aubry, an assistant director at the Center for Retirement Research at Boston College. “There’s still not enough money coming into these funds to pay the benefits they promised.”
 
Since the 2014 law was passed, five multiemployer plans have submitted applications to cut benefits. They include Central States and other funds representing iron workers and truckers.
 
A 2015 Government Accountability Office report called the multiemployer pension-funding shortfalls a crisis.
 
The proposed cuts at Central States took many retirees by surprise. Mr. Feinberg and other Treasury officials hosted town-hall meetings from Greensboro, N.C., to Peoria, Ill., where retirees packed auditoriums and convention centers. Last month, thousands of Teamster retirees rallied at the U.S. Capitol, chanting “No Cuts! No Cuts!”
 
One of the key reasons behind Mr. Feinberg’s rejection was Central States’ assumption it could generate yearly investment gains of 7.5%. Those return targets “were too optimistic and unreasonable,” Mr. Feinberg said.
 
Mr. Feinberg also questioned the disparate impact of the cuts, pointing out that some UPS workers had their benefits reduced more than others, noting the law requires such cuts “be equitably distributed.”
 
“UPS appreciates the thorough review by Treasury,” a spokesman said, adding the Central States fund’s future “is not clear.”
 
Write to Timothy W. Martin at timothy.martin@wsj.com
 
http://www.wsj.com/articles/treasury-department-rejects-teamsters-central-states-proposal-to-cut-retiree-benefits-1462558028