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Brown Cafe UPS Forum
UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="Bill" data-source="post: 213178" data-attributes="member: 5483"><p>.......participants ......administration fees........ assets (in millions)</p><p>2001.....137,539....................$45.7 million...............$603</p><p>2002.....131,716......................46.5..........................428 </p><p>2003.....124,805......................55.............................433</p><p>2004.....124,405......................59.8..........................577</p><p>2005.....116,544......................61.............................720</p><p> </p><p>Since 2001, the participants in Central States health and welfare fund has dropped by 21,000 or 15%. At the same time, administration fees has risen by 33%. Correct me if I am wrong, but if there are less people in the fund, shouldn't the fees go down as well. Obviously there are less people to administer to. In the annual report from 2005, schedule H, line i, the administration fees are broken down as such: </p><p>professional fees...............$278,623</p><p>investment advisory...........$357,687</p><p>OTHER.........................$61,434,532 </p><p>Isn't it strange that 98.9% of the administration fees are not explained. Are they trying to hide the fact where some of this money really goes? Are the Teamsters getting a kickback and using the excuse of administration fees? I know that I am not the only one that finds this highly peculiar.</p></blockquote><p></p>
[QUOTE="Bill, post: 213178, member: 5483"] .......participants ......administration fees........ assets (in millions) 2001.....137,539....................$45.7 million...............$603 2002.....131,716......................46.5..........................428 2003.....124,805......................55.............................433 2004.....124,405......................59.8..........................577 2005.....116,544......................61.............................720 Since 2001, the participants in Central States health and welfare fund has dropped by 21,000 or 15%. At the same time, administration fees has risen by 33%. Correct me if I am wrong, but if there are less people in the fund, shouldn't the fees go down as well. Obviously there are less people to administer to. In the annual report from 2005, schedule H, line i, the administration fees are broken down as such: professional fees...............$278,623 investment advisory...........$357,687 OTHER.........................$61,434,532 Isn't it strange that 98.9% of the administration fees are not explained. Are they trying to hide the fact where some of this money really goes? Are the Teamsters getting a kickback and using the excuse of administration fees? I know that I am not the only one that finds this highly peculiar. [/QUOTE]
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Another example of Central States mismanagement
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