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UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="JonFrum" data-source="post: 215735"><p><strong>Re: If you have actual evidence of wrongdoing, file charges!!!</strong></p><p></p><p></p><p></p><p>Engineer 79,</p><p>First, I wonder if you overlooked the top item on the Central States Form 5500 for 2005, Schedule C:</p><p></p><p>"Enter the total dollar amount of compensation paid by the plan to all persons, other than those listed below, who received compensation during the plan year: $16,217,161."</p><p></p><p>That $16 million is easy to miss because it is not in the same format as all the other entries.</p><p></p><p>Second, the government's Form 5500 Schedule C specifically states that only the top forty Service Provider payments are to be listed. [ I think they stole "Service Provider" from UPS, and "top forty" from Casey Casem and AM radio. ] The smallest payment listed is for $72,508. All smaller payments are not listed. From the instructions on the form itself: ". . . list service providers in descending order of the compensation they received for the services rendered during the plan year. List only the top 40. . . ."</p><p></p><p>Third, you can review the Schedule H instructions I quoted earlier and assume that the fund also spent money on the smaller items listed in the instructions, but not required to be itemized in Schedule C.</p><p></p><p>The 2005 H & W fund is covered by a Fidelity Bond of $3 million dollars. You will sleep easier now that you know the Fund is protected against loss from theft or fraud, won't you? The Pension Fund is protected by a $3 million Fidelity Bond as well. Turn in any wrongdoers, and the Surety Company will make the Fund whole. </p><p></p><p>Any one else wanting to obtain Form 5500 Annual Reports easily online can learn how here . . .</p><p><a href="http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/" target="_blank">http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 215735"] [B]Re: If you have actual evidence of wrongdoing, file charges!!![/B] Engineer 79, First, I wonder if you overlooked the top item on the Central States Form 5500 for 2005, Schedule C: "Enter the total dollar amount of compensation paid by the plan to all persons, other than those listed below, who received compensation during the plan year: $16,217,161." That $16 million is easy to miss because it is not in the same format as all the other entries. Second, the government's Form 5500 Schedule C specifically states that only the top forty Service Provider payments are to be listed. [ I think they stole "Service Provider" from UPS, and "top forty" from Casey Casem and AM radio. ] The smallest payment listed is for $72,508. All smaller payments are not listed. From the instructions on the form itself: ". . . list service providers in descending order of the compensation they received for the services rendered during the plan year. List only the top 40. . . ." Third, you can review the Schedule H instructions I quoted earlier and assume that the fund also spent money on the smaller items listed in the instructions, but not required to be itemized in Schedule C. The 2005 H & W fund is covered by a Fidelity Bond of $3 million dollars. You will sleep easier now that you know the Fund is protected against loss from theft or fraud, won't you? The Pension Fund is protected by a $3 million Fidelity Bond as well. Turn in any wrongdoers, and the Surety Company will make the Fund whole. Any one else wanting to obtain Form 5500 Annual Reports easily online can learn how here . . . [url]http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/[/url] [/QUOTE]
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