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UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="JonFrum" data-source="post: 216456"><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>Form 5500 is an *Annual* Report, just like the 1040 Tax Return you file every year. As such, it deals with yearly totals. If you want greater detail, you'll have to look elsewhere. As it says at the top of the form, the Form 5500 is used by the U. S. Treasury Department (IRS), the Department of Labor (Pension and Welfare Benefits Administration), and the Pension Benefit Guaranty Corporation. The form is required by ERISA and the Internal Revenue Code. The form specifically says: "Complete all entries in accordance with the instructions to the Form 5500." If you have a problem with the form, your quarrel is with the U. S. Government (Congress,) not the Fund.</p><p></p><p>The form was signed under penalty of perjury by Howard McDougall and Fred Gregare on 10/16/2006, who declared: "Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, statements and attachments, and to the best of my knowledge and belief, it is true, correct, and complete."</p><p></p><p>"3. The opinion of an independent qualified public accountant [ Deloitte & Touche LLP ] for this plan is attached to this Form 5500 and the opinion is: Unqualified." [meaning no problems.]</p><p> </p><p>In addition to the $3 million Surety Bond protection, question 4f says : "Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No." </p><p></p><p>The Employer and Union Trustees all have a Fiduciary Duty to operate the fund for the sole benefit of the participants and beneficiaries. This duty also extends to some other fund decisionmakers as well.</p><p></p><p>Since no Contract Administrator fees are listed in Schedules C or H, I assume the fund handles these clerical chores by using its own employees, most of whom would be part of the $16 million (but I don't really know.)</p><p></p><p>Did you look at the Schedule H Instructions to see the kinds of smaller-ticket items that the fund undoubtedly spends money on, even if they didn't make the "top forty" on Schedule C? Did you read the quarterly reports to Judge Moran? </p><p></p><p>Check back through the years for past form 5500s. Maybe some item, or Service Provider, or Individual, or clerical employee, made the "top forty" one year but not in other years. Perhaps you could assume that expenditure occurs year after year, but it just didn't always make the "top forty."</p><p></p><p>I'm using the online FreeErisaDotCom version of the form. You can get a fuller version (with greater details) directly from the fund by paying copying costs. It may have an audit report, or a report of an Enrolled Actuary.</p><p></p><p>You should direct your questions to the Fund itself. I'm not even in the Fund. All I know is what I gather on the Internet.</p><p></p><p>Let us all know what charges you file, and who'll be goin' to the slammer!</p></blockquote><p></p>
[QUOTE="JonFrum, post: 216456"] [b]Re: If you have actual evidence of wrongdoing, file charges!!![/b] Engineer 79, Form 5500 is an *Annual* Report, just like the 1040 Tax Return you file every year. As such, it deals with yearly totals. If you want greater detail, you'll have to look elsewhere. As it says at the top of the form, the Form 5500 is used by the U. S. Treasury Department (IRS), the Department of Labor (Pension and Welfare Benefits Administration), and the Pension Benefit Guaranty Corporation. The form is required by ERISA and the Internal Revenue Code. The form specifically says: "Complete all entries in accordance with the instructions to the Form 5500." If you have a problem with the form, your quarrel is with the U. S. Government (Congress,) not the Fund. The form was signed under penalty of perjury by Howard McDougall and Fred Gregare on 10/16/2006, who declared: "Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, statements and attachments, and to the best of my knowledge and belief, it is true, correct, and complete." "3. The opinion of an independent qualified public accountant [ Deloitte & Touche LLP ] for this plan is attached to this Form 5500 and the opinion is: Unqualified." [meaning no problems.] In addition to the $3 million Surety Bond protection, question 4f says : "Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No." The Employer and Union Trustees all have a Fiduciary Duty to operate the fund for the sole benefit of the participants and beneficiaries. This duty also extends to some other fund decisionmakers as well. Since no Contract Administrator fees are listed in Schedules C or H, I assume the fund handles these clerical chores by using its own employees, most of whom would be part of the $16 million (but I don't really know.) Did you look at the Schedule H Instructions to see the kinds of smaller-ticket items that the fund undoubtedly spends money on, even if they didn't make the "top forty" on Schedule C? Did you read the quarterly reports to Judge Moran? Check back through the years for past form 5500s. Maybe some item, or Service Provider, or Individual, or clerical employee, made the "top forty" one year but not in other years. Perhaps you could assume that expenditure occurs year after year, but it just didn't always make the "top forty." I'm using the online FreeErisaDotCom version of the form. You can get a fuller version (with greater details) directly from the fund by paying copying costs. It may have an audit report, or a report of an Enrolled Actuary. You should direct your questions to the Fund itself. I'm not even in the Fund. All I know is what I gather on the Internet. Let us all know what charges you file, and who'll be goin' to the slammer! [/QUOTE]
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