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Pension Discrepancy across country
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<blockquote data-quote="j13501" data-source="post: 1194357" data-attributes="member: 918"><p>Great comment. Some people complain, some get results. </p><p></p><p>Here is part of the answer, from a guy who was around when this happened. Did you ever hear of the Inserra brothers? Google them and see what comes up. Something like this: (from 1983)</p><p></p><p>"Court documents have disclosed that the investigation was triggered by a tip that employees in Shearson`s Utica office, including George Inserra and his brother John, were engaging in a scheme under which securities trades were ``parked`` in a certain account until it was clear whether they were profitable or unprofitable. The winning trades were allegedly transferred from the ``holding`` account into accounts of friends, relatives and associates of the Inserra brothers and Teamsters officials. Unprofitable transactions were ``dumped``into Teamster pension fund accounts, according to court papers."</p><p></p><p>The Upstate N.Y. pension fund was being mis-managed, but the corruption was discovered during the start of the 1980s. The pension fund was closely monitored and the result was great investment growth for the fund. The people who benefited were the rank and file teamsters, who got the full value of all the employer contributions, honestly invested. Today that pension fund pays one of the highest monthly pension benefits of all the locals with teamsters employed by UPS. </p><p></p><p>The big question is how did it happen. When the corruption was uncovered in the early 1980s, union stewards stood up, gathered the membership and demanded accountability from the Upstate N.Y. pension fund responsible for investing the company contributions in their names. They were successful and today's retirees owe a debt to those forgotten teamsters who had the courage to question what was happening and demand a change.</p></blockquote><p></p>
[QUOTE="j13501, post: 1194357, member: 918"] Great comment. Some people complain, some get results. Here is part of the answer, from a guy who was around when this happened. Did you ever hear of the Inserra brothers? Google them and see what comes up. Something like this: (from 1983) "Court documents have disclosed that the investigation was triggered by a tip that employees in Shearson`s Utica office, including George Inserra and his brother John, were engaging in a scheme under which securities trades were ``parked`` in a certain account until it was clear whether they were profitable or unprofitable. The winning trades were allegedly transferred from the ``holding`` account into accounts of friends, relatives and associates of the Inserra brothers and Teamsters officials. Unprofitable transactions were ``dumped``into Teamster pension fund accounts, according to court papers." The Upstate N.Y. pension fund was being mis-managed, but the corruption was discovered during the start of the 1980s. The pension fund was closely monitored and the result was great investment growth for the fund. The people who benefited were the rank and file teamsters, who got the full value of all the employer contributions, honestly invested. Today that pension fund pays one of the highest monthly pension benefits of all the locals with teamsters employed by UPS. The big question is how did it happen. When the corruption was uncovered in the early 1980s, union stewards stood up, gathered the membership and demanded accountability from the Upstate N.Y. pension fund responsible for investing the company contributions in their names. They were successful and today's retirees owe a debt to those forgotten teamsters who had the courage to question what was happening and demand a change. [/QUOTE]
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