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Another example of Central States mismanagement
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<blockquote data-quote="JonFrum" data-source="post: 216772"><p><strong>Does anyone want Engineer79 to run their benefit plans?</strong></p><p></p><p>Engineer 79,</p><p>The Form 5500 calls for a certain level of detail. If you want more detail, you'll have to contact the Fund directly, (or snoop around the Fund's parking lot.) It's not my responsibility to provide you with the details. It's irresponsible of you to say the lack of detail is a discrepancy, implying that there is wrongdoing involved. The seperate Schedule C Instructions say only the top forty Service Providers should be listed. The Form itself says it too. The Instructions also say that anyone receiving less than $5,000 should not be itemized. Nor should employees receiving less that $1,000 per month:</p><p></p><p>"Line 2 of Part I must be completed to report contract administrators and persons receiving, directly or indirectly, $5,000 or more in compensation for all services rendered to the plan or DFE during the plan or DFE year except:</p><p>Employees of the plan whose only compensation in relation to the plan was less than $1,000 for each month of employment during the plan year; . . ."</p><p> - - - - -</p><p>Everyone responsible for fixing the Plan thinks it is "fixed," but the cure will take a few years to work its way through. Results are already visible and should be more visible as each year passes. The IRS, the Department of Labor, the Justice Department, Judge Moran, the Trustees, the Fund Administrator, the accountants and actuaries, all seem more or less satisfied. Your dissent is, I'm sure, noted.</p><p> - - - - -</p><p>Do you ever look in the mirror and ask how you could have let your affairs get so screwed up? I mean, this has been going on for decades, and it has been covered extensively by the media. What exactly have you been doing all these years? Is it possible that you just don't know what you're talking about, and so whatever actions you took were "too little, too late," or ineffective, or maybe you just talked and talked, but never actually did anything. How many charges did you file to recover all the stolen money, for example? How much of the current $61 million will you recover? And how many fiduciaries and fund employees will be doin' a stretch in Leavenworth, or Marion, or Sing Sing as a result of your efforts?</p><p> - - - - -</p><p>We all *do* receive the same benefits, more or less, no matter what Supplement we are covered by. Hourly contributions are, with minor regional variations, essentially the same. But each fund invests its money differently and so each fund earns a different return. It's just like each UPSer investing his 401(k) money; each investor gets a different return depending on the specific investment choices he made. I made money during 2000-2002, most people lost money. The Trustees of each fund must rebalance the fund whenever money is lost in the stock market. Your Central States investments lost money in 2000-2002, so Judge Moran ordered your benefits to be cut accordingly. Life is hard, then you die.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 216772"] [b]Does anyone want Engineer79 to run their benefit plans?[/b] Engineer 79, The Form 5500 calls for a certain level of detail. If you want more detail, you'll have to contact the Fund directly, (or snoop around the Fund's parking lot.) It's not my responsibility to provide you with the details. It's irresponsible of you to say the lack of detail is a discrepancy, implying that there is wrongdoing involved. The seperate Schedule C Instructions say only the top forty Service Providers should be listed. The Form itself says it too. The Instructions also say that anyone receiving less than $5,000 should not be itemized. Nor should employees receiving less that $1,000 per month: "Line 2 of Part I must be completed to report contract administrators and persons receiving, directly or indirectly, $5,000 or more in compensation for all services rendered to the plan or DFE during the plan or DFE year except: Employees of the plan whose only compensation in relation to the plan was less than $1,000 for each month of employment during the plan year; . . ." - - - - - Everyone responsible for fixing the Plan thinks it is "fixed," but the cure will take a few years to work its way through. Results are already visible and should be more visible as each year passes. The IRS, the Department of Labor, the Justice Department, Judge Moran, the Trustees, the Fund Administrator, the accountants and actuaries, all seem more or less satisfied. Your dissent is, I'm sure, noted. - - - - - Do you ever look in the mirror and ask how you could have let your affairs get so screwed up? I mean, this has been going on for decades, and it has been covered extensively by the media. What exactly have you been doing all these years? Is it possible that you just don't know what you're talking about, and so whatever actions you took were "too little, too late," or ineffective, or maybe you just talked and talked, but never actually did anything. How many charges did you file to recover all the stolen money, for example? How much of the current $61 million will you recover? And how many fiduciaries and fund employees will be doin' a stretch in Leavenworth, or Marion, or Sing Sing as a result of your efforts? - - - - - We all *do* receive the same benefits, more or less, no matter what Supplement we are covered by. Hourly contributions are, with minor regional variations, essentially the same. But each fund invests its money differently and so each fund earns a different return. It's just like each UPSer investing his 401(k) money; each investor gets a different return depending on the specific investment choices he made. I made money during 2000-2002, most people lost money. The Trustees of each fund must rebalance the fund whenever money is lost in the stock market. Your Central States investments lost money in 2000-2002, so Judge Moran ordered your benefits to be cut accordingly. Life is hard, then you die. [/QUOTE]
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