While members’ eyes have been on our local’s pension problems, our Health Fund has lost at least half its assets in just five years.
Research by Local 804 Members United reveals that the Local 804 Health Fund has lost nearly $18 million since June 2003. Just five years ago, the Fund had more than $32 million […]
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When members hear that our Health Fund lost nearly $18 million or 55 percent of its assets from 2002 to 2007, the first thing they ask is: What happened to the money?
The first answer is Local 804 officials did not make sure there was enough money going into the plan. Healthcare costs are rising sharply. […]
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Our Local 804 Executive Board never reported to the membership that our Health Fund had lost nearly $18 million or that millions of dollars had been diverted from the Health Fund to the Pension Fund.
Local 804 Members United uncovered this information by reviewing the Fund’s own financial data as reported to the Department of Labor […]
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Members’ Attorney Warns Fund
A pension attorney representing Local 804 members has warned our Pension Fund trustees that they are in serious violation of the Disclosure Rules of the Pension Protection Act, a federal law that requires the Fund to turn over financial, actuarial and other fund documents to participants who request them.
This message was delivered […]
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