707 Crash Probe

What hit the Road Carriers Local 707 Welfare Fund (Local 707) is still out there and expect dozens of other multiemployer (union) plans to be in its flight path over the next few years.

MPRA is not working and calls for more of federal bailout will go unheeded.

How did we get here? The black box could be the 5500 filings.

The Schedule C attachment to form 5500 lists fees paid to service providers and has been public information since 2009. For Local 707 those payouts totaled over $10 million:

Putting the data into a spreadsheet sorted by fee type:

  • Accounting: $710,057
  • Actuarial Consulting: $573,479
  • Custodial: $509,481
  • Investment: $3,829,693
  • Legal: $2,152,128
  • Local 707 Employees: $928,873
  • Other (Payments to Local 707): $1,923,285

Those are some large loads to be carrying.

 

 

One response to this post.

  1. Posted by Anonymous on March 4, 2017 at 7:26 am

    Blah, blah, blah, blah, blog…..

    Reply

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