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Friday, July 3, 2015

Interesting articles related to pension funds

Posted by Lou on June 28, 2015

There have been some interesting articles regarding pension funds over the last few weeks. Take a look and tell us what you think in the comments below! Or better yet, share some of your favorite articles with your union brothers and sisters!

International Business Times: For Rhode Island Taxpayers, Alternative Investments Have High Cost

Wall Street Journal: Rhode Island’s $2 Billion in ‘Preventable Losses’ in Alternative Assets

New York Times: When Private Investment Firms Give Retirees the Short End

Go Local Prov: INVESTIGATION: Investment Firms Not Sharing Vendor Discounts with RI Pension Fund

Don’t forget to read the investigation into our pension fund performed by Benchmark Financial Services and submit a complaint to the SEC requesting an investigation into potential violations.

June updates

Posted by Lou on June 17, 2015

Hello brothers and sisters,

It’s almost summer, and we have a couple of updates for you.

1) The 2015 Local 2881 Scholarship program is kicking off. Flyers should be arriving at your house shortly. If you do not receive one, you can download it here. if you have any questions, contact Lou Maccarone.

2) We will be having a general membership meeting next Wednesday, June 24 at 4:20pm in the 3rd floor cafeteria of 235 Promenade Street. Items on the agenda include the Ted Siedle pension report, the scholarship program and the summer outing.

Local 2881 Executive Board

Ted Siedle’s pension fund investigation

Posted by Lou on June 7, 2015

Brother’s and sisters,

Ted Siedle’s investigation into the Rhode Island State Employees’ pension fund has been completed and published. Please take the time to read the document and send it to other interested parties, as well as you state Senator and Representative.

Local 2881 Executive Board

Pension legislative hearing

Posted by Lou on June 1, 2015

Brothers and Sisters,

You may have heard that the Senate Finance Committee held a hearing on proposed pension settlement legislation yesterday. I think we were just as blindsided by that as you were. But we now know that there will be a House Finance Committee hearing on the same topic on Wednesday afternoon (the Rise of the House is generally 4pm or sometime soon thereafter). If you would like to go and give testimony regarding your opinions and any pertinent facts related to the pension, please do so. The hearing announcement is:

Local 2881 Executive Board.

Pension Fund Investigation

Posted by Lou on April 29, 2015

Brothers and Sisters,

Today is the last day to donate to Ted Siedle’s crowdfunding of an investigation into the pension fund. Although it has just reached fully funded, Kickstarter takes 10% of the total amount raised. I’ve spent significant time talking to Mr. Siedle over the last 2 days, and he seems like a good and decent person who really wants to help Rhode Islanders get to the bottom of why there are such significant issues with our pension fund. So please, if you are able, donate whatever you can afford to this investigation before 5pm today!


General Membership Meeting

Posted by Lou on April 22, 2015

Hello all,

Apologies for the short notice, but we will be having a General Membership meeting on Monday, April 27 at 4:20pm in the 3rd floor cafeteria of 235 Promenade Street in Providence. Please make every effort to attend. The agenda includes a legislative update from Jim Cenerini, a discussion of Ted Siedle’s pension investigation crowdfunding effort, and an update about the pension settlement.


Pension settlement update

Posted by Lou on April 21, 2015

Brothers and Sisters,

It looks like Judge Taft-Carter has given the preliminary OK to moving towards resolution with the pension settlement.

Notices will be going out offering those participating in the class-action suit the opportunity to speak at the Fairness Hearing scheduled to begin on May 20. However, you must notify the court by May 15 if you would like to speak at the hearing.


A new investigation of the pension fund

Posted by Lou on April 10, 2015

Brothers and Sisters,

As you may have heard, Ted Siedle has created a crowd funding campaign to raise funds to investigate the state employees’ pension fund. If Mr. Siedle’s effort raises $20,000 before April 29, he will conduct a follow up to his previous forensic investigation, funded by Council 94.

When I inquired about the focus of the investigation with Mr. Siedle, he stated the following:

This investigation will be based upon the most current information and focus upon hidden and excessive investment fees; the cost of any investment underperformance; conflicts of interest and wrongdoing. It will be a follow-up on the prior investigation, updating on past issues but we will also examine any new issues which arise. As before, there will likely be some discussion of actuarial issues and assumptions.

Now is your chance to have a direct impact in proving that is the mismanagement of the pension fund that led us to the underfunded condition it is in. It certainly isn’t our fault, because I know that we’ve contributed 8.75% of our pay everyday, without fail. Meanwhile, partners of past treasurers and hedge fund managers get rich off the excessive fees being paid with our money. Visit the Kickstarter page and donate whatever amount you are able towards getting the answers we deserve.