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Monday, December 10, 2018

July updates

Posted by Lou on July 18, 2016

Brothers and Sisters,

Just a few quick updates and items of interest:

Don’t forget about our Summer Outing – 2016 Summer Outing Flyer. There will be food and fun for all! Some folks have been saying, “But why is it at just a Knights of Columbus hall?” Just a Knights of Columbus hall?!? This isn’t just any Knights of Columbus. It’s got bocce courts, room for volleyball, and it is right next to Governor Notte Park! Notte Park has a beach, playground, tennis courts, fishing access, and a canoe/kayak put-in area!

BUT WAIT! THERE’S MORE! You also get two (yes 2!) hours of administrative leave to attend the outing. We get so little these days, that we would hate to lose our free time off due to low ticket sales.

Also don’t forget about the Local 2881 Scholarship 2016 application packet. Applications are due July 31. More information and instructions are in the application packet.

Pension links, anyone?

As always, feel free to contact any of us with questions and concerns. See you at the outing!

Thanks,
Local 2881 Executive Board

June Updates

Posted by Lou on June 3, 2016

Brothers and sisters, here are some updates and items of note:

Stay tuned for all the details of the Summer Outing!

ERSRI System update

Posted by Lou on May 6, 2016

Brothers and sisters,

We received the following message from the Employee’s Retirement System of Rhode Island (ERSRI), saying that the online system is being upgraded. See below.

Dear Labor Leader,

The Employees’ Retirement System of Rhode Island (ERSRI) is upgrading its computer system to a modern technology platform that will enable us to deliver better customer service.

The system upgrade will NOT impact the monthly pension payroll. Retirees’ pension payments WILL be made as regularly scheduled on the last business day of the month.

Here is important information you can share with constituents who may contact you with questions about changes to the system:

  • ERSRI is moving to a modern technology platform that will enable us to deliver better customer service.
  • The new system will allow for future integration between ERSRI and TIAA (the Defined
  • Contribution Plan) websites.

  • The new system will enhance the benefit estimate tool and offer easier navigation with a new look and feel.

During the conversion there are a few items you may communicate to your constituents if asked:

  • Address changes cannot be made through the ERSRI website from May 9 to June 6. However, your constituents may mail changes or contact ERSRI directly.
  • There may be delays in processing retirement applications, benefit and eligibility estimates and changes to account information as we transfer to the new system.

We appreciate your constituents’ patience during this transition, and will make every effort to respond to all inquiries and requests as quickly as possible.

Please feel free to contact my office with any questions, at (401) 462-7600.

Sincerely,

Frank Karpinski
Executive Director, Employees’ Retirement System of Rhode Island

Also, please remember that the 2016 Giovanni Folcarelli Scholarship applications are due May 21. Children and grandchildren of members in good standing are eligible for this award. The application packet can be found on the RI Council 94 website.

Thanks!

Pension links

Posted by Lou on May 5, 2016

Brothers and Sisters,

There have been a bunch of links to articles about pensions be sent around among our membership lately, so it makes sense to post them here.

It looks like one of the nation’s largest pension funds could be cutting benefits for retirees. The part of this article that really hit home with me was:

For many workers, the promise of a [pension] — a benefit now nearly extinct for younger generations — was at times strong enough to convince them to sacrifice pay raises or other job opportunities.

Locally, Ted Siedle takes the Governor to task regarding investment returns from her former employer’s hedge fund, Point Judith Capital in a recent article on Forbes.com. And GoLocalProv.com posts a brief article talking about how the pension fund lost money by investing with Point Judith Capital, while the Governor continues to earn her share of management fees paid to the fund.

How does this make you feel? What should union members be doing to combat these issues? Let us know in the comments below.

Thanks!

Change.org petition

Posted by Lou on August 2, 2015

Brothers and sisters,

Please take a moment to read and sign the Change.org petition to prod the SEC to investigate the investments in our pension fund the link is:

https://www.change.org/p/u-s-securities-and-exchange-commission-investigate-potential-violations-of-the-rhode-island-8-billion-state-pension-fund

Please share this link with your family and friends, too. This issue should be of concern to all Rhode Island taxpayers.

Thanks!

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.

Thanks,
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.

Thanks,
Local 2881 Executive Board