I GUESS PPP LOAN FRAUD WAS NOT ENOUGH
Feds: Carpenters union gets $183M of stimulus to restore cut pensions
The retirement plan covering nearly 5,400 Southwest Ohio union carpenters got a nearly $183 million government bailout on Tuesday, according to an announcement by the federal Pension Benefit Guaranty Corporation.
The money comes from a program aimed at shoring up pension plans, created as part of the broader stimulus package enacted in 2021 in the wake of the COVID-19 outbreak.
The money will benefit members of the Southwest Ohio Regional Council of Carpenters Pension Plan, which in 2019, slashed pension benefits for thousands of members by an average of 18% to remain solvent. PBGC’s approval enables the plan to restore benefits previously suspended and to make payments to retirees to cover prior benefit suspensions, the federally chartered corporation said in a statement. The funding will enable the plan to pay retirement benefits without reduction for many years into the future.
“Millions of people work for years, looking forward to the day when the promise of a secure, dignified retirement is kept,” said Julie A. Su, the Acting Secretary of Labor, in a statement. “Today, the Biden-Harris administration is delivering on that promise for 5,399 construction workers across Ohio, Kentucky and Indiana by providing Special Financial Assistance to the Southwest Ohio Regional Council of Carpenters Pension Plan so that they can retire with the dignity they deserve.”
Ohio lawmakers praised the award.
“The American Rescue Plan helped us keep the city going when I was at City Hall, to pay our bills, protect city jobs, and maintain city services,” said U.S. Rep. Greg Landsman. “Now it’s helping restore pension cuts, this time for our carpenters, who have literally helped build our communities. This puts money in their pockets, allows them to pay their bills, and strengthens local economics as these dollars are spent here at home.”
Today, we are putting money back in the pockets of hard-working Ohioans and keeping our promise to the carpenters in Southwest Ohio, by restoring the retirement security they’ve earned,” said Senator Sherrod Brown.
"Today, we are putting money back in the pockets of hard-working Ohioans"
WHO WERE ROBBED BY THEIR OWN UNION ON DIRECT ORDERS FROM DIRTY DOUG MCCARRON AND THE INTERNATIONAL
"enables the plan to restore benefits previously suspended"
SUSPENDED/ROBBED BY THEIR OWN UNION ON DIRECT ORDERS FROM DIRTY DOUG MCCARRON AND THE INTERNATIONAL
"created as part of the broader stimulus package"
COMPLETE BULLSHIT.THIS NO PAYBACK GIVEAWAY UNION BAILOUT WAS CREATED BY THE WELL DOCUMENTED CROOKS AT THE TEAMSTERS UNION, THEIR HIRED CRONIES AND TEAMSTER BOUGHT AND PAID FOR POLITICAL HACKS.
"Now it’s helping restore pension cuts, this time for our carpenters"
WHO WERE ROBBED BY THEIR OWN UNION ON DIRECT ORDERS FROM DIRTY DOUG MCCARRON AND THE INTERNATIONAL
THE UBC SEIZED THE FUND AND OHIO COUNCIL IN A POWER GRAB
This merger was accomplished by a "military style assault" on the OVRCC's offices in Cleveland, Ohio, in which all of the elected officers of the OVRCC were fired, and the IKROCC's officers were put in control
THE UBC CREATED A NEW BS VARIABLE PENSION FUND AND TANKED THE EXISTING BENEFIT BENEFIT FUND
In 2011 the Indiana,Kentucky Regional Council listed this Defined Contribution Plan for a retirement plan..EIN 351833932 called the Indiana/Kentucky/Ohio Regional Council of Carpenters Defined Contribution Pension Trust Fund .In 2011 it was declared on the 5500 as a new "profit sharing plan" created at the same time as the forced merger of the Ohio and Vicinity Regional Council of Carpenters (OVRCC) with the Indiana/Kentucky Regional Council of Carpenters (IKRCC)ordered by McCarron and Yeggy of the UBC International..
OUR UNIONS WROTE AND FINANCED LEGISLATION CALLED THE MULTI EMPLOYER REFORM ACT ALLOWING OUR OWN UNIONS TO ROB RETIREES PENSIONS CHECKS TO COVER FOR THEIR LOOTING AND MISMANAGEMENT OF OUR PENSION FUNDS
2013
The Plan again met with Chris Heinz of Grossman Heinz to receive updates (Heinz is and NCCMP RAT)about possible relief pursuant to the report prepared by the National Coordinating Committee for Multiemployer Plans ("NCCMP"). There was some hope that the recommendations could be introduced during the fall of 2013.At each Board of Trustee meeting, the Trustees dedicated significant time towards consideration of benefit suspensions, as well as alternative plan designs such as variable defined benefit plans
LETS REFRESH THE HISTORY OF THE UBC INTERNATIONAL SCUM BAGS TANKING OF THIS FUND
The Southwest Ohio Regional Council of Carpenters Pension Plan EIN 316127287, was and is a defined benefit plan which in 2011 received contributions from signatory's for members of the Ohio and Vicinity Regional Council of Carpenters.
In 2011 per the following court case Case No. 1:11-cv-677 (S.D. Ohio Feb. 15, 2013)Cloke v. United Bhd. of Carpenters & Joiners of Am. it is declared "Plaintiff makes the following allegations in support of his claims: On August 8, 2011, pursuant to § 6(A) of the UBC General Constitution, UBC General President McCarron dissolved the Ohio and Vicinity Regional Council of Carpenters (OVRCC) and merged it with the Indiana/Kentucky Regional Council of Carpenters (IKRCC), thereby forming the new Indiana/Kentucky/Ohio Regional Council of Carpenters (IKORCC). (Doc. 32, § 1, p. 6). This merger was accomplished by a "military style assault" on the OVRCC's offices in Cleveland, Ohio, in which all of the elected officers of the OVRCC were fired, and the IKRCC's officers were placed in control of the new IKORCC and of delegates appointed from the affected locals to the new IKORCC.
In 2011 the Indiana,Kentucky Regional Council listed this Defined Contribution Plan for a retirement plan..EIN 351833932 called the Indiana/Kentucky/Ohio Regional Council of Carpenters Defined Contribution Pension Trust Fund .In 2011 it was declared on the 5500 as a new "profit sharing plan" created at the same time as the forced merger of the Ohio and Vicinity Regional Council of Carpenters (OVRCC) with the Indiana/Kentucky Regional Council of Carpenters (IKRCC)ordered by McCarron and Yeggy of the UBC International..
So WHAT Pension fund were the hours put into from 2011 on. The "defined benefit" Southwest fund or the kiss the employers ass "defined contribution" plan created to benefit not the UBC members but the employers..Did the UBC order the hours of the merged by force Ohio and Vicinity Regional Council of Carpenters into the newly created Indiana/Kentucky/Ohio Regional Council of Carpenters Defined Contribution Pension Trust Fund cutting the throats of the Southwest Ohio Pension Fund participants and fund.
The Southwest Plan from 2012 to 2015 has lost over 60 contributing employers while the Indiana/Kentucky/Ohio Regional Council of Carpenters Defined Contribution Pension Trust Fund has gained 200 contributing employers.Who ordered this??This action was a premeditated action to tank the Southwest Pension Fund and destroy retirement benefits for the Southwest Fund
participants and UBC members in favor of a COMPOSITE PLAN
These fund Trustees were working to cut these UBC participants benefits and create a composite plan even BEFORE the UNION written legislation to steal from Retirees was passed in Dec 2014. After this fund was dropped from $99 to $50 a credited year and they were salivating over the chance for cuts under MPRA. The UBC International was behind the MPRA legislation and working towards cuts for these retirees.
From the MPRA application.
2012:
As the Trustees continued to discuss the impact of lower hours, the Board began to discuss and consider the advantages of hybrid pension plan designs.
2013
The UBC International used Christopher Heinz of Grossman Heinz to lobby for the MPRA legislation written to destroy 50 years of ERISA protection to retirees and allow those who are looting and mismanaging UBC funds to steal from retirees pension checks to cover their destruction of a fund. Funny how Heinz is not listed as a lobbyist on the UBC LM2 but a consultant. What was this independent OHIO fund doing with UBC International Heinz....
2013
In June, the Board of Trustees met with Chris Heinz, who served as a legislative consultant to the United Brotherhood of Carpenters. Mr. Heinz was then seeking legislative relief from the United States Congress to permit pension plans to reduce accrued benefits of participants and retirees in pay status. The Plan authorized Mr. Heinz to use the Plan's funding situation and identity to demonstrate the utility of a legislative fix.
2013
The Plan again met with Chris Heinz of Grossman Heinz to receive updates about possible relief pursuant to the report prepared by the National Coordinating Committee for Multiemployer Plans ("NCCMP"). There was some hope that the recommendations could be introduced during the fall of 2013.At each Board of Trustee meeting, the Trustees dedicated significant time towards consideration of benefit suspensions, as well as alternative plan designs such as variable defined benefit plans
2014
At the end of the year, the Multiemployer Pension Reform Act of 2014 was passed and signed into law.
2015
The Board of Trustees continued to consider the potential impact of the tools provided by MPRA and
waited for additional guidance on benefit suspensions and application procedures. At each Board of
Trustee meeting, the Trustees dedicated significant time towards consideration of benefit suspensions, as
well as alternative plan designs such as variable defined benefit plans and an "Evergreen Plan" design
created by the Plan's actuary. The Evergreen Plan establishes a Section 414(k) account inside a pension
plan, and utilizes the Plan's Evergreen account to receive a transfer of defined contribution account
balance, which is then annuitized and paid to the Participant in the form of a monthly benefit
Each participant would have an Evergreen account equal to contributions made on the member's behalf plus returns and less expenses.
The Board of Trustees scheduled and held a special meeting dedicated solely to the issues to the
consideration of alternative plan designs and possible benefit suspensions.
2016:
The Board of Trustees continued to review possible benefit suspensions. In addition, the Plan's actuary provided information and guidance on the possibility of an alternative plan design such as the "Evergreen" plan or the "Composite Plan" rumored to be a possible newly available option.
Now we see how the UBC international tanked a fund using a composite plan scam and proof an International Union conspired to create and use MPRA to steal from retirees.
Now the taxpayers are being forced pay $183 million for this fraud!!
