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Originally Posted by DAII
The theft is appalling considering he took from the members ...
Also ... he was NOT A UNION LEADER (in cased Coadie missed it)... according to the article:
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Sims was hired in November 2007 by an administrator to manage pension, health and welfare, and vacation funds for Local 915 of the International Brotherhood of Electrical Workers
Actually you seem ignorant of business.
They Report to the Pension and Welfare Benefits Administration Of the U.S. Department of Labor. Employee Benefit Plans administrators and plan trustees must carry insurance for fraud and theft.
Most pension plans require that an audit be done. ERISA and DOL oversee this. My company started a 401 plan in the early 90's. I am very familiar with the laws. Even the IRS calls them as management for the plan.
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Investment/Bonding Requirement
The investment/bonding requirement says at least 95 percent of plan assets must be invested in qualifying plan assets. If the 95 percent requirement is not met, then the assets that do not qualify must be covered under a bond that meets ERISA requirements and is at least in the amount of the nonqualifying assets. For example, if the 95 percent requirement is not met and nonqualifying assets equal $40,000 but there is already a $60,000 ERISA bond in place, then no additional bonding is required.
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since this plan was over 100 members, all this is covered in the 5500 annual report.
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The Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly developed the Form 5500 Series so employee benefit plans could utilize the Form 5500 Series forms to satisfy annual reporting requirements under Title I and Title IV of ERISA and under the Internal Revenue Code.
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I suspect the Union didn't use a good company to manage their pensions either.
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