One of the purposes of this blog is to allow trustees to share information with each other. This is why we encourage you to comment on the posts and give feedback on what you are reading.
In that vein, some of your fellow trustees have questions that they could use your input on:
- Shrinking locals makes maintaining healthy pension and health & welfare funds a challenge. If you are a trustee in an area with a shrinking local, what strategies have your funds adopted to ensure the continued health and support of your funds?
- Some health & welfare funds are self-funded programs while others are insurance-based funds. Has your fund recently changed from one to the other; and if so was the change good or bad? This new trustee had some questions about what he perceived as minor discrepancies in the fund’s financials and conducted what could best be described as a mini-audit with the plan administrator. His audit turned up several questionable transactions and procedures that enabled those transactions to occur. Some were small problems for the fund, but others were significant. All were brought to the attention of the board and corrective action was taken.
- Continued delinquencies are a struggle. What strategies are your funds using to “encourage” prompt payment?
- Does your fund require weekly payment of fringes in any circumstances?
Please give a helping hand to your fellow trustees and let us know what your fund is doing by commenting on this post. We will be reviewing and summarizing the comments in a later blog. If you prefer, you can send your comments in private to Joye Blanscett