Teamsters Pension Investigation- Road Carriers Local 707
Forensic Investigation by Leading Pension Expert of Teamsters Fund Slated for Termination
Some Teamsters want answers to fundamental questions such as: What caused their pension to plummet in the past decade? Was the demise of the pension entirely unforeseeable, due to unknowable market forces or was foul-play involved? For example, participants in the New York State Teamsters pension recently funded a forensic investigation of their plan which was written about in The New York Times.
Louis J. Alimena, former President of the Local 707 Teamsters, a trucking and warehouse workers union, and former trustee of the Local 707 Pension Health Welfare Funds IBT says, “Many of these Teamsters multiemployer pensions could have locked in an 8% return for fifteen years on assets when the pensions were already overfunded in 2000. Instead they chose to take unnecessary risks hiring equity investment managers. That worked just fine for Wall Street but killed our pensions. I’ve asked the Department of Labor to investigate but the DOL is doing nothing.”
Douglas Rumsey-- a concerned participant-- wants to see a forensic investigation into the plan. There are approximately 4,400 active and retired participants in the plan many of whom may also be interested in contributing to a “crowdfunded” investigation. If successful in reaching our fundraising goal of $35,000, the nation’s leading pension investigator—former SEC attorney and Forbes contributor Edward Siedle—will conduct a forensic investigation of the Road Carriers Local 707 Teamsters Pension.
Over the course of his career Siedle has conducted $1 trillion-plus in forensic investigations. He was named as one of the 40 most influential people in the U.S. pension debate by Institutional Investor for 2014 and 2015. This project will culminate in the release of an extensive forensic investigative report prepared by Siedle for publication via across media. In the event any actual or potential violations of the federal securities laws are identified, the report may be filed with the SEC.
While few stakeholders can afford to hire a nationally-recognized investment expert on their own, through crowd-funding using our proprietary forensic protocol, participant or stakeholder dollars can be combined to fund a high-impact independent review at a far lower cost than even an employer would pay. We know it can be done because over the past 30 years we've reviewed over $1 trillion in assets.. Of course, you don’t have to be a worker or participant to contribute to this investigation. The identities of the crowdfunding donors are confidential.
Risks and challenges
The chief obstacle any forensic investigation encounters is access to information. We believe that we will be able to access sufficient information to complete the review.
Prior investigations include the State of Rhode Island, State of North Carolina, the Alabama State Employees Pension, Wal-Mart, Cities of Nashville, Chattanooga and Jacksonville, Florida, Towns of Jupiter and Longboat Key, Caterpillar, Boeing, Northrup Grumman, John Deere, Bechtel, ABB, Edison, Shelby County, Tennessee, Fidelity Investments, JP Morgan, Sanford Bernstein, Banco Santander and the US Airways Pilots Pension.Learn about accountability on Kickstarter
- (30 days)