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Post Info TOPIC: Great News from Your UTU


Force Majeure

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Great News from Your UTU
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UTU finances solid & growing
Wall Street may be in a devastating financial free fall, but UTU finances are solid and growing.

That's the conclusion of the two UTU International officers responsible for UTU finances.

"I asked for a thorough review of our finances after hearing that mischief makers are deceiving some UTU members that the UTU is in financial difficulty," said UTU International President Mike Futhey.

"These unscrupulous individuals are spreading a vicious, unfounded deception that if the UTU doesnt merge with the Sheet Metal Workers International Association immediately, the UTU is facing financial failure," Futhey said. "This is a continuation of the misinformation that a federal court found with the previous administration."

Assistant President Arty Martin said, "While UTU finances have been, and continue to be, strong, our evidence is that the SMWIA has a hand in the spreading of these false rumors about UTU finances."

The SMWIA merger is on hold by order of a federal district court, which found that the previous administration failed to make UTU members aware of conflicts between the existing UTU constitution and the SMWIA constitution prior to seeking a ratification vote.

The court said that "absent information about the possible changes to their own governing document, the UTU members' votes cannot be said to be meaningful."

Moreover, the UTU membership was given incorrect information as to why the previous administration sought the merger. Recall that the attempted merger between the UTU and the SMWIA was predicated on severe UTU financial problems.

"When Arty Martin, Kim Thompson and I took office Jan. 1, and gained access to the books, it became apparent that UTU finances were not as dire as had previously and wrongfully been presented to us and our members," Futhey said. "And as a result of our financial stance taken, UTU finances have continued to improve since taking office on Jan. 1."

Of the current false rumor being spread about UTU finances, UTU General Secretary and Treasurer Kim Thompson said, "This is the same outrageous, incorrect and irresponsible allegation that was made by the previous UTU International president when he attempted his merger cram-down last year. The allegation was wrong then. The allegation is even more wrong today."

The UTUs executive director of finance, Stu Collins -- who shares with the GS&T a legal and ethical responsibility to provide accurate financial reports -- said, "Aggressive budget monitoring has improved the International's funds by 50 percent since Jan. 1. The general fund, alone, has increased by more than 85 percent this year," Collins said.

One example provided by Kim Thompson is the UTU convention fund. "The previous administration said we had been wiped out by the 2007 convention. In fact, more than $1 million in the convention fund went unspent."

Said Kim Thompson: "Action taken by delegates to the 2007 convention mandated the GS&T prepare an annual budget for the operation of the UTU.

"The budget President Futhey, Assistant President Martin and I prepared for 2008 was developed with a goal of improving the reserves of the International funds by 50 percent by year end," Kim Thompson said. "Within just the first eight months of 2008, we have accomplished that goal -- and our funds continue to grow.

"Every effort is being made to put International funds to the best use for the membership -- the most bang for the buck," Kim Thompson said. "We are improving our financial situation as we deliver more to the membership.

"Since the Futhey administration took office, we negotiated a new national agreement with substantial back pay, we have stepped up organizing efforts in the rail and bus departments, and we have begun a training program for our local, general committee and state legislative officers through the UTU University," Kim Thompson said.

"Within the UTU International headquarters operation, we have improved office productivity by ending the war that was started against International employees and their own union by the previous administration," Kim Thompson said.

"Natural attrition has helped us cut costs," Kim Thompson said. "At the International-officer level, we are doing more with fewer International vice presidents by utilizing each of them in the most cost-effective manner, including reduced travel budgets."

UTU Executive Director of Finance Stu Collins said, "We remain on track to exceed the goals of the 2008 budget. The general fund has increased since Jan. 1 from $1.8 million to $3.9 million. Total International funds have increased from $7.6 million to $11.3 million, since Jan. 1.

"Even the Discipline Income Protection Fund, which previously had difficulties, now exceeds expenses by $572,000, which is a tremendous turnaround since 2007," Collins said.

"As for our union assets that are invested, they are invested primarily in cash accounts and short term bonds, and are largely unaffected by the stock market problems," Kim Thompson said.

"As for the UTU Insurance Association, it has assets -- like those of all insurance providers, and even the Railroad Retirement Trust Fund -- invested in the stock market, as well as in bonds and cash accounts, but the UTUIA investments are generally conservative in nature," Kim Thompson said.

October 8, 2008


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An early parting Christmas Grift from the previous shepards of Your UTU.

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Troll wrote:

An early parting Christmas Grift from the previous shepards of Your UTU.






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UTU, UTUIA finances in sound shape
By UTU General Secretary & Treasurer Dan Johnson

One of the most frequently asked questions of UTU officers is, "What is the financial condition of the UTU and the UTU Insurance Association?" In spite of difficult economic times, we are financially sound.

Since the current administration took stewardship of the UTU and UTUIA in 2001, deficits have been eliminated. This was accomplished through prudent cost-cutting that preserves our ability to represent every member promptly, efficiently and with positive results.

Excess expenses were cut by consolidating functions, increasing oversight of spending in each UTU department, slashing the travel budget, reducing the number of separate meetings by making greater use of conference calls and e-mail, and reducing printing and postage costs. For example, the UTU News, which reaches 125,000 active and retired members monthly, is now printed on a less-expensive paper under a less-costly printing contract with a union printer, who helped us reduce postage costs through more efficient bulk delivery to the U.S. Postal Service.

What we have not cut are member services. Our vice presidents remain available to every general chairperson to assist with contract negotiations and grievance handling. We continue to improve the quality of our website, including databases that assist officers in defending employees in discipline proceedings. We've upgraded our secretary/treasurer tools, such as WinStabs. We also improved the quality of education at regional meetings as evidenced by the programs available at Seattle and Philadelphia in June and August.

The financial condition of UTUIA is especially bright. The roots of UTUIA are more than 130 years old, but the mission is unchanged: To provide union families with financial protection against death, injury and hardship.

What has changed is the variety of UTUIA offerings. As your UTU negotiated improved wages and benefits assuring UTU families solid upper-middle class status, more members sought retirement policies such as IRAs and flexible-premium annuities to preserve their lifestyles through retirement.

An independent insurance-rating company concluded UTUIA is financially sound and price-competitive with the 25 largest North American insurance companies - companies such as Prudential and MetLife.

For every $100 in liabilities, UTUIA has almost $119 in assets, which exceeds the liability coverage of many of the top 25 insurance companies. UTUIA has a $35-million surplus of assets beyond its liabilities - and those assets have grown by $9 million since 2000. Beyond being financially secure, UTUIA is a union-friendly insurer, meaning it doesn't engage in anti-labor activities.

We have many challenges facing us in a rapidly changing economic environment that is not always union friendly. One less concern we have, however, is the financial condition of the UTU and UTUIA, which I am proud to report as financially sound.

May 27, 2003


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Force Majeure

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Professional Asshole

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When I was a Pipefitter, our Union head was EXACTLY like the previous ingrates. Talked all about solidarity and his other words he had no idea about, then turned around and completely fucked the members with the pension fund. Took a pile of money, built hotels in Miami and other shit, and made a killing.

His "loans" against the pension fund (national) fucked all of us, and I wouldn't mind seeing him getting raped with a mace, and forced to lick it when they were done...

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