2005 13th Check IP: 64.12.117.196 Posted on November 21, 2007 at 00:49:06 AM by Larry Vincent
To all Retirees,
I know that many of you have heard that the Trustees have approved paying the 2005 13th Check, the subject of the John Parker Lawsuit. Dennis Ribaya (LJP) emailed HIS letter announcing the good news. Many have called the pension office and asked how much the checks will be and when will they be paid. It all sounds good.
I learned from a reliable source, today, that there is no agreement on the 2005 13th Check at this time. So, I would suggest that all be cautious. What is going on is continued talks by those in the mix but there is no agreement to pay the 13th Check.
I fully believe that the check should be paid and it is long overdue. There has been a lot of work on the issue but I understand that we are a considerable ways from actually agreeing to pay the 13th Check. Sorry to have to advise you to use caution but that is the inside information on the matter.
As for the 13th Check, payable in June of 2008, there should be no problems with that payment. The fund made 23.7% on investments and there are no known losses to be made up. Another concern I heard about is whether or not the 2008 13th Check will not be paid if the fund loses money between Sept. 30 and June 2008. The answer is NO. the fiscal year ended on Sept. 30, 2007. On Oct. 1, the year begins for 2008. The money for the 13th Check is on deposit in the PRAA. As soon as the fund actuary certifies the amount needed to fund the 13th Check and certifies that there are no losses to be made up, the check will be paid by June 30, 2008. I am not sure of the amounts of the checks but they are sizeable. Once I learn what the amounts will be, I'll post for all to see. Until then.
Larry Replies: There have been no replies.
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