UPDATE-2004 13TH. CHECK IP: 205.188.117.196 Posted on January 26, 2008 at 03:08:54 PM by Larry Vincent
TO ALL RETIREES,
I Have update info on our 2004 13th. Check. I understand that there is a scheduled meeting with the Judge who is assigned the John Parker Lawsuit. The Trustees and Fund Attorneys will meet with the Judge on Thursday. I am sure the Judge will be told that the Trustees have voted to pay the 13th. check and he shouldn't have a problem in dropping the case. There could be an objection from John Parkers' Attorney over his fee. So, if the Judge doesn't have an objection to the Trustees paying the checks and Parkers' attorney doesn't protest because of his fees, the process should move forward. According to Jennifer Campbell, if the Trustees get the court go-ahead, she will begin the process of cutting the checks. The checks will be in hand on or about February 15th.. That is the news moving at this time.
The question about interest has come up and actually has never been set aside. When we get the $5700.00 and $2850.00 checks, that represents only the face amount of the benefit that would have normally been paid in June 2005. The interest is under negotiation, i.e. what percentage, for what period ect...When those negotiations are over, we should receive another check which will be the payment for interest accrued. How much that check will be is impossible to figure since that part is still unsettled. I believe that when the fund was certified by the Actuary, the Trustees wanted to get the checks to the Retirees and widows as quickly as possible so they voted to pay the base amount of the 13th. Check benefit. Settling the interest question could delay the payment for an undetermined amount of time. I for one am glad to see the Trustees show their concern for the Retirees and moving ahead with payment of the base amount. If they had waited until all details are agreed to, our checks would have been delayed for months or more. Cudos to the Trustees on that issue. Once the interest question is agreed to, we will get another check which will be the interest owed to each Retiree and Widow. For each Retiree, the interest should be based on the $5700.00 and for the Widows, the interest should be based on the $2850.00.
As a recap, if all goes well next Thursday, January 31, 2008, the 13th Check benefit process will begin. Payment of the base benefit amount should be in your hands on or about February 15th.. Then, all eligible Retirees and Widows will receive another check for interest owed. By June 30, 2008, all eligible Retirees and Widows will receive the 13th. Check for 2007. As I count, that will be 3 checks. I can sure use it and I am sure you all can too.
I will stay on top of these issues and will keep you all updated as I receive the information. IT LOOKS LIKE OUR LONG WAIT WILL SOON BE OVER.
Keep watching our web site for updates.
Larry Vincent, President
Retired Fire & Police Assoc.