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CCWIPP Financial Statement for 2008

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wm pasz
Post Posted: Sun Dec 06, 2009 3:48 pm

Joined: 29 Jan 2006
Posts: 1219
Location: Toronto
uncharted has obtained a copy of the 2008 financial statement for the Canadian Commercial Workers Industry Pension Plan (CCWIPP). The news is devastating. Highlights for 2008 include:

  • Losses from investments: $9.4 million

  • Decrease in net assets: $356 million

  • Total return: -19.6%

  • Total actuarial liability: $2 billion

  • Funded status: 42%


We encourage members and interested others to review the document and post their questions, concerns and observations.

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Last edited by wm pasz on Tue Dec 15, 2009 8:28 pm; edited 1 time in total
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SharynS
Post Posted: Mon Dec 07, 2009 2:27 pm

Joined: 28 Jan 2006
Posts: 3625
Location: the 'puter
I'm only this far trying to understand this crap. Right off the top: Why is a contribution to the unrestricted fund not showing on 2008's year end balance (p.5)?

(p.6) Contribution to the 2008 stabilization fund was approx 15 mil but the transfer amount approx 6 mil. For year 2008 it looks like the stabilization fund paid it's own way. But for year 2007 contribution and transfer to the SF was dollar for dollar. How so?

Another oddity for those of us new to pension scams - why is the 2008 stabilization opening balance approx the same amount as 2007's SF contribution amount?

The only thing that makes any possible sense would be that it's apples and oranges - comparing current funding year to fund totals/opening balances? As opposed to year to year?

page 7 here I come.

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SharynS
Post Posted: Mon Dec 07, 2009 3:21 pm

Joined: 28 Jan 2006
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Who is Benchmark Decisions Ltd.? They seem to get paid a nice chunk of CCWIPP change from the fund each year and there doesn't seem to be any information to be found about the team.

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wm pasz
Post Posted: Mon Dec 07, 2009 9:24 pm

Joined: 29 Jan 2006
Posts: 1219
Location: Toronto
Benchmark Decisions is another consulting company controlled by the CCWIPP trustees. Check out their web site. I've always gotten a laugh out of their pitch line...Good benefit consulting, like resourceful cooking, transforms assorted ingredients into unique concoctions...

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Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X
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SharynS
Post Posted: Mon Dec 14, 2009 3:04 pm

Joined: 28 Jan 2006
Posts: 3625
Location: the 'puter
Unless I've missed a link, the website doesn't say who's running the Benchmark show. If you're in business to do business, it's not only standard practice but it's prudent to identify heads and list their credentials? The only explanation for not doing so would be that the business is a shell.

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wm pasz
Post Posted: Tue Dec 15, 2009 2:11 am

Joined: 29 Jan 2006
Posts: 1219
Location: Toronto
The federal corporations database will give you the names of the Benchmark Decisions directors. It's the ccwipp boys plus a couple of familiar UFCW troughers.

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Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X
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wm pasz
Post Posted: Tue Dec 15, 2009 8:37 pm

Joined: 29 Jan 2006
Posts: 1219
Location: Toronto
Correction: The lead post in this thread incorrectly stated the CCWIPP's funded status as 54%. It has been brought to our attention that the correct number is actually 42%. It was 54% in 2007 but the up-to-date number is 42%.

We apologize for temporarily making the CCWIPP trustees look better than we should have.

_________________
Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X
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