Dan Jensen, Dispatcher/Supplemental Trustee
Year end report
As the year 2009 comes to an end, the data shows that this year has been a poor year for employment. The total number of dispatches for Building Trades were almost the same as 2008, however, the length of jobs were much shorter. If history repeats itself, we should see the bottom of this unemployment cycle in the next two (2) – three (3) months. Recovery should begin at that point; the question is, at what rate?
Work in our jurisdiction and the entire U.A. remains slow for the foreseeable future. The Local Union Market Recovery Program has and will help but it is not the long term cure for a lack of jobs. At this time, we have 70-90 Members, a month, that are employed due to Market Recovery, and that number will go up due to the number and size of the upcoming jobs supported by the program. I would encourage all of our Building Trades Journeymen to consider the Canadian work in Edmonton in the spring of 2010. Get your paperwork in as soon as you can. Don’t wait too long to get on the job list because we have been told the first 4,500 people that get on the list will be called in the order their paperwork is turned in.
I have information in the business office or contact the Fitter Agent Doug Price. Pre-shut down begins March 15th, 2010 and the bulk of the hiring will begin April 1st. Supplemental Pension After the 4th quarter melt down in 2008 and the first quarter bottom of 2009 equities have rallied back. Interest rates are at historic lows and looks to stay that way for the near future. Governments all over the world are stimulating their economies to try to pull out of this hole. The supplemental plan has had its challenges this year as have most 401 plans. The freezing of the mortgage fund on August 25th, 2009 was something the trustees had to do. A painful but necessary decision, but the correct one.
At the November 3rd trustee meeting Randy Goodwin of Washington Capital reported that they believe as of June 1st 2010, that the mortgage fund should be open for member re- allocation if they choose. He also reported that the 3rd quarter, the fund made 3.9% and was on track to make 2.9% in the 4th quarter. The equity parts of the plan for the 3rd quarter averaged double digit rates of return. At the November 3rd trustee meeting we interviewed record keeping consultants. The request for bids were sent out at the August 25th, meeting. At the November 3rd meeting the record keeping consultant was narrowed to three.
At the November 16th, subcommittee meeting the investments managers was narrowed to three. Final interviews will be held on December 9th for the investment consultant and we are hopeful a decision can be made shortly thereafter. We are considering moving toward daily valuation and daily trading in the plan. Other fund options are also being considered to give the member participants in the plan more options to diversify their investments. In conclusion, as the country has come back from the brink of financial disaster, the loss in these funds has rallied back. As trustees we continue to try to improve the plan and offer more options as quickly as possible.
Below I have listed the funds and tickler symbol of the publicly traded funds in our plan: 1) Washington Capital Management, Inc. - Randy Goodwin - 206.382.0825 2) Harbor Small Cap Value – Harborfunds.com – Ticker symbol: HSVRX 3) American Fund Euro Pacific – Ticker symbol: RERFX 4) Mairs & Power Growth – Ticker symbol: MPGFX 5) Pimco All Asset Institution – Ticker symbol: PAAIX To all our Members and families, have a safe and Happy Holiday
Dan Jensen, Dispatcher
