The New York State United Teachers union acknowledged Tuesday it was not as honest with its members as it should have been over a tax-deferred annuity.
The annuity package was once sold by its affiliated NYSUT Members Benefit Trust.
In a letter to members made public by the Latham union -- the largest state teacher labor organization in the country -- President Richard Iannuzzi said it was wrong for the trust not to tell members of payments it was getting from the marketer of the annuities, the ING Life Insurance and Annuity Co.
"It's clear now that the trust, despite its best intentions, historically could have -- and should have -- provided greater disclosure of the fees paid to the trust by INC," Iannuzzi wrote to his members. "Mistakes were made. They will not be made again."
Under an agreement with state Attorney General Eliot Spitzer announced Tuesday, the NYSUT trust agreed to pay $100,000 for the cost of the investigation and to make a series of changes in how it operates. Iannuzzi said Spitzer's office presented the trust with a "roadmap to reform, and the trust will follow it."
http://www.bizjournals.com/buffalo/s...l?surround=lfn
People who wonder if the glass is half empty or full miss the point. The glass is refillable.
A Teacher's Union doing something dishonest! Shocking! Next you'll be implying they have a political agenda or find it isn't just "for the kids."
"God's grace and mercy have brought you through. Quit acting as if you made it on your own." ~ T. D. Jakes
"Political Correctness is a doctrine fostered by a dilusional, illogical minority and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end." ~ Unknown
The way to get started is to quit talking and begin doing. ~ Walt Disney
12/21/2012
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