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Business Managers Year End Report 2008
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Updated On: Mar 31, 2010 (09:51:00)
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December 12, 2008 Business Managers Year End Report Dear Local 1 Member, As 2008 draws to a close, it was anything but boring. In fact, it’s nice to nostalgically reflect to a time that was boring. Many landmarks were reached in 2008. The landmarks in the stock market will be remembered for the volatile drops in value. Some household names in the financial institutions are now bankrupt and footnotes in their industry. Our nation has slowly slid into recession during 2008 and the depth and breadth of this recession remains to be seen. On a more positive note, another landmark was achieved with the election of America’s first African-American President Barack Obama. President Elect Obama brings labor a much needed respite from an anti-union administration. He gives renewed hope to the middle class and our Union members that comprise it. The thirst for change was felt across this country, and locally it was no different. Oregonians overwhelmingly elected Democrats to our State Legislature and Congress. Another round of nuisance ballot measures promoted by Bill Sizemore were defeated and he finally found his way to jail for his contempt of court. These national and statewide political and financial changes ripple their way into all aspects of our lives including our Local Union. Financial turmoil in the lending institutions has a devastating effect on the ability to get loans and bonding for construction projects. Historic drops in the stock market cripples a pension plan’s ability to grow their funds and provide benefits for their participants. The Northwest Bricklayers Pension and the Northwest Bricklayers Defined Contribution Trust Fund have taken their lumps along with the rest of our nation’s pension plans. There has not been any market sector to hide in to ride out this storm. The best defense we have is our level of diversity in our investments. Our pension is spread out in the markets and we are biding our time for a market rebound. In fact, going into the third quarter of 2008, our pension was sitting in a strong cash position and our pension consultant has taken advantage of drops in the market to make buys in various market indexes. These “fire sale” purchases may not increase portfolio value immediately, but in a year or so when the market rebounds, they will add value. I know there is great concern among Local 1 members regarding their pension accrual. The Trustees share your concerns. It is our intent to increase benefits as soon as we are able. Our pension plan and every other pension plan are dependent on market returns. Trustee responsibility is twofold. While increasing future accrual is important, preserving past accrual is even more important. The Trustees second order of business after securing our Pension Plan, is adding accrual as soon as it is fiscally responsible. This is a trying time for everyone. I give you my word that I will be as straightforward and honest as I can about our Pension issues. Remember, you might not always like the news I have to deliver, but all I can do is report the facts. The last bit of warm and fuzzy news I want to talk about, is the increase in the Washington- Oregon- Idaho- Montana State Conference dues. I sent out a letter outlining the fact that a Conference dues increase has not been passed through to the members in over 25 years. At the last Conference Convention in June, a resolution was passed by the delegates to increase the Conference dues by $1.00 a month. Once again, the news isn’t always good, but to keep our State Conference above water, a dues increase was necessary. The Conference Officers, of which I am one of the Vice Presidents, take any dues increase very seriously, and we would not recommend an increase unless it was necessary. If anyone has questions for me regarding this, please contact me at my office. I really dislike recapping bad news and forecasting more bad news. We are all getting tired of it, but I doubt that our distress will change things. For those of you that were BAC members in the early 1980’s, you have a sense of where we are headed with our work picture. For our younger members who haven’t experienced a hard recession in the construction industry…hang on. We will get through this, but it won’t be easy. Every Local Union has been through tough times due to recessions. The condition of a Local Union at the end of a recession is dependent on more than dedicated leadership. Without dedicated members, leadership stands alone. Being a loyal Union member is needed more than ever during an economic downturn. The lifeblood of any Union is its members. The near future work opportunities will be difficult. But you need to remember that we need to preserve wages, benefits, and apprenticeship throughout this downturn by staying members of this Local. The loyal Local 1 members during the last major recession in the early 80’s have handed us the opportunity to grow today, and we need to hand that same opportunity to our future members. The fact that this Local will turn 116 years old next May is not an accident, and with your support, this Local will be strong for many decades to come. Joe, TJ, Matt, and I wish you a Merry Christmas, and we all hope for a Happy New Year in 2009. Thanks for your time and support.
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