San Francisco Hall Update:

San Francisco Hall Update:

Current expenditures as of the end of 2005 for the renovation of the new union hall site in Oakland total $2,222,858. The total value of the Hall in San Francisco is still to be established. The last time I checked estimated time of completion of new SF area hall was August or September. Full cost of new hall to be split between sale of old Hall and various Plans, I think. Check the line in bold print! Is the old Hall sold or not? Real Estate buffs will know more about what the following
means.


This following data are figures that reflect End of Year as Reported by MEBA, D1, PCD with the DOL on their LM-2 Annual Report for 2005

The Union acquired a loan from Sun Trust Bank in the amount of $2,800,000. This loan is secured by a first priority interest in all securities, financed assets and other investment property of the District. Also, the District pledges 24 months of debt service reserve in the amount of $168,000 of side collateral for this loan.

SCHEDULE 9: The District refinanced this loan with a term loan-single payment in the amount of $2,800,000.
This loan is due in full when the District obtains a mortgage loan secured by the Oakland Property, the date the District sells its Union hall in San Francisco, CA, or May 24, 2010.
This loan bears interest at 1.5% plus LIBOR and the interest is due monthly and is secured by a first priority security interest in all securities, financed assets and other investment property of the District. There are additional restrictions in this loan including debt service coverage and the making of loans and advances. Also, the District pledges 24 months of debt service reserve in the amount of $168,000 of side collateral for this loan.

Read more!

YOU’LL WONDER WHERE THE MONEY WENT: PART DEAUX

YOU’LL WONDER WHERE THE MONEY WENT: PART DEAUX

These are figures that reflect End of Year as Reported by MEBA, D1, PCD with the DOL on either their 5500 Form or LM-2 Annual Report.


Salary:
President MEBA, D1,PCD: $180,747
Sec-Treasurer: $143,603
Executive V.P.: $128,666
Branch Agent: $113,147
Patrolman: $ 86,315
Representative: (avg.) $ 75,249
General Council: $ 92,804
Plans Administrator: $174,891
Members: 5,850
Participants in Pension Plan: 5,800
Participants in MPB: 3,550
Participants in 401K 3,275
Participants in Medical Plan: 4,465
(2500 active, 1900 retired, 65 other)

Difference in Members total and various Participant totals are reflective of Members who are enrolled in other alternatives regarding their Medical or Retirement Options.

General Information: 21 - Rate of Dues and Fees (From LM-2)
21(a) Regular Dues and fees

The monthly dues rate for clerical and office workers who are members of the Professional Office and Industrial Division of District No. 1 - PCD, MEBA is 1.2% of their base pay.

The dues rate is $100 per quarter ($400/yr). In addition to the current dues rate, each member pays dues to the Union in an amount equal to 6% of the gross amount of each vacation benefit payment he receives from any jointly-administered MEBA Plan, or from the Union. However, any vacation benefit received as a result of conversion of overtime into vacation benefit will not be subject to the 6% vacation dues rate. For night relief engineers and port relief engineers, the additional dues payment is 6% of the vacation factor which is included in their basic wage rate for all work as night or port relief engineers.

21(b) Initiation Fees

The initiation fee for clerical and office workers who are members of the Professional Office and Industrial Division is $20.00.

The initiation fee for licensed marine officers employed aboard inland harbor tugs, ferries, etc. is $1,000.

The initiation fee for licensed marine officers who are employed offshore or deep sea by U.S. flagged shipping companies is $4,000.

Read more!