NYC Government Publication
Analysis of Financial and Operating Practices of Union-Administered Benefit Funds whose Fiscal Years Ended in Calendar Year 2001 FM03-089A
The analysis was to provide comparative data on the overall financial activities of the 85 union-administered active and retiree welfare, education, and annuity funds which received City contributions during Fiscal Year 2001. Several funds expended lower-than-average amounts for benefits and maintained high reserves. Several financial issues should be addressed such as operating deficits due to certain funds exceeding their revenues. Some funds had large operating surpluses resulting in high reserves, which indicate that they should increase members' benefits. Other issues include improper eligibility delay, consolidation of professional services, and field audits of funds.
- Agency
- Subject
- Report type
- Audit Report
- Date published
- 2003-06-30
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