How ridiculous,
I will be voting NO!
The guys on the MBF need a good swift kick up the ass. It has turned into a real boys club.
If we wish to make a rule change, how about one that precludes retired pilots who are no longer financial member of the MBF from being trustees. There are at least 3 there at the moment. These guys are making decisions with the funds money when they have retired, are no longer financial contributing fund members and have taken their 5B refunds.
3 rule changs but only one box to tick. In the past the copy of the old rule was included to compare with the new one. Where is it? Why can I not vote for individual rule changes, why the vote for one vote for all?
This entire mess has been conjured up in record time without due consideration or consultation. The states have taken the fund to court 3 times already to try and change their classificaton and therefore their tax consessions, and thus far they have lost. Maybe not next time.
The AFAP were appointed custodians to avoid the regulated and expensive FSL. Why don't the MBF publish the expected setup and ongoing cost associated with holding and FSL? I have seen the cost estimated from last time they looked at it. We are not talking just a few thousand $$$$.
This will also put the fund one step closer to the state governments having the MBF classified as an insurance as opposed to a mutual benefit fund and losing all its current tax advantages.
I have spoken to TOC, BW, TS and all have said that the AFAP don't want to control the funds as the MBF would have us believe. As custodians they hold the resonsibility however. They don't want to take over the running of the fund. This can be assured within the rules. It’s quite easy. As for the exclusion of AFAP board members being unable to hold the position of trustee is equally ridiculous. AFAP board members have been trustees for years.
At least 2 of the MBF trustees who were absent from the meeting where this situation arose oppose the rest of the trustees on this issue, so it is far from an unanimous trustee decision.
Before they MBF launch into an impulse and reactive course of action they need to sit down with the AFAP like adults and talk to them.
If not I think we may need to ensure the current trustees are not returned to their position. The MBF is a great fund which may be ruined forever. Why the rush. Let’s take a breather, take time to analyse the facts, talk to the AFAP and then make an informed decision.
Last edited by fmcinop; 13th Aug 2009 at 01:05.