Posts tagged insurance benefits
Op-Ed: Union bosses or real estate moguls? Tracking the PFT’s finances
December 3, 2023 // Financial documents reveal that between excess cash in the benefit fund and dues collected from its membership, the PFT has spent over $12 million dollars to bail out its failed real estate endeavors. The Health and Welfare Fund paints a good picture of financial health. According to the latest financial disclosure which covers 2021, the Philadelphia School District deposited $65,133,008 into the fund. In total, the benefit fund brought in $9 million in excess revenue and holds a net financial position of $36 million. The Health and Welfare Fund’s financial position was so strong that it was able to dole out money – $4.8 million – to an entity known as the 1816 Chestnut Street Corporation (1816). This loan dates back over a decade. Investigative reports revealed that the Health and Welfare Fund loaned this money interest-free and without any terms of repayment. Today, the loan balance is the same, with no payments made and no interest accruing. What does 1816 have to do with providing health benefits to Philadelphia teachers? As it turns out, not much.