Northern New Jersey Teamsters Benefit Fund

“Some of the employer trustees are employed by companies that have collective bargaining agreements with teamsters local union no. 11 in which the union trustees are officers.”

“All union trustees are appointed by the executive board of the ibt local union no. 11 except for one which is appointed by the executive board of the ibt local union no. 814. All employer trustees are appointed by the employers having collective bargaining agreements with ibt local union no. 11 except for one which is appointed by the employers having collective bargaining agreements with ibt local union no. 814.”

“No other committees exist with the authority to act on behalf of the governing body.”

“The form 990 is reviewed by the fund manager and several trustees prior to filing.”

“An interested person must dislcose the existence of any financial interest and be given the opportunity to disclose all material facts to the trustees. After disclosure of the financial interest and all material facts, the trustees without any financial interest shall determine whether a conflict of interest exists. If it is determined that there is a conflict of interest, the interested person may make a presentation, after which a vote is taken on the transaction or arrangement. If appropriate, the chairman of the board may appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After due diligence,trustees shall determine whether the fund can obtain a more advantageous transaction or arrangement that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible, the trustees shall determine by vote of trustees without a financial interest whether the transaction is in the fund's best interest, for its own benefit, whether it is fair and reasonable, and whether to proceed with the transaction or arrangement. If the trustees have reasonable cause to beleive that a trustee has failed to disclose an actual or possible conflict of interest, they shall inform the trustee of the basis and afford the individual an opportunity to explain the alleged failure to disclose. If, after hearing the response and after making further investigation, the trustees determine the individual has failed to disclose, the trustees shall take such action as they deem appropriate under the circumstances. To ensure that the fund operates in a manner consistent with its purpose and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted.”

“The board of trustees will determine compensation and pay increases for all individuals employed by the fund on an annual basis.”

“The fund makes its's governing documents and financial statements available upon request at the fund office. Arrangements must be made during normal business hours. The fund also mails out summary annual reports to all members as required by law.”

“Adjustment to reflect property used in plan operations at fair value -43,046. Adjustment to reflect property used in plan operations at fair value 60,495.”

“The board of trustees oversees the audit of the financial statements.”