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Highball - Winter 2008...

As the year draws to a close, we reflect on the months preceding today. We also turn our attention to the future and what the New Year will bring.

In this issue:

 

A message from your president ...

As the year draws to a close, we reflect on the months preceding today. We also turn our attention to the future and what the New Year will bring.

In earlier messages, I wrote you about the challenges and choices facing the Fund. You were kept informed about the extraordinary level of discipline claims for “Held Out of Service” benefits on our class one railroads, the dues revenue required to support members and the status of our financial portfolio.

In recent months, we saw an easing of the discipline assessed to members by one carrier. Our cash flow is improving with the receipt of new dues revenue, and our financial portfolio survived the Wall Street financial crisis without major difficulty. The Fund continues to apply an investment strategy that is conservative and emphasizes the safety and security of your investments.

Many members who, experiencing rising costs for personal living expenses themselves, told us that a dues increase was not easy to accept but they understood the need to take action. They expressed their confidence in the BR&CF. We appreciate their loyalty and continuing willingness to support the other members of the Fund. The dues increase helped us improve the bottom line but we still must navigate through rough water. How the carriers will assess discipline in the months ahead is unknown and the financial markets can be unpredictable.

Preliminary data indicates that for our fiscal year, before currency exchange considerations, members received approximately $12.5 million in “Held Out of Service” and “Retirement” benefits. We received dues revenue of $11.3 million. We effectively held the line on general and administrative expenses and experienced a mere $10,000 or 0.35% increase for the year. The fiscal year ending September 30, 2008, indicates a deficit that is much smaller than the preceding year. The steps taken to control costs are proving successful. I am cautiously optimistic about the future.

Overall, the long-range forecast is good and our balance sheet is improving.

As always, I thank you for doing business with the BR&CF. We have withstood the test of time, we are still the strongest job income protection in the business and we are the best value.

On behalf of the Board of Directors, Officers and Staff, I wish you and your family best wishes for the holidays and good health, happiness and prosperity in 2009.

J. M. Robb
International President

 

 

Annual meeting of the members scheduled for April 25th 2009...

Proxy Packets Will Be Coming Your Way!

One of the most significant events of 2009 is the mailing of proxy packets to BR&CF members in preparation for the Annual Meeting of the Members. Watch for yours to arrive in early March. Included in the proxy packet you will find a Notification of Annual Meeting, a BR&CF financial statement and a proxy.

The Annual Meeting is scheduled to commence promptly at 10:00 a.m. (Eastern Time) on April 25, 2009, in the BR&CF Office in Harrisburg, Pennsylvania. As a BR&CF member, you are entitled and welcome to attend. If you think you will not be able to be present, we strongly encourage you to read the contents of the proxy packet, complete your proxy and return it to us promptly. Remember – it must be received in the Principal Office in Harrisburg no later than April 15, 2009.

Why is returning your proxy so important? The Constitution calls for a quorum of the entire BR&CF membership to be represented in person or by proxy in order for the Annual Meeting to be conducted. As a member, exercising your vote by proxy permits you to have a voice in the operation of the Fund even if you can’t travel to Harrisburg.

If you are planning on being present, now is the time to make your hotel arrangements. Once again, the Spring Carlisle Collector Car Swap Meet and Corral in the neighboring community of Carlisle will be held during the same weekend as the BR&CF Annual Meeting. This world-renowned event brings a huge influx of collector car aficionados into the area, making it difficult to find accommodations.

In anticipation of this event, we have reserved a block of rooms at a local hotel. By calling the BR&CF office, you may reserve one of these rooms at a reduced rate. Since you will be responsible for your own expenses, please be prepared to provide a credit card number to hold the room.

It is important that you notify the Principal Office if you plan to attend the Annual Meeting. Seating requirements will need to be set up in advance, making it necessary to have an accurate count of attendees.

 

 

In preparation of your income tax return...

If you received $600 or more from the Brotherhood’s Relief and Compensation Fund in 2008, you will be mailed an IRS FORM 1099-MISC. You will need this form in order to prepare your Income Tax Return.

Members frequently contact the Principal Office for information regarding taxes. We remind you that we can offer general information that would be helpful to members and their tax advisors; however, the home office staff is not permitted to give specific income tax advice. Questions should be directed to IRS information centers or individual tax preparation centers. Be careful to make your tax consultant aware of the following:

 

  • The BR&CF is NOT an insurance company.
  • Members pay dues, NOT insurance premiums.
  • The IRS FORM 1099-MISC is issued to all members who received benefits of $600 or more during the previous calendar year.

    If you received claim benefits in 2008, you may want to contact our office regarding dues payment information that your tax consultant will need in order to properly complete your tax return.
     

 

Last Reminder...

March 2, 2009 Is the Deadline for Submission of Luther G. Smith Scholarship Applications.
 

There is still time for your child to take advantage of the opportunity to participate in the 2009 Luther G. Smith Scholarship Program; we recommend that you contact us today to request an application form!

Don’t let your child miss out on the opportunity to participate in this worthwhile program. Call the BR&CF office today at 1-800-233-7080 to request an application. You may also e-mail us at brcf@brcf.org. Be sure to provide the sponsoring member’s name and member identification number as well as the mailing address where the application should be sent.

Details on the 2009 Luther G. Smith Scholarship Program were provided in the summer issue of the “Highball.” If you no longer have your copy, you may view it on the BR&CF website at www.brcf.org. The details are also outlined in the application packet.

Each year we stress the importance and finality of this deadline, yet we still receive some late applications. Please note that applications received after March 2, 2009, will not be considered. We all know how easy it is to procrastinate at this busy time of year, and then . . . we forget! Why not take a few minutes right now to request an application for your child.

 

 

Beverly Kim retires from BR&CF after 15 years of service ...

The BR&CF was fortunate when Beverly Kim moved from Pittsburgh, PA to Harrisburg and became a member of the BR&CF staff. She was a fast learner and her organizational skills, passion for helping members and ability were quickly recognized. She soon became a supervisor of the dues department. Other duties included helping members claim their BR&CF retirement benefit when they were ready to “pull the pin.”

Beverly brightened up the office day with her smile and wit. Occasionally, with a sparkle in her eye, she would stir things up a bit and enjoyed being the office rebel.

Beverly and her husband will reside in the Harrisburg area near their family and many friends. She anticipates with enthusiasm spending more time with her three children and two grandchildren.

All of us will miss Beverly and we wish her well in her retirement years.
 

 

 

Monthly payment coupon booklets mailed in November...

Coupon payment booklets were mailed to monthly payers in early November. If you are a monthly payer and you did not receive your booklet, please give us a call.

Please be sure to send us a change of address if you are moving or have recently moved!

 

 

 

Don’t Compromise Your “Held Out of Service” Benefits!

With the Economic Times Being What They Are – Don’t Compromise Your “Held Out of Service” Benefits!

Your dues payment must reach us by the last business day in the month in order for you to remain “In Good and Regular Standing.”

For example, if your dues are currently paid through November 30, 2008, payment for the subsequent month(s) must be received in our office prior to that date. Please refer to Article VII.

 

KNOW YOUR RIGHTS – KNOW YOUR CONSTITUTION

 

 

Dates to remember...

January 19, 2009

  • Board of Directors Meeting.

January 26, 2009

  • Petitions for Candidacy for Office Due in BR&CF Principal Office on or Before January 26, 2009.

March 1, 2009

  • Proxy Packets Mailed to All Members "In Good and Regular Standing”.

March 2, 2009

  • Deadline for Receipt of Luther G. Smith Scholarship Applications and All Required Documentation in the Principal Office.

April 15, 2009

  • Deadline for Receipt of Proxies.

April 20, 2009

  • Board of Directors Meeting.

April 25, 2009

  • Annual Meeting of the Members.