213 (BEPLER = DIRECT) — 4 ow an ew DN 10 11 12 13 14 15 16 17 18 19 20 21 22 23 aay THE CHAIRMAN: Are you a officer of the! Local? THE WITNESS: No. A member. ‘THE CHAIRMAN: Go ahead with your testimony. ‘THE WITNESS: It's going to be short. I don't think it's right that the Funds for the Empire State should be -- how can I put it -- should be -- I don't think the Funds should be -- THE CHAIRMAN: Split? THE WITNESS: Well, I don't think that the members of the Empire State Funds should) have to pay for the investments that went bad, and that's about it. That's my opinion. ‘THE CHAIRMAN: Well, okay. But do you realize that everybody in this Council that belongs to that Fund is a member of that Fund? ‘THE WITNESS: I realize that. But there's different districts. THE CHAIRMAN: But you merged funds You commingled funds. We hear your A.S.E. REPORTING SERVICE (518) 458-1091214 (BEPLER - DIRECT) 1 testimony. Do you have questions, Bob? 2 MR. YEGGY: No. 3 THE CHAIRMAN: Danny? Pat? 4 MR. MORIN: No, sir. 5 THE CHAIRMAN: Thank you. 6 (Witness excused.) 7 THE CHAIRMAN: Will you please come up 8 and testify now that we are into this? The 9 Chair will call Pat Morin, Executive 10 Secretary of the Council. 1 Pat, do you want to come up and get 12 sworn in? Frank, maybe you want to come 13 over this way, because you're Vice 14 President, in case you have any questions of 15 Pat. He had an opportunity to ask you 16 questions. I will give you the same 17 opportunity. Is that fair? 18 MR. SPENCER: Thank you, Mr. Chair, I 19 appreciate that. 20 PATRICK B. MORIN, calledasa 2iljwitness, being first duly sworn, testified as follows: 22 THE CHAIRMAN: Thanks, Pat. Is this 23 your testimony? 24 THE WITNESS: This is what I'm going to| A.S.E. REPORTING SERVICE (518) 458-1091a ue w Boe Bb 6 © ox 12 13 14 15 16 17 18 19 20 21 22 23 aay 215 (MORTN = DIRECT) read, yes. THE CHAIRMAN: We will introduce Brother Morin's testimony as Exhibit No. 11. Go ahead, proceed with your testimony. THE WITNESS: Thank you, Mr. Chairman. My name is Patrick B. Morin. I'ma member of Local 11 and I am the EST of the Empire State Regional Council of Carpenters. I'm here to answer the allegations about the Empire State Council, Council Representatives who served as Trustees for the Empire Fund. The statement that there are financial irregularities within our Empire Council and it's Fringe Benefit Funds is very disturbing to me. The Empire Council finished out its year $779,000 in the black. The Empire State Carpenters Fringe Benefit Funds, starting with the Pension Fund at the end of our fiscal year, was 75 percent funded and with the current market returns is heading towards the green zone. ‘The Empire Health Fund is, in my opinion, our most sensitive Fund. The Trustees are aware of this, and therefore, | A.S.E. REPORTING SERVICE (518) 458-1091