Every Rock We Look Under…
After weeks of wrangling and pestering the Commissioner and everyone else who will listen, my attorney, John Hogan, finally got a letter from Paul Scott regarding the deductions taken from my monthly disability check. (Click on an image to enlarge it for easier reading.)
With no further explanation from the NFLPA and Paul Scott, we did a little more investigation on how our Union came up with an actuarial number for my wife and me of .894 (!); HINT: you need insurance people to come up with actuarial numbers. This was used to calculate how much to deduct from my benefits for a policy that will supposedly ensure that my wife, Heidi, will receive my benefits when I pass away. That amounts to $353.40 a month or $4,240.80 a year for a policy that they say I signed on for and has never, ever been disclosed in any of my payments or plan (see an actual copy of a current statement by clicking HERE). Want to bet that I can probably find a cheaper policy somewhere else? Or how about me buying my own term life insurance for $50 a month?
But wait – as usual, it gets better. REALLY better (What else would you expect from these guys?). Our sources tell us that the company underwriting this policy and program is none other than AON Consulting (click to visit their website), apparently the same Chicago insurance company that has, along with companies such as Callan Investments, been responsible for over $150 million in poor investment losses for the NFLPA in recent years. And the Chairman and a director of AON also happen to be 19.7% owners of… The Chicago Bears (along with 80% owners, the McCaskey family), who also happen to have lost a lot of money over the past few years. Conflict-of-interest anyone? So it appears to be another cozy no-bid inside deal with the NFL that’s been forced on the retired players by the Gene Upshaw and the NFLPA. (Read more about side deals from Bernie Parrish’s post on April 15th by clicking HERE.)
I don’t know about you, but even without a business degree it doesn’t take much to figure out that these guys aren’t exactly rocket scientists when it comes to handling anyone’s money. They’re bleeding money all over the place and don’t exactly win my confidence for being the best financial advisers. Forget the fact that we weren’t even consulted on their choice as an insurance provider or told that it had been decided for us. How many of you other guys out there were told that you had money deducted for spousal survivorship? And how many surviving spouses are actually receiving these “guaranteed” benefits today? Oh – and did we mention Conflict-of-Interest?
If you take money from me, show me the Board meeting that approved of this action and the Company that will provide this policy. My statement clearly says NO Federal or State Deductions are taken out of my benefit. And I believe that not only do you have to itemize this deduction in all statements (monthly and annual), you also have to provide me with a copy of the policy in its entirety. Even my credit card company is required by law to provide me with a copy of its policy if I sign up for their credit protection insurance (at $5.00 a month!). And does this also mean that the NFLPA has also been deducting this premium from all of our pension checks for the past 25+ years?
I’m preparing to write a letter directly to the people at AON as well as the NFLPA and the Bert Bell/Pete Rozelle NFL Player Benefits group asking for an explanation and a copy of my fantastic “insurance policy.” I hope all of you other retired players reading this will also do the same. All I know is I sure don’t recall ever approving such a policy being deducted from my benefits nor do I ever remember seeing a copy of the policy let alone any documentation of any meetings where such important items are discussed and approved.
Sharon/Wayne Hawkins
August 16th, 2008 at 10:40 am #
Dave,
Is this issue, noted above, something that would come out in the Sept 22nd trial?
Sharon
Dave Pear
August 17th, 2008 at 1:41 pm #
Dear Sharon,
Only if it will help our battle for justice. I’ll take the advice of our counsel.
Sincerely,
Dave & Heidi Pear
Mike Pyle
August 20th, 2008 at 12:43 pm #
Hi Dave,
Please don’t fall for Parrish’s rhetoric. AON and Pat Ryan have done nothing wrong. They just do their job.
Keep up the good work!
Mike Pyle
NFLPA President, 1967