Statement from the Northeast Regional Council of Carpenters
Executive Secretary-Treasurer John Ballantyne
December 22, 2016 Edison, NJ - As Co-Chair of the Northeast Carpenters Funds, information came to my attention regarding an Employment Agreement concerning Mr. George Laufenberg’s position as the Administrative Manager of the previously titled New Jersey Carpenters Fund.
On December 7, 2016, counsel for the Northeast Carpenters Funds was directed by the Board of Trustees to investigate particular concerns regarding the Agreement.
During the course of the investigation, counsel reviewed additional documents and conducted interviews which concluded that certain acts of the Administrative Manager constituted potential violations of the Employee Retirement Income Security Act, ERISA.
These findings were presented to the Board of Trustees of the Northeast Carpenters Funds on December 20, 2016.
By unanimous decision, the Trustees advised Mr. Laufenberg that he would be removed as Administrative Manager effective December 23, 2016.
On behalf of the Board of Trustees it is incumbent upon me to point out there is no more sacred obligation we hold than that of our fiduciary responsibility to protect the financial assets of our members and their families.