[LTPC-discussions] What this is really about!
S T Cuscovitch
ltpc-disc@ltpcalums.com
Thu, 26 Jun 2003 09:30:09 -0400
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"...THE DEPARTMENT'S ACTION puts corporate executives and pension plan =
administrators on notice: take your fiduciary duty to act in the best =
interests of your workers seriously or the Labor Department will hold =
you accountable," said Rep. John Boehner, R-Ohio, chairman of the House =
Education and Workforce Committee."
----- Original Message -----=20
From: S T Cuscovitch=20
To: ltpc-disc@ltpcalums.com=20
Sent: Thursday, June 19, 2003 12:12 PM
Subject: Re: [LTPC-discussions] What this is really about!
Good questions posed=20
=20
Now -- from an LTCP "newbie's" perspective (hired late Oct 2002).=20
Though I have very little [financial] at stake, I can understand the =
anger of non-vested agents who spent months/years to build a book of =
business.
=20
Addressing question #7:
<...7. Agents hired after the summer never had a chance. What were =
they working for if they could never have been able to get vested?...>
=20
...[4] Issue of Minimum Production Requirements (contract Exhibit C): =
Did LTPC follow through on Terms & Conditions on Agent's commitment (of =
appointment, premium submission, other quotas) for underperforming =
agents? I'm guessing "no". If correct, why would underperforming (new or =
old) agents have been kept on the payroll to the detriment of LTPC and =
its successful agents? If I were an agent approaching vesting and knew =
the company hired agents and many of these were underperforming & not =
cut loose per (the same) performance standards (as my contract), I'd be =
asking a lot of questions about "fiduciary responsibilities".=20
----- Original Message -----=20
From: ShampooRic@aol.com=20
To: ltpc-disc@ltpcalums.com=20
Sent: Thursday, June 19, 2003 11:07 AM
Subject: [LTPC-discussions] What this is really about!
To all LTPC Alums: Agents, Home Office Staff, Management, all of =
you. Because this affects all of you.
I have watched the postings on here and I decided to spell it out to =
all of you what we are really talking about. So take a few moments and =
read this. =20
There is one main issue here. It is not the fact the a company =
wants to shut down and close its doors. I owned businesses and sold =
them and closed them over the years. If the company was losing money =
and needed to close its doors I can understand that. If it needed to be =
sold off I can understand that too.
The issue here that affects all our lives is;
1. Was this decision to close LTPC made recently like they want us =
to believe, or was this decided back in the summer last year? =20
=20
2. Did we keep working toward a goal, a future with LTPC without =
the knowledge that it was going to close?
=20
3. Were there agents, management, home office staff that knew that =
we were going to close almost a year ago, and because they had this =
knowledge were able to plan their future? A lot of very good agents =
left after the summer or were aware and were able to plan.
4. At the conference last year agents gave speeches of how great =
the company was but after the summer they were gone. Did they know or =
were some people privy to information of the closing of LTPC and were =
able to plan their future and leave that we did not have?
5. Why expand the company over the last two years and bring in =
hundreds of agents and then pull the plug after telling us what a great =
future we have ahead of us before we get vested?
=20
Comment: In defense of LTPC, perhaps a business decision or strategy =
gone bust.=20
6. Agents that were vested would you have stayed with the company =
if you knew it was going to close? Would you have left early?
7. Agents hired after the summer never had a chance. What were =
they working for if they could never have been able to get vested?
8. Agents were hired after January and were trained locally because =
they were terminating the training staff? Those new hires had their =
time wasted and could have been working for another company? Why were =
they hired? Maybe to give the impression that everything was OK?
9. Was LTPC really trying to find a buyer? Did they hire a firm to =
evaluate the company and to seek buyers?
10. Why couldn't they just change our contracts and turn everyone =
into 1099 employees, eliminate training staff, eliminate managers and =
become a brokerage like LTCR or LTCA, keep the affinity groups and pay =
us a higher commission? Was this ever an option?
=20
These are some of the issues that are important. This is not about =
a company closing. Was there a decision to close the company last =
summer and at the same time hire new agents, and have us believe that =
things were normal and everything was fine? =20
Think! Did you have any conversations with agents or support staff =
about LTPC closing? Did you hear rumors about LTPC closing? Do you =
think you were mislead by LTPC? Write down this information. Make =
notes of who you spoke with and when. =20
I repeat this is not an issue about a company closing. This is =
about if there was a decision to close down last summer and mislead us. =
To close down before this large group of agents became vested. =20
Would like to hear your thoughts on this.
I wrote this because I see that some have lost site of the issues =
and that is not good. I have moved on, do not spend more that ten, =
fifteen minutes a day on this at the most. I have work to do and =
appointments to keep, but I am starting over and learned now that =
anything I write is vested on day one.
Richard Moore=20
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<DIV> </DIV>
<DIV><FONT face=3DArial size=3D2><A=20
href=3D"http://www.msnbc.com/news/931419.asp?0dm=3DC14MB">http://www.msnb=
c.com/news/931419.asp?0dm=3DC14MB</A></FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=3DArial size=3D2>"...THE DEPARTMENT’S ACTION puts =
corporate=20
executives and pension plan administrators on notice: take your =
fiduciary duty=20
to act in the best interests of your workers seriously or the Labor =
Department=20
will hold you accountable,” said Rep. John Boehner, R-Ohio, =
chairman of the=20
House Education and Workforce Committee."</FONT></DIV>
<DIV> </DIV>
<BLOCKQUOTE=20
style=3D"BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: =
0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A href=3D"mailto:scuscovitch@sagetele.org" =
title=3Dscuscovitch@sagetele.org>S T=20
Cuscovitch</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
href=3D"mailto:ltpc-disc@ltpcalums.com"=20
title=3Dltpc-disc@ltpcalums.com>ltpc-disc@ltpcalums.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, June 19, 2003 =
12:12=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [LTPC-discussions] =
What this=20
is really about!</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3DArial size=3D2>
<DIV><FONT face=3DArial size=3D2>Good questions posed </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Now -- f<FONT face=3DArial =
size=3D2>rom an LTCP=20
"newbie's" perspective (hired late Oct 2002). </FONT></FONT></DIV>
<DIV> </DIV>
<DIV>
<DIV><FONT face=3DArial size=3D2>Though I have very little [financial] =
at=20
stake, I can understand the anger of non-vested agents who =
spent=20
months/years to build a book of business.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV>Addressing question #7:</DIV>
<DIV> </DIV></DIV>
<DIV><FONT face=3DArial size=3D2><...7. Agents hired after =
the summer=20
never had a chance. What were they working for if they could =
never have=20
been able to get vested?...></FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV>...[4] Issue of Minimum Production Requirements (contract Exhibit =
C): Did=20
LTPC follow through on Terms & Conditions on Agent's =
commitment (of=20
appointment, premium submission, other quotas) for underperforming =
agents? I'm=20
guessing "no". If correct, why would underperforming (new or old) =
agents have=20
been kept on the payroll to the detriment of LTPC and its successful =
agents?=20
If I were an agent approaching vesting and knew the company hired =
agents and=20
many of these were underperforming & not cut loose per (the same)=20
performance standards (as my contract), I'd be asking a lot of =
questions=20
about "fiduciary responsibilities". </DIV>
<DIV> </DIV></FONT>
<DIV>----- Original Message ----- </DIV></DIV>
<BLOCKQUOTE=20
style=3D"BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; =
MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A href=3D"mailto:ShampooRic@aol.com"=20
title=3DShampooRic@aol.com>ShampooRic@aol.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
href=3D"mailto:ltpc-disc@ltpcalums.com"=20
title=3Dltpc-disc@ltpcalums.com>ltpc-disc@ltpcalums.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, June 19, 2003 =
11:07=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [LTPC-discussions] =
What this=20
is really about!</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><B>To all LTPC Alums: Agents, Home Office =
Staff,=20
Management, all of you. Because this affects all of =
you.<BR><BR>I have=20
watched the postings on here and I decided to spell it out to all of =
you=20
what we are really talking about. So take a few moments and =
read=20
this. <BR><BR>There is one main issue here. It is not =
the fact=20
the a company wants to shut down and close its doors. I owned=20
businesses and sold them and closed them over the years. If =
the=20
company was losing money and needed to close its doors I can =
understand=20
that. If it needed to be sold off I can understand that=20
too.<BR><BR>The issue here that affects all our lives =
is;<BR><BR>1. =20
Was this decision to close LTPC made recently like they want us to =
believe,=20
or was this decided back in the summer last year? =20
</B></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><B></B></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><STRONG><FONT face=3DArial =
lang=3D0 size=3D2=20
FAMILY=3D"SANSSERIF">2. Did we keep working toward a goal, a =
future with=20
LTPC without the knowledge that it was going to=20
close?<BR></FONT></STRONG></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><STRONG></STRONG></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><STRONG>3. Were there agents, management, =
home=20
office staff that knew that we were going to close almost a year =
ago, and=20
because they had this knowledge were able to plan their =
future? A lot=20
of very good agents left after the summer or were aware and were =
able to=20
plan.<BR></DIV></STRONG></FONT></FONT>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><STRONG>4. At the conference last year =
agents gave=20
speeches of how great the company was but after the summer they were =
gone. Did they know or were some people privy to information =
of the=20
closing of LTPC and were able to plan their future and leave that we =
did not=20
have?<BR></STRONG></FONT></FONT><FONT face=3Darial,helvetica><FONT =
face=3DArial=20
lang=3D0 size=3D2 FAMILY=3D"SANSSERIF"><BR><STRONG>5. Why =
expand the company=20
over the last two years and bring in hundreds of agents and then =
pull the=20
plug after telling us what a great future we have ahead of us before =
we get=20
vested?</STRONG></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><B></B></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><B>Comment: In defense of LTPC, perhaps a =
business=20
decision or strategy gone bust. </B></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><B><BR>6. Agents that were vested would =
you have=20
stayed with the company if you knew it was going to close? =
Would you=20
have left early?<BR><BR>7. Agents hired after the summer never =
had a=20
chance. What were they working for if they could never have =
been able=20
to get vested?<BR><BR>8. Agents were hired after January and =
were=20
trained locally because they were terminating the training =
staff? =20
Those new hires had their time wasted and could have been working =
for=20
another company? Why were they hired? Maybe to give the=20
impression that everything was OK?<BR><BR>9. Was LTPC really =
trying to=20
find a buyer? Did they hire a firm to evaluate the company and =
to seek=20
buyers?<BR><BR>10. Why couldn't they just change our contracts =
and=20
turn everyone into 1099 employees, eliminate training staff, =
eliminate=20
managers and become a brokerage like LTCR or LTCA, keep the affinity =
groups=20
and pay us a higher commission? Was this ever an=20
option?</B></FONT></FONT></DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"></FONT></FONT> </DIV>
<DIV><FONT face=3Darial,helvetica><FONT face=3DArial lang=3D0 =
size=3D2=20
FAMILY=3D"SANSSERIF"><STRONG>These are some of the issues that are=20
important. This is not about a company closing. Was =
there a=20
decision to close the company last summer and at the same time hire =
new=20
agents, and have us believe that things were normal and everything =
was=20
fine? <BR><BR>Think! Did you have any conversations with =
agents=20
or support staff about LTPC closing? Did you hear rumors about =
LTPC=20
closing? Do you think you were mislead by LTPC? Write =
down this=20
information. Make notes of who you spoke with and when. =20
<BR><BR>I repeat this is not an issue about a company closing. =
This is=20
about if there was a decision to close down last summer and mislead=20
us. To close down before this large group of agents became=20
vested. <BR><BR>Would like to hear your thoughts on =
this.<BR><BR>I=20
wrote this because I see that some have lost site of the issues and =
that is=20
not good. I have moved on, do not spend more that ten, fifteen =
minutes=20
a day on this at the most. I have work to do and appointments =
to keep,=20
but I am starting over and learned now that anything I write is =
vested on=20
day one.<BR><BR>Richard Moore</STRONG></FONT>=20
</FONT></DIV></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
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