Chances are, most of you belong to a Benevolent Association through your department. I would urge you to learn about the IRS structure of your association. If they are a 501C9, you may want to ask some questions, such as; Does my association have life insurance policies on its members? Who is/are the beneficiaries of those policies?
501(c) (9)ís, or VEBA's have been controversial since the 80's and in some cases, the organizers engage in questionable practices. Some are structured to take out term life insurance policies on members without the memberís knowledge and these associations list the Board members or other "parties" as beneficiaries. These term policies are considered "Instruments of Investments" and have been called Dead Peasant insurance policies, Corporate Owned Life insurance, and Janitors Insurance. This practice is immoral and troubling and has been challenged in Florida Courts. Itís hard to believe any scumbag would wager on or leverage for profit, the death of a professional firefighter. No wonder itís so hard to improve presumptive legislation in Florida!! Look up VEBA, Dead Peasant and 501c9. Itís shocking how low some will go to make a buck!! The financial records (form 990) of any 501c are open to the public and can help you learn more about the money coming and going from the association. If you see the term "Benefits Paid to or For Member" listed in expenses, make sure those "Benefits" are not actually premiums paid toward life insurance policy on you!!!