SISIP COLA RETRO (Assorted Topics)

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Re: SISIP COLA RETRO (Assorted Topics)

Post by Sapper Zodiak on Tue 16 Jun 2015, 16:00

Good advice once again Teen. The calculations are ridiculous to calculate without the proper forensic accounting at hand.
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Re: SISIP COLA RETRO (Assorted Topics)

Post by Guest222 on Tue 16 Jun 2015, 16:09

I understood how they did the first part of the lawsuit and had no problem doing the Happy Dance with that cheque, but this one just baffles me. Thanks for your advice Teentitan, I will look into that and just sit on the funds for a bit.

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Re: SISIP COLA RETRO (Assorted Topics)

Post by Newfie on Tue 16 Jun 2015, 19:08

Received my COLA refund this afternoon. More that expected, but happy to receive it. I was paid my retro in Sept 2013

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Re: SISIP COLA RETRO (Assorted Topics)

Post by sabrelove on Tue 16 Jun 2015, 22:43

Sapper Zodiak wrote:Good advice once again Teen. The calculations are ridiculous to calculate without the proper forensic accounting at hand.
Sap

We didn't get any calculations, just numbers that were are supposed to accept as gospel. †Hubby released in 98 and only got a one liner - deduct $x for admin correction, $X for Cola from 98 to 2 Jul 14, plus $x interest. †

No idea how they did the calculations. †Even in school we had to show our work. †The detailed calculations were done to come up with these numbers, why were they not included? Feel like sending them back a letter stating they are wrong and the numbers are supposed to be (insert bigger number here), but not show my math. †You know damned well they would write back and ask me to show my work!

Also, there is a note on the Manulife calculation sheet that says "If, for any individual Class Member, the Principal Refund is less than zero, the value shall be deemed to be equal to zero." †So I think that the people that got the letter from MC should have had the calculation sheet from Manulife included. †It may give some clue as to why there is zero refund for COLA.

Okay, mini rant over, I'll shut up now.

Sabrelove


Last edited by sabrelove on Wed 17 Jun 2015, 08:33; edited 1 time in total

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Re: SISIP COLA RETRO (Assorted Topics)

Post by bigrex on Tue 16 Jun 2015, 23:59

1993firebird wrote:I never thought about that Sparrow but it should be separate issues as they have different deadlines.

Firefird, it only makes sense that the cola would be held for those with pending appeals, because it would greatly affect the outcome. My retro was $46000 (with interest) for only 24 months, and the COLA was around $500. Now if I had appealed, the retro would be well over $100000, and then the COLA would likely increase dramatically as well. So by waiting, it just saves them from having to do the calculations twice.
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Re: SISIP COLA RETRO (Assorted Topics)

Post by 1993firebird on Wed 17 Jun 2015, 07:31

I understand saving the calculations from being done twice but they are mandated to give all class action members their COLA by July and my appeal decision could be months after that and it also could be denied which means I would have waited longer to receive my COLA for nothing. So they have to be done separately regardless of redundancy.

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Re: SISIP COLA RETRO (Assorted Topics)

Post by Back-up on Wed 17 Jun 2015, 09:27

Bigrex, not necessarily. Your retro 24 months - COLA $500.
My retro 18 years - Cola Zero.

Sabre love, agree whole heartedly. So confusing that even those who receive a larger Cola are afraid to spend it. Clarification is needed.

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Re: SISIP COLA RETRO (Assorted Topics)

Post by Sapper Zodiak on Wed 17 Jun 2015, 10:05

Very confusing numbers indeed. I meant they should have included the actual audit report to show how they got to these numbers. We are somewhat gun-shy and suspicious regarding this whole lawsuit and it would have been nice to actually see the forensic audit.
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Re: SISIP COLA RETRO (Assorted Topics)

Post by bigrex on Wed 17 Jun 2015, 10:56

Back-up, since my COLA was basically based on a single increase, because my SISIP started and ended on January 4th, so if the cola increase was that off in the initial year, it would likely have had an amplifying effect every successive year, because every year afterwards, the COLA would have been based on an incorrect amount. Did the lawyers say if you could request a recalculation? Because I would have a hard time believing that out of 15000 veterans being looked at, that they were spot on for yours, over 18 years, but can't get it right for thousands of 24 month clients.

And I didn't receive any paperwork with my COLA, explaining the numbers, or how they determined what I was entitled to. To me it isn't that big of a deal, but when you are talking thousands of dollars, an error (intentional or unintentional) could seriously reduce the payout, and without showing their numbers, how are we to know any different? After all, we got into this whole mess because the GoC and SISIP were trying to reduce costs of the policy, so why should we expect anything different now?
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Re: SISIP COLA RETRO (Assorted Topics)

Post by teentitan on Wed 17 Jun 2015, 11:15

So in the package there is instructions to go to Leavenovetbehind.ca to read the settlement. Ahhhhhh just curious wouldn't an explanation (in English words everyone can understand) be a problem for our law firm to explain "how" the calculations are done?

I know they sent a letter out last year but that was a clear as a catfish pond after a tournament!\

McInness Cooper you were paid above the normal class action fees so do us poor shlubs a solid. Get off your arse, walk down to your accounting department and get them to explain how this COLA is calculated!

I'd love to ask but they no longer take calls from me.
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Re: SISIP COLA RETRO (Assorted Topics)

Post by PipperNavy on Thu 18 Jun 2015, 15:32

Yes, your name and service number appear on SISIPís list of COLA settlement members. If you have not received your COLA settlement by August please let us know. The claims are sent by regular mail. hmmmm lol


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Re: SISIP COLA RETRO (Assorted Topics)

Post by PipperNavy on Thu 18 Jun 2015, 19:31

maybe by Horse and buggy ...
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Re: SISIP COLA RETRO (Assorted Topics)

Post by peep on Tue 23 Jun 2015, 15:05

Sleep Still no cola
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Re: SISIP COLA RETRO (Assorted Topics)

Post by PipperNavy on Fri 26 Jun 2015, 10:45

Still nothing Sad
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Re: SISIP COLA RETRO (Assorted Topics)

Post by PipperNavy on Mon 29 Jun 2015, 13:50

Got a call from SISIP this Morning ,, I had an over payment of $1,500 in 2013 so I will get a refund ..minus the over payment and lawyers fee's .. Should get it in a couple of weeks
Get to look forward to deducting of 2 overpayment's sisip and Vet elb X 2 + of tax's and lawyer fee's for 2015 tax ... lucky I took accounting ..
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