I serve as a collection agent for employee benefits trust funds. What that means is that I am trusted with millions upon millions of dollars. None of it is mine, and I was once asked about how I felt handling the volumes of money that I do. I guess I don't even think about it, because after doing this for so many years the money I handle is just a number. I also realize a worker is trusting me to make sure he gets his pension contributions in, on time, and credited to his account.
It's month-end and it's also the busiest time of year for my industry. What I have noticed this month is that there are several employers who have not made their benefit contributions on behalf of their employees. This number is waaaaaaaay up from months past. Sure, sometimes the payroll person in charge of submitting the contributions gets sick, they get new computer software, employee turnover, etc. That's not the situation I'm worried about. What I am worried about this month as I'm closing it out is that there are several employers owing money who usually never do. *Huge* red flag. Something has shifted in the last month where cash is an issue for businesses. If they are not making employee benefit contributions in a timely manner the business is suffering BIG TIME.
Something is up with the economy, and it's not good. We can go from feast to famine quickly.
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