When explaining to someone why the money you promised to give them will not be paid what better way than through a cartoon? Nothing, according to the administrators of the Local 807 Labor-Management Pension Plan who filed to cut benefits recently and explained it this way to plan members:
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The truck driver appears contented but, as for his haul:
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23 Jan
Lightening Loads
22 Jan
Decommissioning Fiscal Review
Last week S3770 passed both house of the legislature with veto-proof majorities but our governor had his own plan.
21 Jan
Breaking News: New MPRA Filing
Appearing this afternoon on the MPRA website, Local 807 Labor-Management Pension Plan out of Long Island City, NY re-filed to cut benefits. The plan first filed in July, 2018 and withdrew that application in February, 2019.
From their latest 5500 filing:
21 Jan
Musician Chops (3): Proposed Ballot
To understand the application to cut benefits under the American Federation of Musicians and Employers’ Pension Fund out of New York, NY the best place to start may be to see what the participants will see when PBGC gives its approval and they have to ‘consent’.
The New York Times reported that
more than half the plan’s participants would see no reduction in their benefits; about 45 percent would see their retirement benefits reduced by up to 19 percent of what they have been promised; and a little under 2 percent would have their benefits cut by 20 to 40 percent. Benefits would not be cut for retirees over 80, and cuts would be reduced for those over 75.
The proposed ballot does not get into details but does provide some background and perspective:
19 Jan
Musician Chops (2): Employers
The application to cut benefits under the American Federation of Musicians and Employers’ Pension Fund out of New York, NY is now on the MPRA website and even though it consists of 1,381 pages this might be a good one to read all the way through.
Hence this new blog series which we kick off with identifying who the Employers* are in this multiemployer plan and what they contract to contribute as a percentage of member salaries which, for reasons of negotiation, is usually a closely guarded secret.
18 Jan
NJ: Last and Staying the Course
New Jersey Governor Phil Murphy On the Record perverting the concept of full funding:
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And when confronted, ignore that $4 billion of negative cash flow:
15 Jan
Musician Chops (1)
When the American Federation of Musicians and Employers’ Pension Fund out of New York, NY cuts benefits under MPRA effective as of January 1, 2021 we may finally see some pushback from a constituency with a megaphone.
The filing is not yet on the MPRA website but the 5500 for the year ended March 31, 2019 was submitted today and here is data from that filing:
