Breaking News: Detroit Carpenters To Seek MPRA Cuts

Crain’s Detroit reported it last month but it finally made it onto the MPRA website this afternoon.

From their latest 5500:

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IBEW 237 – Waiting to Die

Last April one of the worst funded multiemployer plans to file for benefit cuts under MPRA (I.B.E.W. Local Union No. 237 Pension Plan out of Niagara Falls, NY) withdrew their application. Last week they submitted their 5500 filing for 2018 (3 times):

  1. October 9, 2019 (72 pages)
  2. October 15, 2019 (74 pages)
  3. Later that day (81 pages)

What changed?

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No Will on Pension Reform

In plugging his new book George F. Will made the point:
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I now have the book and Donald Trump is indeed not in the index. What does appear (once) is the word ‘pensions’ on page xxx.

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Central States – Gone Money

With the Central States Pension Plan about to go bankrupt and bring the PBGC (and the entire private-sector pension system) down with it, some might ask where did all their money go?

Over one-hundred million dollars of it went down ratholes like Argentina, Venezuela, Lehman Brothers, and David’s Bridal.

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5500 Day After – Central States

Another 5500 filing season has passed leaving some time, but little energy, for this blogging. Fortunately there were a lot of calendar year filings recently submitted for pensions in the news so it is the perfect time to do some updating – starting with the plan that is most likely to bring the PBGC (and the entire private pension system) down – Central States.

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Murphy’s Appetite for NJ Pension Reform

When asked about it on Bloomberg this past week:
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Murphy’s answer with truth serum would come closer to:
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Consolidating Illinois Pension Problems

What can be done with all those badly funded Illinois public pension plans? A task force says to merge them and they put out a report on why it makes sense to them that Mary Pat Campbell debunked nicely including this note:

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