On June 28, 2016 while the City of Cleveland, OH was preparing for the Republican National Convention, 68 miles away in Austintown, OH real life was going on.
The trustees of the Bricklayers and Allied Craftsmen Local No. 7 Pension Plan became the sixth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency as projected in their PBGC filing:
From their latest 5500 form here is the relevant data:
Plan Name: Bricklayers and Allied Craftsmen Local 7 Pension
EIN/PN: 34-6666798/001
Total participants @ 4/30/15: 525 including:
Retirees: 146
Separated but entitled to benefits: 176
Still working: 203
Asset Value (Market) @ 5/1/14: 18,341,720
Value of liabilities using RPA rate (3.61%) @ 5/1/14: $59,105,845 including:
Retirees: $34,260,776
Separated but entitled to benefits: $12,778,588
Still working: $12,066,481
Funded ratio: 31.03%
Unfunded Liabilities as of 5/1/14: $40,764,125
Asset Value (Market) as of 4/30/15: $17,411,864
Contributions: $934,649
Payouts: $2,924,390
Expenses: $203,656
Posted by Anonymous on July 22, 2016 at 3:48 pm
Do it the Trump way – BANCTRUPTCY!
Posted by dentss dunnigan on July 22, 2016 at 3:56 pm
Or Obama’s way redistribution of your neighbors money ….
Posted by Anonymous on July 22, 2016 at 5:11 pm
Sounds like the same thing?
Posted by Anonymous on July 22, 2016 at 5:15 pm
Sorry forgot to mention, think they made out of the “obama way” – wasn’t it called Robin Hood! Wonder if you and others liked that movie as a child??
Posted by dentss dunnigan on July 22, 2016 at 5:33 pm
Loved it ….especially when they killed the tax collector and everybody got to keep what they made and hunted …
Posted by Anonymous on July 22, 2016 at 6:37 pm
Poor Donald & Obama…….
Posted by Mary Pat Campbell (@meepbobeep) on July 22, 2016 at 5:34 pm
I wonder if =any= MEP will qualify for the benefit cuts, or will they all be denied, just like Central States
Posted by Anonymous on July 22, 2016 at 6:27 pm
Oh the drama of it all. Yawn
Posted by bpaterson on July 22, 2016 at 7:27 pm
the alarming point coming out of this, is that this pension is a private sector pension program. I did not see what payout per pensioner is, but it cant be more that $30-35k as a guess. And we can be sure that none of them would bring down an annual pension of $60-75-100k like some of the unions in NJ have negotiated. And yet the ohio one is going bust. The main possible issue could be the amount of work in the area has been way insufficient in employing the workers to fund their pension program so outlay would be a lot higher than income. But this JB1 entry says that either plan the public sector here in NJ or the private one in ohio is just not a workable plan when hard times hit for an extended time. Many private sector plans have gone bust for the reason stated herein or even the absconding/defrauding, that’s why the PBGC was formed….and then the pension impacted is “adjusted”. It could be that simple for the public sector underfunded plans since there is much precedent. Sadly, it hurts the pensioners from this unworkable system of calculations but one should look at it as only some would be hurt but luckily the vast majority, the taxpayers and residents, would see relief. Assuming thats the purpose of government, right?
Posted by Anonymous on July 22, 2016 at 8:40 pm
Line em up Feds & Military and help the vast majority of us Federal taxpayers, right?
Posted by George on July 22, 2016 at 11:14 pm
Multiemployer Plans Are Predominantly “Green”
Read more at: https://www.segalco.com/publications-videos/data/spring-2016-survey-of-plans-zone-status/#Multiemployer
Posted by Ken Churchill on July 25, 2016 at 9:03 pm
31% funded means there are only 31 cents worth of assets for every dollar in benefits already earned. This does not end well.
Posted by dentss dunnigan on July 26, 2016 at 9:53 am
When will our politicians wake up and realize ….the state is rapidly declining because of them …http://time.com/money/4419949/pessimistic-workers-live-here/
Posted by S Moderation Douglas on July 26, 2016 at 11:45 am
Pension tsunami (.com)
Has been going nuts with a dozen or more referrals to articles about CalPERS failure to meet their 7.5% return goal the last two years. (2% & .6%)
I noticed their record was about the same as my fidelity account, which was going gangbusters til about two years ago. Since then it has been up and down sporadically, with only slight gains overall.
Is this typical of most pension funds, public and private, and if so, is two years of no gains partly responsible for some of these multi-employer plans hastened demise?
How are the New Jersey state pension funds faring?
Posted by George on July 26, 2016 at 5:51 pm
Long term treasuries yield 2%, that might be a hint that on average expect 2%.
Posted by MPRA Update | Burypensions Blog on February 22, 2017 at 12:56 pm
[…] Bricklayers & Allied Craftsmen Local No 7 Pension Plan […]
Posted by Bricklayers 7 Refile | Burypensions Blog on January 9, 2020 at 6:02 pm
[…] the Bricklayers and Allied Craftsmen Local No. 7 Pension Plan out of Austintown, OH (which was the sixth plan to file and then withdrew their application) refiled at a time when, according to their latest 5500 […]