Breaking News: Another Union Plan Files

On August 4, 2016 trustees of the Bricklayers and Allied Craftsmen Local No. 5 Pension Plan out of Newburgh, NY became the seventh multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency.

From their latest 5500 form here is the plan’s relevant data:

Plan Name: Bricklayers and Allied Craftsmen Local 5 Pension
EIN/PN: 14-6016608/001
Total participants @ 12/31/14: 913 including:
Retirees: 566
Separated but entitled to benefits: 174
Still working: 173

Asset Value (Market) @ 1/1/14: 25,576,496
Value of liabilities using RPA rate (3.64%) @ 1/1/14: $96,781,515 including:
Retirees: $59,882,252
Separated but entitled to benefits: $14,842,440
Still working: $22,056,823

Funded ratio: 26.43%
Unfunded Liabilities as of 1/1/14: $71,205,019
Asset Value (Market) as of 12/31/14: $23,386,124
Contributions: $1,931,618
Payouts: $5,466,771
Expenses: $478,383

12 responses to this post.

  1. Posted by Sanford Rich on August 12, 2016 at 10:48 am

    I would welcome an opportunity to discuss multi-employer plans with you. I believe that some of your information is inaccurate. I can help. I had responsibility for all distressed ME Plans at the PBGC.

    Reply

    • Mr. Rich,

      Thank you for your comment on the burypensions blog. I am very interested in becoming educated about the status of multiemployer plans with your perspective being especially valuable. Feel free to contact me anytime or post on the blog comments which I do not censor. Even though the MPRA benefit cuts have gone under the radar I see this as a critical issue that will impact millions of union members and eventually, when a template has been established, tens of millions of participants in government plans. The more information that is out there on this, the better.

      John

      John Bury, EA
      Bury and Associates, Inc.
      1155 West Chestnut Street, Suite 2B
      Union, NJ 07083
      Phone: (973)-783-4477
      Fax: (973)-783-0858

      Reply

      • Funded ratio: 26.43%

        Mr. Sanford Rich, notwithstanding any possible “inaccuracies”, what is YOUR plan for fixing this mess?

        TY

        Reply

        • I don’t have a solution but I can recognize dilatory tactics to keep the status quo. All I would like to see is an honest assessment of the problem and then leave it to those responsible parties (assuming such exist) to take real action.

          Reply

  2. Posted by Anonymous on August 12, 2016 at 9:32 pm

    Your ip address is under surveillance.

    Reply

  3. Posted by Anonymous on August 15, 2016 at 10:43 am

    What does that mean the John’s IP address is under surveillance? By whom?

    Reply

  4. Posted by Whirled Peas on August 15, 2016 at 1:30 pm

    I want to know when someone is going to prison for squandering the funds in these plans or at least making promises that they should have known could not be kept.

    Reply

    • I want to know when someone is going to prison for squandering the funds in these plans or at least making promises that they should have known could not be kept.

      Never, unless you live here;

      Reply

  5. […] Bricklayers And Allied Craftworkers Local 5 Pension Plan […]

    Reply

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