Breaking News: Eighth Union Plan files

On August 17, 2016 trustees of the United Furniture Workers Pension Fund A out of Nashville, TN became the eighth 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: United Furniture Workers Pension Fund A
EIN/PN: 13-5511877/001
Total participants @ 2/29/16: 9,896 including:
Retirees: 5,509
Separated but entitled to benefits: 3,311
Still working: 1,076

Asset Value (Market) @ 3/1/15: 70,887,468
Value of liabilities using RPA rate (3.44%) @ 3/1/15: $290,549,936 including:
Retirees: $151,631,639
Separated but entitled to benefits: $89,993,573
Still working: $48,924,724

Funded ratio: 24.40%
Unfunded Liabilities as of 3/1/15: $219,662,468

Asset Value (Market) as of 2/29/16: $55,798,192
Contributions: $3,864,739
Payouts: $13,603,642
Expenses: $1,758,131

6 responses to this post.

  1. Posted by Anonymous on September 9, 2016 at 8:58 am

    Just in time for the Bank of NJ’s first loan….

    Reply

  2. YAWN…….

    Reply

  3. Posted by George on September 9, 2016 at 5:42 pm

    Haven’t heard from road carriers local 707. Will they stop paying benefits before election day? I thought they were expected to have 0 assets in November.

    Reply

  4. […] United Furniture Workers Pension Fund A […]

    Reply

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