Ironworkers Local 17 Conference Call

In case anyone is curious:

Treasury Conference Call with Participants in the Ironworkers Local 17 Pension Plan

The Ironworkers Local 17 Pension Fund has filed an application to suspend benefits under the Kline-Miller Multiemployer Pension Reform Act of 2014.  The application proposes a reduction in benefits to prevent the future insolvency of the Fund. In addition to the written comments already received, Treasury is providing an opportunity for all plan participants to provide feedback on the application.  Special Master Kenneth R. Feinberg and Treasury staff are hosting a conference call for any Ironworkers 17 participants and beneficiaries who wish to call and provide comments on the application. The teleconference will be:

 Wednesday, November 30, 2016 at Noon Eastern Time.
Conference call-in number: 888-455-9653
When prompted, dial the conference participant code: 6342

….

Pertinent data from latest 5500 filing:

Plan Name: Ironworkers Local 17 Pension Fund
EIN/PN: 51-0161467/001
Total participants @ 4/30/15: 2,042 including:
Retirees: 1,108
Separated but entitled to benefits: 302
Still working: 632

Asset Value (Market) @ 5/1/14: 86,864,772
Value of liabilities using RPA rate (3.61%) @ 5/1/14: $363,251,849 including:
Retirees: $228,859,286
Separated but entitled to benefits: $37,935,839
Still working: $96,456,724

Funded ratio: 23.91%
Unfunded Liabilities as of 5/1/14: $276,387,077

Asset Value (Market) as of 4/30/15: $85,756,315
Contributions: $12,851,327
Payouts: $19,353,116
Expenses: $843,039

 

4 responses to this post.

  1. Funded ratio: 23.91%
    I am wondering HOW a plan can get this depleted without intervention at an earlier date?? Say 75%, or even 50%, but when it gets down to 24% kiss it good-bye, it is toast. Period.

    Reply

  2. Posted by Whirled Peas on November 19, 2016 at 8:45 am

    I hope the Trump administration takes a good look at how the funds got so depleted. I smell corruption.

    Reply

  3. […] Ironworkers Local 17 Pension Fund  is definitely financially troubled as they report having a funded ratio of 23.91% as of 5/1/14 but the unfunded liabilities only come to […]

    Reply

  4. […] years ago the plan’s funded ratio was at 23.91% with the average retiree getting an annual pension of $17,500. One thing certain that can be […]

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: