when all Participants are considered, the average monthly benefits will be reduced under the Suspension Plan by 20%, from $1,401 to $1,120.
However, for those benefit cuts to go into effect as of February 1, 2017, a majority of 1,938 eligible plan participants and beneficiaries had to vote for it. Yesterday the results of that vote were released:
So a plan that may have about $75 million in assets remaining with $13 million coming in annually will now be paying out $16 million instead of $20 million per year to start that is supposed to forestall bankruptcy.
Pertinent data from latest 5500 filing:
Plan Name: Ironworkers Local 17 Pension Fund
Total participants @ 4/30/15: 2,042 including:
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:
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