Breaking News: Iron Workers 17 Benefit Suspension Vote Results

On December 16, 2016 the Ironworkers Local 17 Pension Fund became the first (and only)  multemployer (union) plan allowed to reduce benefits under MPRA by, in this case:

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:

17vote

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
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

20 responses to this post.

  1. Posted by skip3house on January 28, 2017 at 1:32 pm

    Just a bit of common sense here, more than usual compared to other pensions.(NJ,..).

    Why solution did not fully correct needed funds is not clearer, but a compromise is no solution in arithmetic, just in political needs.

    Reply

  2. Posted by George on January 28, 2017 at 2:23 pm

    Somewhat related: Trump met with Union leaders last week. I don’t remember BushObama ever meeting with them. Bailout in the works?

    Teamsters’ Hoffa: Trump Doing What We’ve Talked About for a Decade

    http://insider.foxnews.com/2017/01/25/teamsters-james-hoffa-donald-trump-jobs-pipeline-manufacturing-minimum-wage-10-years

    Reply

    • Posted by Anonymous on January 28, 2017 at 3:31 pm

      That’s quite a leap, moving forward with the pipeline to mostly benefit his billionaire donor. Create some jobs yes, future environmental costs unknown.

      Reply

      • Posted by Anonymous on January 28, 2017 at 4:53 pm

        GM moved one of their plants from Canada to Mexico 600 Canadians out of work, the Canadian pipeline through Dekota carries the dirtiest form of oil which will be sold on the international market, once completed it will require less than 50permanent workers but the health problems and environmental issues are long-term. The union executives think about jobs for their members not health issues or environmental possibilities. There many economic realities at both our Northern and Southern borders that we do not know, but we will very soon. Trumputin recently sold his interest in Canadian pipelines not his loyalty to other wealthy shareholders, such a great businessman.

        Reply

  3. Posted by Anonymous on January 29, 2017 at 6:54 am

    Friday Trumputin’s executive order against people from seven Muslim nations that the Trump organization doesn’t do business with were banned even with visas and green cards and children who are US citizens, then there were court orders that customs agents ignored for hours, following Trumputins order, in the meantime it is reported early this morning US special forces conducted a helicopter rain in Yemen killing 30 people including women and children. It’s exhausting keeping up with the directives of Trumputin and his mighty pen. There are consequences that result when the dust settle. In the meantime there is the issue of pension protections and all other ordinary business that the federal government impacts. Can’t wait to see how America is directed from the Oval Office this week, maybe WW3 will commence with the stroke of his pen. The Republican Congress will just look for ways to fund like the 15 billion for the wall at the expense of health care, education, infrastructure repair and replacement etc, etc etc, just remember because of him they won.

    Reply

  4. Posted by Anonymous on January 29, 2017 at 9:42 am

    One American killed in Yemen raid, several wounded, in Sunday’s s surprise special forces attack.

    Reply

  5. Posted by Anonymous on January 29, 2017 at 9:59 am

    Where is wikkileaks when you need them! Maybe someone needs to start intercepting Trumputin’s courier service?

    Reply

  6. Posted by dentss dunnigan on January 29, 2017 at 10:09 am

    John ,your blog is being ruined by a Soros puppett . I thought this was NJ pension blog …?

    Reply

    • Posted by Anonymous on January 29, 2017 at 10:24 am

      Would you like some cheese for your whine, get over it unless you except Trumputin’s to censor this site’s posting to??

      Reply

    • Posted by Anonymous on January 29, 2017 at 11:33 am

      No puppet here, just curious about Trumputin’s staff behavior, check videos and still photos of Kellyanne Conways fingers, is she flashing gang signals? Who is her master? You can’t make this stuff up.A recognized White Supremist Steve Bannon is giving the right to attend National Security Council meetings and people of color shouldn’t be concerned, the new world order being created in the Oval Office puts everything on the back burner. Pensions, retirement investments, fee, protections and payouts are very precious to workers and retirees but when the federal government is distracted who will be the watchdog that protects pensions, social security and Medicare?

      Reply

      • Posted by Anonymous on January 29, 2017 at 12:53 pm

        What if Russian billionaires
        promised to payoff all Trumputin’s foreign debt in
        exchange for lifting sanctions, thus the silence
        towards Putin

        Reply

        • Posted by Anonymous on January 29, 2017 at 2:52 pm

          Doubtful it’s chump change compared to what’s at stake. There’s something else going on that will be revealed in due time.

          Reply

    • Posted by S Moderation Douglas on January 30, 2017 at 2:41 pm

      dentss dunnigan…

      The anonymice may have a point. Pensions may be the least of our worries considering other events going on at the highest level, and in this case the anonymice may well be a Koch puppet.

      Brietbart..
      Kicking Money Out of Politics: Trump Boots Koch Brother from Golf Course

      Who knows what the White House has in store for unions, labor, and business?

      Reply

    • Posted by S Moderation Douglas on January 31, 2017 at 12:41 pm

      One note on the “average pension” listed above ($1,401, before the reduction.) As “they” say, that includes those who retired years ago, or partial career employees.

      How much is the average recently retired full career pension? It’s not easy to find that info. Transparency of public pay and pensions doesn’t extend to the private sector. One fairly prolific commenter says that public pensions are MULTIPLES of private pensions. Courtesy of another recent article, we find one ironworker example:

      Pension… “roughly $3,500” (before the recent reductions)
      Retirement age… 55
      Years of work… 36

      I am not knocking or demeaning these workers. I am saying when someone claims that a New Jersey state truck driver’s pension is excessive, this is what he should be compared to. There are still thousands of workers out there with decent pensions. Some of the Teamster pensions were even better.

      https://www.washingtonpost.com/news/get-there/wp/2017/01/27/in-unprecedented-move-pension-plan-approves-benefit-cuts-for-retired-iron-workers/?postshare=2031485550060198&tid=ss_fb&utm_term=.4df10c3d1832

      Of course, that was before the chit hit the fan. There will be more reductions following the iron workers, and some of those reductions will almost surely be in the public sector.

      Reply

  7. Posted by Anonymous on January 29, 2017 at 11:13 am

    Federal government pensioners, specifically military, this Country’s single most special interest group! Everybody or group has their own real or perceived justifications for getting what they were promised, deservant or not. And now for the exceptions…..

    Reply

    • Posted by Anonymous on January 29, 2017 at 8:57 pm

      Monday morning Trumputin will be very appreciative of Federal Civil Servants who will straighten out the nationwide/worldwide chaos he and his minions caused since Friday. Trumputin needs to own his stuff, he instituted a travel ban on Muslims, he gave permission for a secret intelligence action in Yemen that lost a special forces soldier and a very expensive copter. The secret mission was a failure because of our soldier’s death, women and children, plus exposure.

      Reply

  8. Posted by Anonymous on January 30, 2017 at 7:25 am

    Ah, Trumputin has his own “Bridgegate” , called “Airport Gate”.

    Reply

  9. Posted by Anonymous on January 30, 2017 at 2:32 pm

    http://www.nj.com/news/index.ssf/2017/01/will_nj_be_forced_to_pay_back_18b_for_pulaski_skyw.html#incart_river_mobile_index

    Off topic and not directly related to P&B but it all about the $$. Think you had a related post on this on replied to a question.

    Reply

  10. […] Iron Workers Local 17 Pension Fund was the approval. […]

    Reply

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