MPRA Update

The GAO report on high-risk federal government programs had in their PBGC section an accounting of how the Multiemployer Pension Reform Act of 2014 (MPRA) was doing:

As of January 2017, 10 pension plans had submitted 11 applications to suspend benefits under MPRA. (4 applications have been denied, 2 were withdrawn, 4 are under review, and 1 has been approved.)

In checking the MPRA website it looks like those numbers have changed and it is not new applications or decisions on old ones but in the withdrawals.

There are 11 applications listed with Teamsters Local 469 Pension Plan counted twice under withdrawn and denied.

The three other denials were

  1. Central States, Southeast And Southwest Areas Pension Plan
  2. Ironworkers Local 16 Pension Fund
  3. Road Carriers Local 707 Pension Fund

Iron Workers Local 17 Pension Fund was the approval.

That leaves 5 other plans with the GAO counting four in review and one other withdrawn.  However the MPRA website lists only two in review:

  1. Automotive Industries Pension Fund
  2. New York State Teamsters Conference Pension & Retirement Fund

and three others withdrawn (one after the GAO report):

  1. Bricklayers & Allied Craftsmen Local No 7 Pension Plan
  2. Bricklayers And Allied Craftworkers Local 5 Pension Plan
  3. United Furniture Workers Pension Fund A

The last MPRA application was made on September 27, 2016 with three filings withdrawn since then. In the war to strip union employees of their benefit the MPRA seems to be MIA.

9 responses to this post.

  1. I’m not sure I agree that there’s a ‘war to strip union employees of their benefit’.

    As I understand it, no private-sector worker has any contractual claim whatsoever on the public purse, regardless of how underfunded their private pension plan is.

    Therefore, if MPRA is being used as a weapon, the 3-way struggle-for-resources in the multi-emp plans is between union-member-actives, union-member-retirees, and fund-administrators.

    Reply

    • Posted by Seesaw Junior on February 24, 2017 at 2:06 pm

      The Fund Admins are the ones to go after, and in many cases responsible to a large degree for the problems, if not all of the problems. Goldman Sachs is one of the trustees of one of these MPRA plans, I think Md-West, and they are also the only ones who have the pockets to make the funds whole again.

      Reply

  2. Posted by Anonymous on February 22, 2017 at 1:05 pm

    Except for those pay as you go Federal pensions paid for by taxpayers and the printing press!

    https://www.google.com/amp/s/amp.businessinsider.com/us-government-7-trillion-pension-shortfall-2016-4?client=ms-android-huawei

    Reply

    • Posted by bpaterson on February 22, 2017 at 5:16 pm

      one would think that the govt being a monopoly should have had total control of any and all pension obligations, yet are faced with such a shortfall. With all the taxes and fees imposed on everything except breathing, how the heck did this happen. The people are not responsible since the people are not in control of the govt anymore. Go after special interests, public unions and the failed politicians on this. The general public obviously has no further “vestment” in this fiasco.

      Reply

      • Posted by Anonymous on February 22, 2017 at 7:41 pm

        And the same for ALL Federally funded pensions to, stop the printing presses now and no more taxes. Stuff that in your State & Local pipes and smoke it!

        Reply

  3. Posted by dentss dunnigan on February 23, 2017 at 11:21 am

    After all these years my computer was trying to warn me every time I shut it off …”Anything not saved will be lost”

    Reply

  4. […] is not working and calls for more of federal bailout will go […]

    Reply

  5. Posted by George on August 24, 2017 at 11:19 pm

    Just voted to reject my cut. But it is a “rigged” ballot. The U.S. Treasury dept.who oversees compliance with the MPRA law that states any unreturned ballots are counted
    as “yes” votes. No consideration for 80 to 90 year olds in nursing homes with dementia who never see mail. Not to mention that those who were not “vested” with less than 5 years of serivice do not even qualify for a pension. Or that disabled retirees who can not work again must be cut but those receiving Teamster disability do not get a reduction. This MPRA is something the Trump and Russia folks agree on.

    Reply

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