Breaking News: Two More Union Plans File

Bringing the total to fourteen.

Alaska Ironworkers Pension Plan of Anchorage, AK and Local 805 Pension Fund of New York, NY just popped up on the MPRA website.

As taken from the latest 5500 filing for AI and 805:

Plan Name: Alaska Ironworkers Pension Plan
EIN/PN: 91-6123695/001
Total participants @ 6/30/15: 823 including:
Retirees: 569
Separated but entitled to benefits: 95
Still working: 159

Asset Value (Market) @ 7/1/14: $61,268,718
Value of liabilities using RPA rate (3.59%) @ 7/1/14: $125,507,778 including:
Retirees: $96,431,063
Separated but entitled to benefits: $17,246,910
Still working: $11,829,805

Funded ratio: 48.82%
Unfunded Liabilities as of 7/1/14: $64,239,060

Asset Value (Market) as of 6/30/15: $56,786,143
Contributions: $3,123,859
Payouts: $7,654,800
Expenses: $777,449

**********************************************************************************************************

Plan Name: Local 805 Pension and Retirement Fund
EIN/PN: 13-1917612/001
Total participants @ 3/31/16: 1,997 including:
Retirees: 971
Separated but entitled to benefits: 596
Still working: 430

Asset Value (Market) @ 4/1/15: $62,149,280
Value of liabilities using RPA rate (3.40%) @ 4/1/15: $223,214,076 including:
Retirees: $140,220,421
Separated but entitled to benefits: $39,562,535
Still working: $43,431,120

Funded ratio: 27.84%
Unfunded Liabilities as of 4/1/15: $161,064,796

Asset Value (Market) as of 3/31/16: $51,672,207
Contributions: $1,582,883
Payouts: $11,704,972
Expenses: $666,828

7 responses to this post.

  1. Posted by Wayne on April 11, 2017 at 1:50 pm

    It would be nice to know what the current expected rate of return for each fund is. That way the reader would know the accuracy of the Funded Ratio percentage

    Reply

  2. Posted by friendofTR on April 11, 2017 at 11:21 pm

    Rate of return DOES NOT matter. Over paid promises in collusion by UNIONS, i.e. politician promises.

    Reply

    • Posted by Anonymous on April 12, 2017 at 12:31 am

      Nice …. At least I’m not the only one who sees the ROOT CAUSE of this mess.

      And let’s not be fooled again with more taxes and less services. The Public Sector “WORKERS” are the financial beneficiaries of the Union/Politician collusion, so THAT’s where Taxpayers must go to right this wrong …..via VERY material reduction in these promised pensions (AND benefits).

      Reply

      • Posted by dentss dunnigan on April 12, 2017 at 9:28 am

        Of course rate of return (ROR) matters …if the fund earned 15% year over year funding for the pensions would be closer to 100% …but the last 10 years we’ve seen interest rates of near zero …which have stolen money from savers ,seniors and pensions …

        Reply

        • Posted by Anonymous on April 12, 2017 at 11:17 am

          My comment was focusing on the ROOT CAUSE of the problem … excessive generosity …… not where he stated that “the Rate of return DOES NOT matter”

          As far a the ROR goes, sure, a very high return (over many years) WOULD get us out of this mess but would it make NJ’s Public Sector Plans any less unfair or excessively generous?

          Even if we could find the revenue, do we not have better and more appropriate uses for available funds than UNNECESSARILY over-compensating our Public Sector workers ….. e.g., fixing our crumbling infrastructure, greater support for the poor the elderly and the sick, increased investments in and support of education (especially in STEM fields), etc.

          The Unions/workers who would respond that they should share in the prosperity of great returns are two-faced, because they ONLY want to share on the upside, but not share (nor assume any risks) on the downside.

          A structure not discussed (that WOULD be fair) would be “guarantee” the FAR Lower level of pension benefits consistent with valuing these Plans using a conservative rate (say 3%), and share with taxpayers (who are now called upon to pay for 80 to 90% of the total cost of these Plans) the positive net of (time-smoothed) gains & losses above that only AFTER they materialize ….. similar to the way Policyholder dividends are structured in Mutual Life Insurance Policies.

          Reply

  3. Posted by friendofTR on April 11, 2017 at 11:34 pm

    I.E. Jon Corzine waving his fair wage finger and the other stuff he held dear? WHERE ISTHAT JERKOFF NOW?

    NO WHERE.

    Reply

  4. Posted by MJ on April 12, 2017 at 4:37 am

    Overpromised and no way to fund it all……

    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: