Breaking News: Fifteenth Union Plan Files

The Southwest Ohio Regional Council of Carpenters Pension Plan out of Austintown, OH just became the fifteenth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency.

From their latest 5500 filing here is the plan’s relevant data:

Plan Name: SW OH Regional Council of Carpenters Pension Plan
EIN/PN: 31-6127287/001
Total participants @ 12/31/15: 5,578 including:
Retirees: 2,662
Separated but entitled to benefits: 1,174
Still working: 1,742

Asset Value (Market) @ 1/1/15: $221,295,712
Value of liabilities using RPA rate (3.51%) @ 1/1/15: $663,669,502 including:
Retirees: $398,974,389
Separated but entitled to benefits: $110,365,197
Still working: $154,329,916

Funded ratio: 33.34%
Unfunded Liabilities as of 1/1/15: $442,373,790

Asset Value (Market) as of 12/31/15: $213,252,642
Contributions: $17,760,186
Payouts: $30,914,153
Expenses: $1,252,917

2 responses to this post.

  1. Posted by MJ on April 19, 2017 at 5:47 pm

    YAWN……..next

    Reply

  2. Posted by George on April 20, 2017 at 8:37 pm

    Why not just turn it over to the PBGC? I think the pensions are small enough that they will not be reduced. Average payout $11,613.

    Reply

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