Breaking News: NYS Teamsters Refile

On August 30, 2016 trustees of the New York State Teamsters Conference Pension and Retirement Fund out of Syracuse, NY became the ninth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency. On April 5, 2017 they withdrew that application but, according to a story in the Albany Times Union, were planning to refile. On May 16, 2017 they did just that.

The initial filing listed in Exhibit 9 this reduction of benefits:

The revised application was supposed to cut back on the reductions but when you look at the new Exhibit 9 it looks like only the 80 participants in the Alternate Payee (Active) category got a noticeably better deal while the 21,076 participants in the Participant (Non-Active) category got even more of a reduction:

However, this does not mean that the plan will be solvent permanently but rather, according to an a chart in Exhibit 8 of the first filing, until all the politicians and regulators currently involved in this charade are safely retired with their own pensions:

Here is the Exhibit 9 chart from the revised filing:

 

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

Plan Name: New York State Teamsters Conference Pension & Retirement Fund
EIN/PN: 16-6063585/074
Total participants @ 12/31/15: 34,270 including:
Retirees: 15,936
Separated but entitled to benefits: 6,758
Still working: 11,576

Asset Value (Market) @ 1/1/15: 1,561,393,592
Value of liabilities using RPA rate (3.51%) @ 1/1/15: $5,853,996,515 including:
Retirees: $3,667,708,376
Separated but entitled to benefits: $569,054,431
Still working: $1,617,233,708

Funded ratio: 26.67%
Unfunded Liabilities as of 1/1/15: $4,292,602,923

Asset Value (Market) as of 12/31/15: $1,381,300,242
Contributions: $118,647,969
Payouts: $280,144,632
Expenses: $19,055,508

One response to this post.

  1. Posted by Wayne on May 24, 2017 at 2:40 pm

    The idea is for the plan to maintain solvency. With a funded % or 26% this plan will require very steep cuts. It looks like this will become insolvent and one more weight driving the multi employer system into PGBC insolvency as a whole. Let hope the multiemployer part does not draw funds from the single employer side. The Single employer side still ahs a shot at remaining solvent.

    Reply

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