MPRA Update – 2016

Now that 5500 filing season is over and most of the 2016 forms are searchable on the DOL website let’s update the status of union plans that have applied for benefit suspensions under MPRA with links to their latest 5500 filing and a focus on the worst funded plan with a reported funded ratio of 2.99% (yes that is the funded ratio and not the RPA interest rate).

91-6123695/001: Alaska Ironworkers Pension Plan IN REVIEW-44.66%
94-1133245/001: Automotive Industries Pension Fund DENIED – 37.91%
14-6016608/001: Bricklayers and Allied Craftsmen Local 5 Pension WITHDRAWN – 21.21%
34-6666798/001: Bricklayers and Allied Craftsmen Local 7 Pension WITHDRAWN – 28.97%
36-6044243/001: Central States, Southeast & Southwest Areas Pension Plan DENIED – 29.30%
38-6237143/001: Intl Assoc. Of Machinists Motor City Pension Fund IN REVIEW – 31.95%
52-6148924/001: Ironworkers Local 16 Pension Plan DENIED – 41.84%
51-0161467/001: Ironworkers Local 17 Pension Fund APPROVED – 23.25%
13-1917612/001: Local 805 Pension and Retirement Fund WITHDRAWN – 27.84%
16-6063585/074: New York State Teamsters Conference Pension Fund APPROVED – 22.96%
51-6106510/001: Road Carriers Local 707 Pension Fund DENIED – 2.99%
31-6127287/001: SW Ohio Regional Council Carpenters Pension Plan WITHDRAWN – 31.89%
22-6172237/001: Teamsters Local 469 Pension Fund DENIED – 40.60%
13-5511877/001: United Furniture Workers Pension Fund A APPROVED – 24.40%
94-6076144/001: Western State Office & Professional Employees Pension IN REVIEW – 40.97%

The second multiemployer plan to try and reduce participant benefits under MPRA was also the second denial. It may now be broke.

The Road Carriers Local 707 Pension Fund recently filed their 5500 form for the year ended January 31, 2017 and here is the relevant data:

Plan Name: Road Carriers Local 707 Pension Fund
EIN/PN: 51-6106510/001
Total participants @ 1/31/17: 4,341 including:
Retirees: 2,886
Separated but entitled to benefits: 756
Still working: 715

Asset Value (Market) @ 2/1/16: 26,615,975
Value of liabilities using RPA rate (3.27%) @ 2/1/16: $890,476,890 including:
Retirees: $599,726,010
Separated but entitled to benefits: $100,677,617
Still working: $190,073,263

Funded ratio: 2.99%
Unfunded Liabilities as of 2/1/15: $863,860,915

Asset Value (Market) as of 1/31/17: $3,925,606
Contributions: $5,873,626
Payouts: $30,767,031
Expenses: $1,422,161

2 responses to this post.

  1. Posted by skip3house on October 17, 2017 at 11:45 am

    How can members let funds get so bad?
    But, then we have NJEA paying all sorts of $$/pension funding to its own employees handling its political ventures

    Reply

  2. Posted by Anonymous on October 17, 2017 at 12:55 pm

    Wow. 11.4% estimated return on investments for the road carriers local 707 and still at 2.99%? lol. Reduce that to a more likely 4% and they are statistically out of money NOW…

    Reply

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