Breaking News: Alaska Ironworkers Withdraw MPRA Application

The withdrawal letter just popped up on the MPRA website.

Excerpts for the latest 5500 filing:

Plan Name: Alaska Ironworkers Pension Plan
EIN/PN: 91-6123695/001
Total participants @ 6/30/16: 824 including:
Retirees: 568
Separated but entitled to benefits: 104
Still working: 152

Asset Value (Market) @ 7/1/15: $56,786,143
Value of liabilities using RPA rate (3.34%) @ 7/1/15: $127,162,445 including:
Retirees: $95,307,862
Separated but entitled to benefits: $19,827,907
Still working: $12,026,676

Funded ratio: 44.66%
Unfunded Liabilities as of 7/1/15: $70,376,302

Asset Value (Market) as of 6/30/16: $49,524,313
Contributions: $2,276,515
Payouts: $7,451,069
Expenses: $754,609

13 responses to this post.

  1. John, what does it mean that they are withdrawing but re-filing with the Treasury Dept? The letter states that they still want approval for cuts?

    Reply

    • I assume the trustee representatives and the PBGC have been talking and this was a compromise to straight denial.

      Another possibility is something materially changed with the employer group – maybe a bankruptcy – since there was a large drop in contributions from 6/30/15 ($3,123,859) to 6/30/16 ($2,276,515).

      Reply

  2. Posted by Tough Love on October 20, 2017 at 4:00 pm

    Off topic………

    I don’t know how many of this Blog’s readers have been following to the DIRE pension mess in KY, a consultant’s report recommending many VERY significant pension reductions (including a claw-back of already paid-out COLAs), and a recent Gov’t proposal to try to fix the mess.

    For those who have, or are interested, the following link is the best article I have read to date:

    http://www.surfky.com/index.php/webster/179-news/kentucky/123758-jim-waters-pension-plan-cools-but-freeze-still-needed

    Reply

    • Posted by NJ2AZ on October 21, 2017 at 11:21 am

      I’ve followed Kentucky a bit. they are as screwed as anyone.

      I wonder if any of the government officials who think these pensions can be addressed without touching future benefit accruals for existing employee (or even benefits for current retirees) actually believe what they are saying?

      Reply

      • Posted by Tough Love on October 21, 2017 at 12:16 pm

        When politicians need to take unpopular actions, they put out feelers to test the response, and certainly the drastic reform measures recommended in the consultant’s report scared their Plans’ participants even more.

        Unfortunately, the city’s response was to back off from any material reforms. The reform proposals from the City are so minimal relative to the very very poor condition of their Plans, they will likely only delay the day of reckoning by a few years.

        That’s NOT “leadership”.

        Reply

        • Posted by NJ2AZ on October 21, 2017 at 6:46 pm

          the relative lack of coverage the pending pension meltdown is getting, given the severity of it, really blows my mind. I wonder if people just really can’t comprehend the government could screw the pooch in so large a manner?

          Reply

          • Posted by Tough Love on October 21, 2017 at 8:36 pm

            The politicians have no guts nor the stomach to confront the Unions, and the Unions/workers think “someone” will come to the rescue with a bailout.

            What a “plan”.

    • Posted by Tough Love on October 21, 2017 at 12:33 pm

      An incredibly one-sided “hit piece” (against DC and for DB Plans) and with quotes from the usual groups that support Public Sector Unions.

      The takeaway for any INTELLIGENT reader should be ………. Ok, all fine and dandy, but WHAT is the justification for those who get so much LESS in retirement benefits (the Private Sector Taxpayers) to pay for via higher taxes the retirement benefits of those who get so much MORE (the Public Sector workers)?

      Reply

  3. Posted by Anonymous on October 21, 2017 at 6:59 pm

    Praise to Trump and the GOP for offering a tax cut plan that truly benefits the middle class. But at least the Country’s not signing the Blues just seeing RED!

    Reply

  4. Posted by Tough Love on October 22, 2017 at 11:25 am

    Bruce Rauner, Chicago’s governor is going to the Federal Gov’t in his attempt to address Chicago’s pension mess ……….

    http://www.chicagotribune.com/news/local/politics/ct-met-bruce-rauner-washington-20171020-story.html

    A few quotes:

    “We need the help. We need the help because the system’s rigged. Can’t change it, can’t fix it,” Rauner said.

    ” Bruce Rauner is looking to Washington for help advancing his agenda to weaken the influence of organized labor in Illinois. He’s lobbying Congress to give states like Illinois the power to change public employee pension benefits, which he argues are overly generous because of a “corrupt bargain” between politicians and union negotiators. ”

    ——————————————–

    I been saying this for at least a decade.

    Reply

    • Posted by Tough Love on October 22, 2017 at 12:10 pm

      Wooophs …………………. I meant Illinois, not Chicago

      Reply

    • Posted by MJ on October 22, 2017 at 1:04 pm

      Why can’t Illinois first try to have a vote on changing the constitutional amendment…….The system is rigged against anyone who is not a public worker and he is right in that they can’t fix it because of their state constitution…..so what’s the answer? Can the Federal government make them implement drastic reforms? I don’t think Trump will bail them out….so what is the answer? Default??

      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: