Breaking News: Machinists Motor City Pension Gets MPRA Letter

The Intl Assoc. of Machinists Motor City Pension Fund out of Troy, MI was the twelfth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency.

They just got their MPRA letter:

Approved

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

Plan Name: Intl Assoc. Of Machinists Motor City Pension Fund
EIN/PN: 38-6237143/001
Total participants @ 6/30/16: 1,134 including:
Retirees: 634
Separated but entitled to benefits: 303
Still working: 197

Asset Value (Market) @ 7/1/15: $50,999,106
Value of liabilities using RPA rate (3.34%) @ 7/1/15: $159,601,336 including:
Retirees: $116,482,173
Separated but entitled to benefits: $31,696,458
Still working: $11,422,705

Funded ratio: 31.95%
Unfunded Liabilities as of 7/1/15: $108,602,230

Asset Value (Market) as of 6/30/16: $51,181,760
Contributions: $9,795,745
Payouts: $8,685,665
Expenses: $493,832

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: