National Retirement Fund Plan: Worse Than Central States?

The Central States, Southeast & Southwest Areas Pension Plan is, by participant count, the fourth largest multiemployer plan in the country whose demise is likely to take down the Pension Benefit Guaranty Corporation and eventually the entire US pension system. They naturally get a lot of attention to it but what about the third largest multemployer plan which is also in code red but has drawn little media attention nor has it applied to Treasury to cut benefits under MPRA? What is the National Retirement Fund of White Plains, NY up to?

According to 5500 filings there are, as of January 1, 2015, two plans and the Department of Labor is having issues with that setup based on a note that appears in the 2016 filings for both plans:

According to their latest 5500 filings:

Plan Name: Legacy Plan of the National Retirement Fund

EIN/PN: 13-6130178/001

Total participants @ 12/31/16: 365,132 including:

  • Retirees: 146,947
  • Separated but entitled to benefits: 157,665
  • Still working: 60,520

Asset Value (Market) @ 1/1/16: 2,249,688,460

Value of liabilities using RPA rate (3.28%) @ 1/1/16: $6,568,232,550 including:

  • Retirees: $2,414,550,556
  • Separated but entitled to benefits: $2,656,938,529
  • Still working: $1,496,743,465

Funded ratio: 34.25%

Unfunded Liabilities as of 1/1/16: $4,318,544,090

Asset Value (Market) as of 12/31/16: $2,276,188,133

Contributions 2016 (MB): $117,439,820

Contributions 2016 (H): $128,169,763

Payouts 2016: $249,966,179

Expenses 2016: $43,081,413

 

Plan Name: Adjustable Plan of the National Retirement Fund

EIN/PN: 13-6130178/002

Total participants @ 12/31/16: 85,494 including:

  • Retirees: 386
  • Separated but entitled to benefits: 9,808
  • Still working: 75,300

Asset Value (Market) @ 1/1/16: 43,910,078

Value of liabilities using RPA rate (3.28%) @ 1/1/16: $84,436,522 including:

  • Retirees: $397,315
  • Separated but entitled to benefits: $5,729,900
  • Still working: $78,309,307

Funded ratio: 52.00%

Unfunded Liabilities as of 1/1/16: $40,526,444

Asset Value (Market) as of 12/31/16: $96,573,052

Contributions 2016 (MB): $52,275,269

Contributions 2016 (H): $52,275,269

Payouts 2016: $794,309

Expenses 2016: $4,271,280

 

4 responses to this post.

  1. Posted by Anonymous on December 4, 2017 at 12:31 pm

    No worries, unless this is more fake news, all of our economic problems have been solved!

    https://www.cnbc.com/amp/2017/12/04/democrats-are-doomed-if-gop-tax-cuts-become-law-says-ken-langone.html

    Of course he’s a billionaire claiming he’ll pay more taxes, huh?

    Reply

    • Posted by dentssdunnigan on December 4, 2017 at 2:12 pm

      Yes the millionaires will pay more why else would our politicians be in a tither about this tax bill .Then prove they will be paying more …If 66 million filers in the lowest income tier paid nothing, then how could they “benefit least” from the proposed tax-reduction legislation? Reduction from nothing is nothing….or for another perspective, the top 50 percent of all taxpayers (69.2 million filers) paid 97.2 percent of all income taxes while the bottom 50 percent paid the remaining 2.8 percent.”

      Reply

      • Posted by Anonymous on December 4, 2017 at 5:30 pm

        I can’t argue nothing from nothing is nothing, heck there’s already a song about it! But just google the pending tax reform and you’ll easily find many sources that drill down on the paying taxpayers. And the result is the top 1% benefit most with the top .1% even greater (that’s in dollar amount and as a percentage of tax savings to income). While the Corp tax cuts are permanent, most other tax cuts for the paying 99% are not.

        I’d be interested in knowing the following;

        1. how many NJ taxpayers that fall under the ‘millionaires tax’ itemize their deductions
        2. and of those that itemize how much will they still benefit under the pending tax reform

        Then we can ascertain how many NJ millionaires/billionaires are being negatively impacted by the SALT cap.

        Reply

  2. Posted by George on December 4, 2017 at 5:39 pm

    House Committee on Education and Workforce held hearings on multi employer issues and rehabilitation.

    I could not find much but there are some briefs on their website:
    https://edworkforce.house.gov/

    Reply

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