Breaking News: Ironworkers Local 16 Resubmit MPRA Application

After being denied on their first try, today a refiled application to reduce benefits for participants in the Ironworkers Local 16 Pension Plan of Towson, MD popped up on the MPRA website.

Excerpts from latest 5500 filing:

Plan Name: Ironworkers Local 16 Pension plan
EIN/PN: 52-6148924/001
Total participants @ 12/31/16: 1,078 including:
Retirees: 627
Separated but entitled to benefits: 144
Still working: 307

Asset Value (Market) @ 1/1/16: 81,295,236
Value of liabilities using RPA rate (3.28%) @ 1/1/16: $194,297,552 including:
Retirees: $148,438,262
Separated but entitled to benefits: $20,242,587
Still working: $25,616,703

Funded ratio: 41.84%
Unfunded Liabilities as of 1/1/16: $113,002,316

Asset Value (Market) as of 12/31/16: $78,965,081
Contributions: $3,144,697
Payouts: $11,335,394
Expenses: $871,897

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