Breaking News: Sixteenth Union Plan Files

 

And the first new one in almost a year just appeared on the MPRA website. The Pressroom Unions Pension Trust Fund of New York, NY filed.

From their latest 5500:

Plan Name: Pressroom Unions Pension Trust Fund
EIN/PN: 13-6152896/001
Total participants @ 9/30/16: 1,793 including:
Retirees: 1,355
Separated but entitled to benefits: 379
Still working: 59

Asset Value (Market) @ 10/1/15: $134,863,826
Value of liabilities using RPA rate (3.30%) @ 10/1/15: $237,723,279 including:
Retirees: $168,034,649
Separated but entitled to benefits: $57,879,679
Still working: $11,808,951

Funded ratio: 56.73%
Unfunded Liabilities as of 10/1/15: $102,859,453

Asset Value (Market) as of 9/30/16: $134,050,655
Contributions (MB): $265,508
Contributions (H): $225,385
Payouts: $14,708,974
Expenses: $998,319

5 responses to this post.

  1. Posted by Anonymous on April 11, 2018 at 6:40 am

    Okay…..1355 retirees, I assume receiving pensions, 379 who are not working there but will be receiving benefits at some point and only 59 people still working and I assume contributing………..what am I missing?

    Reply

  2. Posted by Brian on April 11, 2018 at 8:56 am

    Working from the numbers above, total contributions are about $500k per year, while benefits + expenses are a little shy of $16 million. Benefits will likely increase as time goes by and more of the current inactive and active retire and claim benefits, but for the sake of simplicity let’s use a net cash flow of -$16 million per year. How long do the assets last at a given level rate of return?

    Level Return – Asset Depletion
    0% – 1/1/2025
    2% – 10/1/2025
    4% – 10/1/2026
    6% – 2/1/2028
    8% – 2/1/2030
    10% – 6/1/2033

    If you assume a shock of an immediate 10% loss followed by those same level rates of return, the time until asset depletion is generally 1-2 years earlier, except for the level 10% return where it is almost 4 years earlier.

    So the assets are low enough and the net cash flow high enough that there is not a tremendous amount of sensitivity to investment returns anymore, at least below a very high (12%+) threshold. Without changes, it looks like about 9 years until they run out of assets, +/- 3 years.

    Reply

    • Actually contributions are around $250k annualky. I put the MB and H figures up since they are often not the same contribution number.

      Reply

      • Posted by Brian on April 11, 2018 at 9:51 am

        Thanks, I misinterpreted that.

        Raising the assumed (level) outflow by $250k per year would move the depletion dates up a little bit, generally by 2-4 months.

        Reply

  3. […] the first new one in almost a week just appeared on the MPRA website. The Plasterers Local 82 Pension Fund of Portland, OR […]

    Reply

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