Breaking News: Eighteenth Union Plan Files

And the first new one in almost a day just appeared on the MPRA website. The Sheet Metal Workers Pension Fund of Massillon, OH filed.

From their latest 5500:

Plan Name: Sheet Metal Workers Pension Fund
EIN/PN: 34-6666753/001
Total participants @ 4/30/17: 1,598 including:
Retirees: 560
Separated but entitled to benefits: 363
Still working: 675

Asset Value (Market) @ 5/1/16: $39,751,795
Value of liabilities using RPA rate (3.22%) @ 5/1/16: $155,490,509 including:
Retirees: $69,325,487
Separated but entitled to benefits: $28,914,493
Still working: $57,250,529

Funded ratio: 25.57%
Unfunded Liabilities as of 5/1/16: $115,738,714

Asset Value (Market) as of 4/30/17: $41,435,167
Contributions (MB): $3,896,375
Contributions (H): $3,930,394
Payouts:
$5,349,550
Expenses:
$567,438

4 responses to this post.

  1. Posted by dentss dunnigan on April 14, 2018 at 10:05 am

    So much for “equal but not better than …..”, And what makes the salary figures even more worrisome is the impact they will have on pension obligations. Most officers are eligible to retire in their late 40s at up to 70 percent of their final pay. They now rank among New Jersey’s most affluent classes, firmly ensconced in the second economic quintile.

    Reply

  2. Posted by geo8rge on April 14, 2018 at 11:48 am

    They may be Sheet Metal Workers Local #33 Akron District that has an office in Massillon OH. http://www.smwlu33.org/districts/akron/ The actual filing lists Troy MI as the address of the pension fund. The Sheet metal workers have locals in Troy MI too.

    Searching on sheet metal pension I found stories about pensions (it is not clear if the one making the current filing is doing it) demanding claw backs of what they term overpayments:

    Pensions ask retirees to pay back tens of thousands
    http://money.cnn.com/2013/10/24/retirement/pension-overpayments/index.html

    2 Investigators: Pension Fund Demands Overpayments Back, With Interest
    http://chicago.cbslocal.com/2013/09/27/2-investigators-pension-fund-demands-overpayments-back-with-interest/

    Reply

    • Posted by geo8rge on April 14, 2018 at 11:58 am

      Can They Grab Your Pension?
      Clawbacks become more common as plans discover they overpaid recipients

      https://www.aarp.org/work/retirement-planning/info-2015/take-your-pension-away.html

      The June 2013 letter said he was overpaid for nearly two decades, to the tune of $97,000, including interest. It demanded that he repay $66,000 within three weeks or face steep cuts to future payments until the overage was recouped.

      Today Kinard is struggling to adjust to his $5-a-month pension — reduced from $1,414 after the New York City Employee Retirement System (NYCERS) said it had overpaid him $163,423 over 22 years.

      pension clawback has lots of google links most of them international.

      Reply

  3. Posted by Anonymous on April 16, 2018 at 4:49 pm

    Interesting to read about the claw back pension grabs…perhaps this is how the NJ pensions will play out….some “expert” in Trenton will discover that pensioners were somehow over paid and they will then be held hostage to pay back the overly generously checks or have it deducted monthly……… poor Mr Kinard after all he was promised too:)

    Reply

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