Breaking News: Seventeenth Union Plan Files

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

From their latest 5500:

Plan Name: Operative Plasterers Local No 82 Pension Fund
EIN/PN: 93-6075453/001
Total participants @ 12/31/16: 312 including:
Retirees: 125
Separated but entitled to benefits: 99
Still working: 88

Asset Value (Market) @ 1/1/16: $18,523,954
Value of liabilities using RPA rate (3.28%) @ 1/1/16: $56,532,545 including:
Retirees: $28,647,539
Separated but entitled to benefits: $12,996,568
Still working: $14,888,438

Funded ratio: 32.77%
Unfunded Liabilities as of 1/1/16: $38,008,591

Asset Value (Market) as of 12/31/16: $18,471,435
Contributions (MB): $1,125,460
Contributions (H): $1,125,460

  • Employer: $456,242
  • Participants: $151,885
  • Others: $517,333

Payouts: $2,178,929
Expenses: $317,164

12 responses to this post.

  1. Posted by skip3house on April 13, 2018 at 11:36 am

    Under 100 working, $38,000,000. unfunded….gotta ask why it took until now to see this……?

    Reply

    • Posted by Tough Love on April 13, 2018 at 12:37 pm

      A properly functioning DB Plan should NOT need the contributions of active members to fund the pensions of those already retired.

      The fact that virtually all State & Local Public Sector Plans DO need those contributions just shows that they are nothing but Ponzi schemes.

      Reply

    • Posted by Stephen Douglas on April 13, 2018 at 4:27 pm

      Figuratively speaking, perhaps.

      “And comparing defined benefits – or social security, for that matter – to Ponzi schemes or Pyramid schemes are specious arguments that do not belong in serious debate.”

      Ed Ring

      Reply

      • Posted by Tough Love on April 13, 2018 at 5:08 pm

        DB Plan benefits should not be so generous that they cannot be FULLY FUNDED by the time the employee retiree …………….. nor DEPENDENT on investment returns that ignore the risk associated with equity-related investments.

        Reply

      • Posted by Stephen Douglas on April 13, 2018 at 5:47 pm

        Generous/schmenerous…

        The Operative Plasterers Local… pensions don’t appear to be generous, and they are severely underfunded. New York State pensions are among the highest in the country, and fully funded today.

        Pension reform is more than just pension reduction.

        Reply

        • Posted by Tough Love on April 13, 2018 at 7:07 pm

          I’m not well versed in Multi-employer Plans, but when it comes to State and Local Final Average Salary DB Plans …….. I’m SURE I would be understating it to say that (by comparison to what comparably situated Private Sector workers typically get in retirement security form their employers) 95+% of such Plans are LUDICROUSLY excessive………….. which in terms of #s means that non-SAFETY worker Plans are ROUTINELY 2 to 4 TIMES greater in value upon retirement, with that 2 to 4 times rising to 3 to 6 TIMES for SAFETY workers.

          P.S. “Generous/schmenerous…” is something I would expect from you, a retired CA Public Sector worker whose duchies included changing light bulbs.

          Reply

      • Posted by Stanley on April 14, 2018 at 8:58 am

        “And comparing defined benefits – or social security, for that matter – to Ponzi schemes or Pyramid schemes are specious arguments that do not belong in serious debate.”Ed Ring”
        OK, so they are legal Ponzi schemes. Down the road a piece, the payouts will be slightly less specious than the arguments and in some cases just about as specious.
        I like the quote about Harvey, “court orders blood from a stone.” Or something like that.

        Reply

        • Posted by Stanley on April 14, 2018 at 10:32 am

          Did I mess that up! The arguments that many pension plans including Social Security are Ponzi schemes are not specious at all. Maybe we can put a FICA tax on robots? Tell Tim. Tax robots to bail out MEP plans.

          Reply

  2. Posted by Tough Love on April 13, 2018 at 5:14 pm

    S. Moderation Douglas,

    Interesting how you quote someone who you generally disagree with (Mr. Ring)….. when it suits your agenda.

    You also appear to respect the work of Andrew Biggs. Here’s something he said very recently:
    ——————————————————————

    Now, not everyone who studies teacher pay sees a compensation crisis.

    “I don’t believe they’re undercompensated at all,” says Andrew Biggs, who studies retirement issues at the American Enterprise Institute.

    Biggs says all this talk of teachers being underpaid ignores many of the other benefits they get. Like summers off, he says. And the big one: pensions.

    “The reality is that teacher pensions are a lot more expensive,” Biggs says, “and they’re also a lot more generous than people think they are.”

    —————————————————————-
    Source…… http://en.brinkwire.com/260617/walkouts-and-teacher-pay-how-did-we-get-here/

    Reply

  3. […] « Breaking News: Seventeenth Union Plan Files […]

    Reply

  4. Posted by Stephen Douglas on April 13, 2018 at 8:13 pm

    Dear Mr. Douglas:

    The Garden State Initiative cordially invites you to save the date for a very special event the morning of Wednesday, May 2, at the Hyatt Regency in New Brunswick, NJ.

     

    This policy event, focused on original research by GSI, will include presentations by economic experts Stephen Moore and James Wetzler, as well as N.J. business and government leaders. Deborah Kostroun, a former Wall Street reporter for Bloomberg Television, will moderate.

    We hope you’ll join us for this discussion aimed at achieving closer agreement on policies that can meaningfully grow New Jersey’s economy. It promises to be a vibrant event, and one that advances GSI’s mission to pursue pro-growth fiscal and economic policies.

     

    Sincerely,

    Maureen Sullivan

    GSI Communications Director

    ————————————————-

    I can’t make it. Can someone else take my spot and take notes?

    Reply

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