Another MPRA Approval Vote

In April, 2017 the Alaska Ironworkers Pension Plan of Anchorage, AK filed to cut benefits under MPRA. In October, 2017 they withdrew that application. This January they refiled and on May 3, 2018 they got their approval letter. The last hurdle was getting participants to approve their own benefit reductions. The results are in and, based on the rigged system, it was a landslide.

The voting period began on May 11, 2018 and ended on June 2, 2018. The Plan identified 824 participants and beneficiaries as eligible to vote. Of the voters identified by the Plan who received a ballot, 142 (or 17.25% of all eligible voters) voted to reject the benefit reduction, 175 voted to approve the benefit reduction, and 507 did not return a ballot. Because a majority of voters identified as eligible by the Plan did not vote to reject the benefit reduction, the benefit reduction is permitted to go into effect.

 

Excerpts for the plan’s latest 5500 filing:

Plan Name: Alaska Ironworkers Pension Plan
EIN/PN: 91-6123695/001
Total participants @ 6/30/17: 792 including:
Retirees: 563
Separated but entitled to benefits: 109
Still working: 120

Asset Value (Market) @ 7/1/16: $49,524,313
Value of liabilities using RPA rate (3.18%) @ 7/1/16: $125,656,662 including:
Retirees: $93,537,229
Separated but entitled to benefits: $19,646,034
Still working: $12,473,399

Funded ratio: 39.41%
Unfunded Liabilities as of 7/1/15: $76,132,349

Asset Value (Market) as of 6/30/17: $49,259,700
Contributions: $2,147,339
Payouts: $7,405,265
Expenses: $921,779

7 responses to this post.

  1. Posted by Tough Love on June 12, 2018 at 5:08 pm

    Counting non-voters as effectively voting FOR approval of the benefit reduction, indeed smells like a “rigged” system

    Reply

    • Posted by skip3house on June 12, 2018 at 5:12 pm

      Not the first time we have seen this rigged system here.

      Reply

      • Posted by Tough Love on June 12, 2018 at 5:26 pm

        The REAL “rigged system” is how the Public Sector Unions and America’s Elected Officials have COLLUDED (trading Public Sector Union BRIBES disguised as campaign contributions for the Elected Officials’ favorable votes on Public Sector pay, pensions, and benefits) to grant Public Sector workers (everywhere), LUDICROUSLY excessive pensions & benefits

        Reply

        • Posted by El gaupo on June 12, 2018 at 8:30 pm

          More folks voted to cut the benifits anyway. Of course the non voters should not be counted. Much like a general election.
          If there are 5000 reg voters in my town and I win a election 2 votes to one, I win the election.
          As long as they can show that they made every attempt to notify the pensioners of the vote, all bets are off.
          TL back on her collusion kick. Just when I thought she was cool, she At it again. 😎

          Reply

    • Posted by Stanley on June 12, 2018 at 7:14 pm

      I don’t know if that is all that unreasonable. They are a day late and dollar short in making the necessary adjustments that are needed to stretch out limited resources. What can they do? Go ahead a exhaust what little money they have left?

      Reply

  2. Posted by geo8rge on June 13, 2018 at 10:58 am

    What happens to health benefits under these benefits reductions? If I understand it right, when the PBGC takes over a pension they do not offer any health benefits. Under the benefit reductions, are the health benefits continued?

    Reply

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