MPRA 5500 Data (3): Road Carriers 707 Augury

On March 15, 2016 the Road Carriers Local 707 Pension Fund applied to cut benefits under MPRA. On June 24, 2016 that application was denied and the plan went broke. Their latest 5500 filing shows that as of January 31, 2018 they have $12 to invest.

Here is their story, as pieced together from 5500 filings, which is an augury for several hundred other multiemployer plans- regardless of what their MPRA letter says.

As of September 1, 2013 the plan was 12.91% funded with $123 million in assets and paying out $48 million in benefits while getting $6 million in contributions annually. After being rejected by MPRA they cut benefits by 60% to the PBGC limits. The plan now gets the $20 million (which used to be $48 million) to pay retirees from contributing employers ($5 million) as benefits continue to accrue with the rest coming from the PBGC as they run both a Ponzi scheme and what will eventually be a taxpayer bailout.

Why is it being done this way? Check out their Schedule C.

2 responses to this post.

  1. Posted by skip3house on October 29, 2018 at 3:34 pm

    Perhaps, in simple plain English, actual reasoning/examples of why some get approved, others not, for lower payments? Realize deck is stacked in voting, as non voters are added to yes/lower pension payments……

    Reply

  2. […] Road Carriers Local 707 Pension fund was 12.91% funded as of September 1, 2013. Their MPRA application was denied and they went broke in 2017 with retirees taking, on average, a […]

    Reply

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