United Mine Workers Update (3)

Update 1: 4/29/17

Update 2: 5/8/18

On Thursday, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) “introduced the American Miners Act of 2019, legislation that would secure pensions and healthcare benefits for our nation’s retired coal miners – including 500 Virginians affected by the recent bankruptcy of a Colorado-based mining company” by, in part, transferring money “to the 1974 Pension Plan to prevent its insolvency.” Where will the money come from?

The bill is fully paid for through two provisions:  
  1. By extending for ten years the Black Lung Disability Trust Fund tax at $1.10 per ton of underground-mined coal and $0.55 per ton of surface-mined coal (up to 4.4% of the sales price).  This tax is critical for supporting the Black Lung Disability Trust fund, which provides healthcare and benefits to more than 25,000 miners and their dependents.  
  2. By permitting in-service distributions under a pension plan or a governmental section 457(b) plan at age 59½, thus making the rules for those plans consistent with the rules for section 401(k) plans and section 403(b) plans.

It would be interesting to see how that second revenue item was calculated. Are there that many government employees still working at age 59-1/2 who are anxious to dip into their retirement funds? For that matter, are there that many government employees still working at age 59-1/2? And if they do take those in-service distributions wouldn’t that just mean lower payouts (and less tax money for the government) in future years?

From the latest 5500 filing:

Plan Name: United Mine Workers of America 1974 Pension Plan
EIN/PN: 52-1050282/002
Total participants @ 6/30/17: 95,990 including:
Retirees: 86,240
Separated but entitled to benefits: 6,264
Still working: 3,486

Asset Value (Market) @ 7/1/16: $3,140,357,000
Value of liabilities using RPA rate (3.18%) @ 7/1/16: $9,469,205,752 including:
Retirees: $8,236,471,290
Separated but entitled to benefits: $525,877,608
Still working: $706,856,854

Funded ratio: 33.16%
Unfunded Liabilities as of 7/1/16: $6,328,848,752

Asset Value (Market) as of 6/30/17: $2,924,500,716
Contributions H-Employers: $21,161,542
Contributions H – Others: $150,893,298
Contributions MB: $31,326,000
Payouts: $662,028,791
Expenses: $29,158,926

19 responses to this post.

  1. Posted by geo8rge on January 6, 2019 at 11:08 am

    Does separating out miners increase or decrease the odds of a Multi-Employer plan bailout?

    “By extending for ten years the Black Lung Disability Trust Fund tax at $1.10 per ton of underground-mined coal and $0.55 per ton of surface-mined coal”

    Virginia is the #4 Black Lung state at 2500 in the table below:

    Black Lung by state:
    https://www.dol.gov/owcp/dcmwc/statistics/bls2017/DistributionOfClaimsByState2017.htm

    Coal production by state:
    https://www.eia.gov/coal/production/weekly/

    List of mines and surface vs underground.
    https://en.wikipedia.org/wiki/List_of_coal_mines_in_the_United_States

    It looks like Wyoming (surface mining) will subsidize the rest.

    Reply

  2. Posted by Tough Love on January 6, 2019 at 1:38 pm

    Just MORE ……….. we’re ENTITLED to a taxpayer “bailout”.

    No, you’re NOT !

    Reply

  3. Posted by Tough Love on January 6, 2019 at 7:07 pm

    Off Topic …………..

    THIS (the riots in France) is what is in store for America’s States, Cities, and Towns if we don’t act QUICKLY to rein-in the ludicrous Taxpayer cost (meaning the ludicrous generosity of the promises themselves) of Public Sector pensions & benefits ………

    https://www.reuters.com/article/us-france-protests-macron/frances-macron-reeling-as-tough-stance-against-yellow-vests-backfires-idUSKCN1P00KG

    Reply

    • Posted by stanley on January 8, 2019 at 9:41 am

      There is a big difference between the situation in France and the NJ pension problem. There, the vast majority of the regular people are affected by the global warming inspired fuel tax. But in NJ, a large number benefit from the present arrangement. A good whacking on benefits might produce a greater reaction than continued business as usual.

      Most people recognize the futility of fighting city hall and vote with their feet. Maybe I am incorrect but Murphy won by 300K votes, a very sizable majority. When he speaks of rebuilding the “middle class” he is talking about the union boys. Guapo Uno and his fellow travelers.

      Reply

    • Posted by stanley on January 8, 2019 at 10:01 am

      And another thing: That very excellent NJ education that the Guapo Uno keeps promoting is at work telling the kids from 1 through 12 that all we need is more of the same. Pretty much believed too, IMO.

      Reply

      • Posted by El Gaupo on January 8, 2019 at 3:41 pm

        Haha. It is an excellent education system. One of the, if not the best in the country. Not my fault that where you “edumacate” your kids they teach Creationism in the curriculum. Lol. No wonder you think climate change is a hoax. Must be “fake news”.

        Reply

        • Posted by El Gaupo on January 8, 2019 at 3:43 pm

          Next you’ll be telling me, like the one GOP politician from the heartland, that if a woman is raped she can “will” herself to not become pregnant. Lol. Actually said.
          Go back to watching Hannity on Fox News.

          Reply

        • Posted by stanley on January 8, 2019 at 5:06 pm

          Hopefully, the typical NJ education is better than the training that you received. Most amusing is that you describe yourself as “well informed”, but it isn’t my place to straighten you out. I wouldn’t say that Christianity caused the development of the West, but I would say that it wasn’t destructive to the point that progress was prevented which I don’t believe can be said for the other dominant approaches to basic questions. And it also cannot be said for those using the global warming scam as a means to gain control. Socialism is such a failure that it can’t be put over anymore and the new approach is to use the falsehood of impending climate doom as the grounds for taking control. So, you are no better a thinker than the pol who made foolish claims about child bearing.

          Reply

          • Posted by El Gaupo on January 8, 2019 at 8:13 pm

            You’re correct….it’s not your place to “straighten me out”.
            Never said I was a socialist either. Never.
            And I’ll go with the scientific method thanks. Surprised you don’t think the earth is flat….
            you are TL light….you can never admit your wrong and if you don’t think mankind is warming the planet, you most certainly are. Lost respect for you after you called me a lowlife. Honestly had some before that for you. Especially since you claim to have served our great country. It seems you never had any for me to begin with. Solely because of my profession. Whether you want to believe that or not.

          • Posted by El Gaupo on January 8, 2019 at 8:16 pm

            You’re also the guy who said we should get rid of cops and “look out for our neighbors”. Take turns locking up people and pulling over cars. Lol. Nah….we know just what you meant!!!! I’m packing heat, don’t fuck with me or I’ll kill you. Right Stanley?? Hit the nail on the head. Big man with a gun, don’t need no stinking cops to protect him. Lol.

          • Posted by stanley on January 8, 2019 at 8:49 pm

            “…if you don’t think mankind is warming the planet, you most certainly are.”

            Whether CO2 (Carbon Dioxide) is 3 parts per million in the atmosphere or 4 parts per million is such a small difference it is silly to get alarmed over it. Most of the warming that has occurred coming out of the Little Ice Age CAME BEFORE 1940. Most of the increased CO2 has come AFTER 1940. Effects DO NOT precede causes. Moreover, Carbon Dioxide is plant food, not a contaminate. A little more CO2 is healthy in most and probably all respects.

            Whatever the climate is going to do, using less CO2 producing fuels won’t change anything. And putting bureaucrats in charge of regulating energy use and giving taxes collected to the needy will do nothing but further impoverish us.

            “I’ll go with the scientific method thanks.”

            The so-called scientific news in the popular press is so much garbage, propaganda. Pro socialist propaganda.

          • Posted by Tough Love on January 8, 2019 at 11:12 pm

            Stanley,

            Did I misread your comment, or do you NOT believe there is a “climate change” problem ?

          • Climate change is open to reasonable debate.

          • Posted by stanley on January 9, 2019 at 7:37 am

            I do not believe there is a climate change problem. Refer to the “Petition Project”. 20,000 people with engineering/science backgrounds including 4K with Phds in physics signed on to the proposition that there is no basis for believing that anthropogenic global warming is a problem.

            Most of the warming coming out of the Little Ice Age occurred before 1940. There was very little warming from 1990 until recently. If CO2 were a big factor in warming trends, we should have seen most of the warming in recent years.

            Most importantly, when there are changes in the climate–over the eons there have been quite drastic changes–people need the freedom to take remedial action. What they don’t need is some Al Gore types doing all of the decision making and pushing people around like a low life commissar.

            Results of Petition Project:

            Atmospheric, Environmental and Earth sciences: 3,805 (Climatology: 39)
            Computer and Mathematical sciences: 935
            Physics & Aerospace sciences: 5,812
            Chemistry: 4,822
            Biochemistry, Biology, and Agriculture: 2,965
            Medicine: 3,046
            Engineering and General Science: 10,102

            Those supporting the AGW pov are either making mucho dinero out of the issue through grants and salaries or they are on the lefty drive for control or both. What there isn’t much support for these days is the traditional Western way: market economy, private property, individual rights, limited self government and so on.

            The idea that scientists are overwhelmingly on the AGW side is both mistaken and laughable. They are not.

          • Posted by Tough Love on January 9, 2019 at 9:13 pm

            Stanley,

            So this (below) is all BS ?

            https://science2017.globalchange.gov/chapter/1/

          • Posted by Tough Love on January 9, 2019 at 9:18 pm

            Stanley,

            And the above link is just chapter 1 of 15 chapters and 5 appendices.

          • Posted by stanley on January 10, 2019 at 7:41 pm

            A very excellent book, “Rational Readings on Environmental Concerns” 800 pages, edited by Jay Lehr the first phd in hydro geology. Includes a professional biography of each author. Available at Thriftbooks.com for $3.99. Something else you might take a look at is “The Toxicity of Environmentalism” by Reisman a 7 page pamphlet available on line.

            Global warming/climate change is one giant Jarndyce vs Jarndyce. Real scientists do NOT ever describe dissenters as denialists. I also don’t believe real scientists claim that an issue is settled.

            The climate record: Warming began about 1880 until 1940. Then there was a significant increase in CO2 by humans. From 1940 until 1965 there was considerable cooling and scientists began to worry about a new ice age. I think there was a Time mag cover on that in the early 70s. Heating began again until sometime in the 1980s. From 1990 until 2016 (I’m not sure of recent years) there was very little warming.

            Whatever some computer generated models might say, I don’t see this as supporting the AGW theory–which I wouldn’t even really call a theory. A very weak hypothesis–that’s a stretch.

            The modern world is up to its eyebrows in dishonesty.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: