Breaking News: Two More Union Plans Get MPRA Letters

After a shutdown hiatus the government is back to approving benefit cuts for multiemployer (union) plans under MPRA. Two more got letters today.

Mid-Jersey Trucking Industry and Local 701 Pension Fund out of North Brunswick, NJ

Toledo Roofers Local No. 134 Pension Fund out of Holland, OH

Excerpts from their latest 5500 filings:

Plan Name: Mid-Jersey Trucking Industry and Local 701 Pension Fund
EIN/PN: 13-6043977/001
Total participants @ 5/31/17: 1,871 including:
Retirees: 1,488
Separated but entitled to benefits: 158
Still working: 225

Asset Value (Market) @ 6/1/16: $238,242,493
Value of liabilities using RPA rate (3.20%) @ 6/1/16: $548,240,057 including:
Retirees: $440,008,186
Separated but entitled to benefits: $25,544,961
Still working: $82,686,910

Funded ratio: 43.46%
Unfunded Liabilities as of 6/1/16: $309,997,564

Asset Value (Market) as of 5/31/17: $237,792,651
Contributions(MB): $2,589,106
Contributions(H): $2,568,773
Payouts: $32,657,650
Expenses: $1,956,314

————————————————————————————————-

Plan Name: Toledo Roofers Local No. 134 Pension Plan
EIN/PN: 34-6682179/001
Total participants @ 12/31/17: 507 including:
Retirees: 216
Separated but entitled to benefits: 105
Still working: 186

Asset Value (Market) @ 1/1/17: $22,372,575
Value of liabilities using RPA rate (3.05%) @ 1/1/17: $68,657,598 including:
Retirees: $50,386,406
Separated but entitled to benefits: $8,175,559
Still working: $10,095,633

Funded ratio: 32.59%
Unfunded Liabilities as of 1/1/17: $46,285,023

Asset Value (Market) as of 12/31/17: $23,587,484
Contributions: $1,358,764
Payouts: $3,555,044
Expenses: $344,973

One response to this post.

  1. […] of the four plans that filed at once last July to cut benefits under MPRA got approval letters on Monday. Yesterday, possibly tipped off that their approval letter was not coming, the Local 807 […]

    Reply

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: