Breaking News: Local 807 Withdraws

Two 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 Labor-management Pension Fund of Long Island City, NY gave up.

From their latest 5500 filing:

Plan Name: Local 807 Labor-Management Pension Fund
EIN/PN: 51-6099111/002
Total participants @ 8/31/17: 4,541  including:
Retirees: 2,827
Separated but entitled to benefits: 933
Still working: 781

Asset Value (Market) @ 9/1/16: $164,132,205
Value of liabilities using RPA rate (3.28%) @ 9/1/16: $530,817,964 including:
Retirees: $289,720,764
Separated but entitled to benefits: $120,024,868
Still working: $121,072,332

Funded ratio: 30.92%
Unfunded Liabilities as of 9/1/16: $366,685,759

Asset Value (Market) as of 8/31/17: $158,835,925
Contributions(MB): $9,629,904
Contributions(H): $9,350,344
Payouts: $27,708,903
Expenses: $1,713,273

8 responses to this post.

  1. I don’t think #807 gave up but rather withdrew and reserved to right to resubmit at another time a better application. These application get Treasury scrutiny. CSPF was the first to be tried under the 2014 MPRA, with Mr. Ken Feinberg as Grand Master. He decided the CSPF application not fair. So WE got a by. Benefits to be continued until they run dry , figured to be 2025. See funds need to be over 50% funded to submit, CS first attempt did not pass and because it had fallen below that 50% thresh hold to submit a second application. May have done this approach, observing what does muster a favorable application then resubmitting in hopes of saving the Entity of their Plans. But no consideration of the purpose, that is over looked, as to the Intent of having DB Pensions..Which is, “To Finance the Funding of Retired Lives”…MPRA doesn’t have a high percentage of application success, but what it has done is to Financially Cripple those forced to face something they never seen coming. Try to LIVE on much much less that what you assumed would be there their whole working lives..

    Reply

    • The discussion of ‘skin in the game’ by needing any type of reductions in benefits thru any percentage of a give back or use of a “Gov’t/Taxpayer” “BAIL OUT” is not economically feasible or just.

      WE have need of our fully contributed to benefits. The Legislation in questions assures that for thirty years this problem will not return. The use of repetitive “Benefit Reductions” ala MPRA has not solved the Insolvency problem for it’s now four years of implementation. The situation has only worsened in that time, proving the “Solutions Not Bail Outs” suggestion by the NCCMP can not, has not, and never will provide the solution to include those for whom pensions exist and their purpose in the Funding of Retired Lives…

      Hesitation is making the problem grow in costs to correct.

      The WANTS of the ‘Corp Entities’ are the only ones satisfied under the MPRA, use your good senses and allow the “Loan Program With Payback” a chance to show America’s appreciation of those in NEED whose 30-40-50 years service in supplying the Country’s needed goods by creating the Pension Rehabilitation Administration.

      (After All) a “Bail Out” @ a Higher Costs does not get paid back with interest as this great Legislative Idea does..

      Reply

      • Posted by Tough Love on February 6, 2019 at 10:12 pm

        Quoting …………..

        “WE have need of our fully contributed to benefits.”

        Oh really ……. and on the Taxpayers’ dime no doubt.

        Perhaps fully “contributed to”, but CLEARLY not “SUFFICIENTLY contributed to”.

        This Blog’s readers aren’t stupid.
        ——————————-

        Quoting …………….

        “The Legislation in questions assures that for thirty years this problem will not return. ”

        No, the “Legislation” …. a BAILOUT…… amount to an unjustified demand for the uninvolved Taxpayers to absorb losses that should be YOURS !

        Repeating ………… This Blog’s readers aren’t stupid.
        ———————————–

        Quoting ………….

        “a “Bail Out” @ a Higher Costs does not get paid back with interest as this great Legislative Idea does.”

        Oh please, that again ?

        We’ll believe you when the home equity (via an enforceable lien) of every MEP Plan participant benefiting from such a “loan” is legally put up as collateral for full and on-time payment of loan interest & principal.

        Write up a loan proposal including those terms and we’ll give it some consideration. Deal ?

        Reply

      • Posted by stanley on February 7, 2019 at 10:11 am

        Sorry John. More has been promised than can be paid, and the folks demanding the bailout are in better financial shape as a rule than those from whom the bailout will be taken. I’m trying to avoid using capital letters but it is high time for many of us to begin living within our means. A family can have reduced circumstances and still enjoy a very high quality life. All it takes is a little want to. What is your problem that you can’t seem to grasp this?

        Reply

        • Stanley, that has always been my issue……people living so far above their means and trying to keep up with everyone else……..I advise my children to live well below their means and save, save, save and I promise them that they will not miss a night’s sleep. You are correct, a well lived life is very possible, less is more, ditch the consumerism as it will never bring happiness, recycle, reuse, reinvent, re-purpose all so easy, walk, exercise, volunteer, much healthier.

          I see people with 40k a year jobs with Apple lap tops, iPhones, expensive cars, expensive sports programs, designer clothes, gym memberships, yearly trips………somehow this country got to the place where everyone no matter your income should have everything and be denied nothing that others of higher means have……..easy credit, 6 credit cards run up to the max…..

          Not to judge but don’t expect others to pay for retirements that they threw away and now the day of reckoning has come.

          Reply

          • Posted by NJ2AZ on February 7, 2019 at 12:26 pm

            Society has basically been managed as an inter-generational pyramid scheme. there will always be so much more tomorrow, you can steal a bit (or a lot) from the future to finance a higher standard of living today. works until you steal too much and/or the demographics don’t support it anymore.

            Every now and again i’ll see a news story about the implications of falling birth rates. the ‘powers that be’ have no plan to run a society that isn’t growing in perpetuity. we’re going to see a major recalibration at some point, probably in the next decade or two.

    • Posted by Tough Love on February 6, 2019 at 9:56 pm

      Quoting …………….

      “Try to LIVE on much much less that what you assumed would be there their whole working lives..”

      You know what happens when you “assume”……. don’t you ?

      Reply

  2. Posted by MJ on February 7, 2019 at 5:02 pm

    Just too many old people living way longer than anyone cared to adjust for, therefore more, more and more needs to be paid out with no viable way to keep it all going

    Reply

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