MPRA Approval Vote Landslide

On May 7, 2019 the Western Pennsylvania Teamsters and Employers Pension Fund out of Pittsburgh, PA got the go-ahead from the Department of the Treasury to cut benefits. However, as in any purported democracy, the people needed to vote on it. Today the MPRA website posted a letter dated June 20, 2019 revealing the results of that vote. It was a landslide.

The voting period began on May 23, 2019, and ended on June 13, 2019. The Fund identified 21,460 participants and beneficiaries as eligible to vote. Of the voters identified by the Fund who received a ballot, 7,133 (or 33.65 percent of all eligible voters) voted to reject the benefit reduction, 2,265 voted to approve the benefit reduction, and 11,801 did not return a ballot. Because a majority of voters identified as eligible by the Fund did not vote to reject the benefit reduction, the benefit reduction is permitted to go into effect. Treasury, in consultation with DOL and PBGC, has issued a final authorization to reduce benefits under the Fund as described in the Application, effective August 1, 2019, subject to the conditions described below.

Excerpts from their latest 5500 filing:

Plan Name: Western Pennsylvania Teamsters and Employers Pension Fund
EIN/PN: 25-6029946/001
Total participants @ 12/31/17: 22,536 including:
Retirees: 12,332
Separated but entitled to benefits: 6,015
Still working: 4,189

Asset Value (Market) @ 1/1/17: $624,594,715
Value of liabilities using RPA rate (3.05%) @ 1/1/17: $2,793,710,973 including:
Retirees: $1,755,346,643
Separated but entitled to benefits: $427,440,822
Still working: $610,923,508

Funded ratio: 22.36%
Unfunded Liabilities as of 1/1/17: $2,169,116,258

Asset Value (Market) – H as of 1/1/17: $718,421,370
Asset Value (Market) as of 12/31/17: $743,681,982
Contributions (MB): $66,777,902
Contributions (H): $59,181,940
Payouts: $134,093,979
Expenses: $8,568,051

14 responses to this post.

  1. Posted by Anonymous on June 25, 2019 at 1:57 pm

    I wonder what the 11,801 who didn’t send in there ballots will think when the reduction comes? Dumb AAAAAAAAAAAAAA

    Reply

    • Posted by stanley on June 25, 2019 at 2:29 pm

      I would argue that it was a good move on the part of the non voters. It’s pretty obvious that if the assets aren’t there for full performance, adjustments will have to be made. The people voting against the adjustment are more than likely those getting the higher dollar pensions and looking at bigger cuts. Those voting in favor or abstaining are likely the rank and file folks drawing the more modest pensions. At least when the topic comes up, those abstaining can honestly state that they didn’t didn’t vote in favor of the plan.

      Continuing with the present payout schedule allows the big dollar pension boys to grab more of the assets. Adjusting now leaves more for the more modest pension boys.

      Boomers have been promised more than can be delivered and it isn’t realistic to think that the revised benefits won’t be widespread. Plan accordingly, my friends. Tim’s magic money tree beans don’t really work.

      Reply

    • Posted by Anonymous on June 25, 2019 at 3:00 pm

      11,801 who didn’t send in there ballots

      The benefits probably range from next to nothing to a substantial pension and healthcare. I would guess the non voters had minimal pensions. Maybe some spitefulness too.

      Reply

      • Posted by NJ2AZ on June 25, 2019 at 6:41 pm

        Curious how apparent they make it that not sending it in has the effect of an ‘approval’ vote.

        If i got a piece of paper in the mail that said ‘doing nothing’ would be the same as sending it in, i’d throw it in the trash.

        Reply

  2. Posted by Anonymous on June 25, 2019 at 2:08 pm

    if you did’nt vote, you should NOT BE COUNTED!!! RIGGED!!!

    Reply

    • Posted by Bill Thomas on June 25, 2019 at 2:35 pm

      We Got F#####g Robbed Theifs was not a fair vote we would have won by a landslide if it wasn’t for your RIGGED Yes Votes for Absentee ballots 11,000 Not send in do not believe it anyhow who counted it the same people who lined their pockets with our money were did the money go how did it not rebound in the last 9 Years How Come Union Officials are not Affected All a Crocked Scam

      Reply

      • Posted by Anonymous on June 26, 2019 at 9:03 am

        The 11,000 that didn’t VOTE should be the first ones that get reduced benefits. Say for 6 months that would heip.

        Reply

  3. Posted by Anonymous on June 25, 2019 at 2:10 pm

    embarrassed to have been part of this “sham” union for over 30 years. RAT BASTARDS

    Reply

  4. Posted by Anonymous on June 25, 2019 at 2:12 pm

    Society is graded on how it treats the elderly. GREEDY BASTARDS, no cuts for officers??? how is that fair??? KARMA MFers

    Reply

  5. Posted by Anonymous on June 25, 2019 at 2:13 pm

    It wouldn’t have helped. The fund would dry up anyway. They are taking in $59 mill a year and paying out $134 mill. How long can that last?

    Reply

  6. Posted by Mark White on June 25, 2019 at 3:38 pm

    I can not believe you lazy people didn’t even vote on your retirement benefits. All of you who didn’t vote cost everyone to get cut, so please don’t complain because you are not worth listening too. This is the same reason the Companies have won the war and you surrendered, hope you enjoy you retirement .

    Reply

  7. Posted by Tough Love on June 25, 2019 at 9:17 pm

    No matter how much the MEP Plan participants “need” the money, there is ZERO justification for a Taxpayer-Funded bailout, the Taxpayers having NOTHING to do with the Pension agreements SOLELY between their Unions and the Participating employers.

    Reply

  8. Posted by Joe on June 25, 2019 at 9:24 pm

    I hope that this decrease in our pension will help preserve the plan! Obviously, looking back on things a lot of people let us workers down in regards to protecting our pensions for years to come! Sad 😞 time for our union being that a lot of hard working men and women sacrificed money in their pockets to put into their pension plan for when we got older to enjoy till we passed!

    Reply

    • Posted by stanley on June 26, 2019 at 6:25 am

      I will be surprised if there isn’t another round of adjustments later on. IMO longer term contracts are a fool’s bargain in today’s financial world. Possibly, rampant price inflation will obviate the need for literal cuts in payouts. Were it not for oil and gas fracking, we would already be up to our eyeballs in problems IMO.

      Reply

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