Call To Action for “Healthy” Multiemployer Plans

This is a typical Union response to the Republican non-bailout plan for multiemployers plans:
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Their youtube channel suggests you reach your senator at 844-551-6921 “and tell them the Grassley-Alexander plan to tax multiemployer pensions is a disaster for working families and retirees. Be sure to tell Democrats not to negotiate and Republicans to keep their hands off our pensions.”

Mr. Myers views his Electrical Workers Local No. 26 Pension Trust Fund as “healthy” and they certify their plan as “Not in Endangered Status” even though, using RPA rates, they have a billion dollar shortfall that could use the Democrat bailout plan.

From the 5500 filing:

Plan Name: Electrical Workers Local No. 26 Pension Trust Fund

EIN/PN: 52-6117919/001

Total participants @ 12/31/18: 10,333 including:

  • Retirees: 2,340
  • Separated but entitled to benefits: 1,869
  • Still working: 6,124

Asset Value (Market) @ 1/1/18: 627,425,005

Value of liabilities using RPA rate (2.98%) @ 1/1/18: $1,633,303,530 including:

  • Retirees: $598,220,560
  • Separated but entitled to benefits: $171,750,215
  • Still working: $863,332,755

Funded ratio: 38.41%

Unfunded Liabilities as of 1/1/18: $1,005,878,525

Asset Value (Market) as of 12/31/18: $606,598,146

Contributions 2018: $44,990,371

Payouts 2018: $43,508,219

Expenses 2018: $3,932,168

One response to this post.

  1. Posted by Tough Love on December 17, 2019 at 8:53 pm

    Yes, we SHOULD call that phone and tell the Republicans that they are offering TOO MUCH, not TOO LITTLE.

    That Union porker in a suit spouts the classic …… OTHERS (meaning the UNINVOLVED Taxpayers) should pay for problems that THEY (the Unions and the participating employers) created.

    Fix it ……… or don’t …….. but only with YOUR money.

    Reply

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