Bricklayers 7 Refile

Perhaps this means no bailout for multiemployer plans as we are starting to see filings under MPRA for benefit cuts picking up.

The American Federation of Musicians and Employers’ Pension Fund and Subsidiary out of New York, NY announced a filing this week and today the MPRA website showed that the Bricklayers and Allied Craftsmen Local No. 7 Pension Plan out of Austintown, OH (which was the sixth plan to file and then withdrew their application) refiled at a time when, according to their latest 5500 filing, they might have $8 million left in the fund and negative cash flow of $2.5 million.

Plan Name: Bricklayers and Allied Craftsmen Local 7 Pension
EIN/PN: 34-6666798/001
Total participants @ 4/30/18: 429 including:
Retirees: 225
Separated but entitled to benefits: 105
Still working: 99
Asset Value (Market) @ 5/1/17: 12,893,823
Value of liabilities using RPA rate (3.05%) @ 5/1/17: $63,462,334 including:
Retirees: $34,232,890
Separated but entitled to benefits: $16,432,666
Still working: $12,796,978

Funded ratio: 20.32%
Unfunded Liabilities as of 5/1/17: $50,568,511
Asset Value (Market) as of 4/30/18: $11,528,839
Contributions: $749,475
Payouts: $3,012,873
Expenses: $161,681

17 responses to this post.

  1. Posted by Tough Love on January 9, 2020 at 7:49 pm

    Quoting …………..

    “Perhaps this means no bailout for multiemployer plans”

    GOOD ……….. there shouldn’t be any. Taxpayers had ZERO roll in this mess and hence shouldn’t be called upon to financially fix it.

    Let the Plan participants sue and try to claw back years worth of wages and bonuses from Company executives and Union Officials.

    Reply

    • Off topic: Lowest unemployment rates in 50 years. “Where are they gonna go?” Etc.
      Seems they have more choices than when Obama was in and the fat man was Gov.
      he never really did pull us out of the recession did he.
      Again, not many middle and older employees will leave due to the pension, but enough already witb the idea that “the big bad private sector(which apparently is BOOMING by any metric) will swallow up these lazy good for nothing public emoloyees). Lol. Such Bullshit. I am MORE than confident that I will be able to enjoy and prosper (yes I have a pension but hurrah for me I guess🤷‍♀️) while working in the private sector. I will welcome it after all these of protecting and serving. 👮‍♂️
      Last time I checked, I seemed just as
      human as the next guy. Whether that next guy is an office worker, landscaper, finance guy or teacher.
      Both TL and MJ both throw subtle digs out there. MJ against teachers mostly and TL likes to post when cops screw up (as if I condone keeping bad cops on the force). Stanley even on occasion— but I don’t think it bothers him that I get a pension. I think his world view is that we are all screwed. 🤷‍♂️
      Guess I’d rather be the guy that you guys are jealous towards than the guy who is jealous. And wow. Simply because I can retire a few years earlier and I get a pension. (But no SS)

      Reply

      • Posted by Tough Love on January 10, 2020 at 12:10 pm

        A “FEW” years earlier ???

        You can retire after 25 years with 65% of your final pay at 50 years old ….. essentially TODAY.

        Unheard (in Spades) in the Private Sector, and EASILY costing YOUR TOWN’S TAXPAYERS 10+ times the average that they likely get (mostly in 401K contributions) fron their employers towards their own retirement security.

        And then you get FREE family retiree healthcare (again starting at age 50) costing your town’s Taxpayers another $35K annually, NOBODY gets this today in the Private Sector, so why should you ?

        Your (roughly) $250K total Compensation today is “paid” but assuredly NOT “earned” in the classic definition of the word. Your were just very successful in unjustly screwing your town’s Taxpayers.

        Reply

        • Wrong again. I was very successful
          In securing a nice middle class life. I haven’t screwed anyone. Um….you know what I mean. Lol.
          Figuratively.
          Sandra Bullock get $20 MM a movie if not more. Lol. Is it earned? In the “classic” definition?
          Why didn’t you join the force when you had the chance? Just asking.
          Sorry you don’t like the deal I get….nothing more I can say than “oh well”.
          Turn you gaze to big pharma if u want to save some $$$. We already established that your local force ain’t putting ya in the poor house. Employer SS and 401k contribution is not that much less than what they put in for me. So…😛😛😛
          You’d save maybe $300 a year if you switched me to DC. Paid only half of my bennies and cut my pay by a third. About $24 a month or less than a buck a day !!!!!!

          Reply

          • For your whole dept!!

          • Posted by Tough Love on January 10, 2020 at 7:50 pm

            Quoting El Gaupo ……………

            “Employer SS and 401k contribution is not that much less than what they put in for me. ”

            For the umpteenth time (on this an other Boards) with VERY few exceptions Public Sector entities ALWAYS contribute MUCH less than what an actuarially required contribution would be if determined using the SAME assumptions and methodology that the US-Treasury/IRS REQUIRES of Private Sector Plans.

            Public Sector pension Plans are SYSTEMATICALLY and DELIBERATELY underfunded to:
            (a) hide the true VERY VERY high Plan cost from Taxpayers ….. who would certainly object and demand LESS-GENEROUS pensions if they were more honestly informed, and
            (b) to leave more money available for increases in Public Sector “wages”.

            Private Sector firms aren’t stupid. If they felt the Gov’t was forcing them to use unreasonably conservative assumptions/methodology in their pension Plan valuations, they would LOUDLY object. They DON’T because they know that the required assumptions/methodology are indeed reasonable and appropriate ……. unlike the absurdly “LIBERAL/OPTIMISTIC” assumptions/methodology rampant in Public Sector Plan valuations.

            Therefore, “what they contribute” is irrelevant. What matters, but is UNAVAILABLE, is what that contribution would be under a proper/HONEST valuation. And for YOUR specific VERY GENEROUS pension, the Taxpayers’ share of just the “NORMAL COST” (i.e., excluding significant catch-up amounts necessary to amortize the current VERY MATERIAL unfunded PFRS liability) would be about a level annual 35% of pay ………… MUCH MUCH greater than the 6.2% of pay employer share of SS plus a 4.5% 401K contribution (which is now the average contribution in Private Sector companies) totaling to 10.7% of pay.

            And it’s not unreasonable to exclude the 6.2% in that comparison because it’s easily arguable that your excessive “wages” (alone) likley recognizes (and includes) the fact that your employer does not contribute to SS on your behalf.
            ————————————–

            You can only BullSh** those would are lacking in knowledge. I’m trying to reduce that number.

          • Posted by Anonymous on January 11, 2020 at 12:18 am

            Quoting Tough Love ……………

            “I’m trying to reduce that number.”

            Start here.

            https://i0.wp.com/frkevinkilgore.com/wp-content/uploads/2019/02/baby_in_mirror.0.jpg?fit=1200%2C800&w=640

          • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on January 13, 2020 at 10:24 pm

            Sandra Bullock get $20 MM a movie if not more. Lol. Is it earned?
            #1- Sandra Bullock works in the FREE MARKET, not the monopoly/fixed world of government employment.
            #2- YOU’RE NO Sandra Bullock

            .

        • Posted by Becky girl on January 14, 2020 at 9:12 am

          Not quite TL. about 40% after twenty years. But as young as forty one years old. Swallowing hard yet? And full health till death for whole family.Big fat pensions TL

          Reply

          • Posted by Tough Love on January 14, 2020 at 11:14 am

            Don’t know where you live but for all Tier 1 and Tier 2 Police Officers (hired before the 2011 changes), they can retire with 65% of their final wages at any age.

            Pasting from the NJ Treasury Dept website .

            SPECIAL RETIREMENT

            This type of retirement is available to members at any age who have 25 years or more of service credit in the PFRS. For Tier 1 and Tier 2 members, the annual benefit is equal to 65 percent of your Final Compensation, plus one percent for each year of service over 25 years but not to exceed 30 years. The maximum allowance is therefore 70 percent of your Final Compensation. For Tier 3 members, the annual benefit is equal to 60 percent of your Final Compensation plus one percent for each year of service over 25 years but not to ex-ceed 30 years. The maximum allowance is therefore 65 percent of your Final Compensation.

            ——————————————

            Only an idiot would leave after 20 years with 40%-of-pay when, with just 5 more years, they would get 65% of a HIGHER final pay.

          • Posted by Becky on January 15, 2020 at 3:47 pm

            Jersey is a lot more than NYS but not too shabby.The thing I question is free health for life for family.If the spouse is younger which normally is, your looking at a big perk with health for life. Even after Medicare kicks in

      • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on January 10, 2020 at 3:48 pm

        Simply because I can retire a few years earlier and I get a pension. (But no SS)
        Q: did you pay into SS?
        A: No.

        Q: How many years is a “few years”?
        A: Age 50 (even younger in some cases) as compared to age 67-70 for SS.

        Q: Can Private sector employees in SS collect a pension for MORE years than they actually worked?
        A: No.

        Q: Can Public sector employees collect a pension for MORE years than they actually worked?
        A: Yes.

        Don’t bother answering, they are all rhetorical questions, intended to show the ridiculous spread in the pensions of the public sector.

        Reply

      • Posted by Anonymous on January 10, 2020 at 5:24 pm

        Sure, police ‘can’ retire at 50.
        And private sector workers can retire at 70.

        The average age for police retirees is 55.

        Most private workers begin SS at 62-65.

        “The average retirement age in the United States among currently living retirees was 59.88 years old. The median living retiree left work at 62 years old, and the most common age to retire was 62 years old. 18.7% of retirees retired at age 62, and a whopping 63.1% retired between the ages of 57 and 66.”

        Don’t Quit Your Day Job.

        Whopping

        Reply

        • S Douglas. He is a fool. Just another jealous loser who can’t afford to pay his taxes. Big crybaby. You all know the line I’m thinking of. I wish Rex lived in NJ so I could say it directly to him. You know the one…..
          …..”fuck you, pay me”. Not my responsibility to put food on your table. Just to protect you. And I’m free to negotiate the best deal I can. That’s just a fact. You can stomp your feet all you want. Doesn’t change the facts. Wish ya joined the force Rex. But we all know you’re just a BIG pussy. Lol. 🐱

          Reply

  2. […] Earlier this year the Bricklayers and Allied Craftsmen Local No. 7 Pension Plan out of Austintown, OH (which was the sixth plan to file and then withdrew their application) refiled. Today that application has been withdrawn even though they might now have $7 million left in the fund and negative cash flow of $2.5 million according to their latest 5500 filing: […]

    Reply

  3. […] Local No. 7 Pension Plan out of Austintown, OH (which was the sixth plan to file and then withdrew, refiled, withdrew) refiled again at at time when they might have $7 million left in the fund and negative […]

    Reply

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