Five Multiemployer Pension Plans To Watch

In an email blast to subscribers today the Road Carriers Local 707 Welfare and Pension Fund reported:

In my last update I told you there were ongoing discussions between Republican and Democrat staffers on coming up with a compromise bill. At the time I was hopeful an agreement could be reached, and a multiemployer pension relief bill could be attached to year end Legislation. Unfortunately, an agreement could not be reached in time for a Legislation to be considered in any end of the year package.

Coincidentally, the Institute for Pension Fund Integrity released an issue brief outlining the crisis and naming the five large multiemployer plans who are the biggest threats to the system. Here they are (Local 707 not being among them) with data from their latest 5500 filings:

Plan NameCentral States, Southeast & Southwest Areas Pension Plan

EIN/PN: 36-6044243/001

Total participants @ 12/31/19: 375,199 including:

  • Retirees: 194,115
  • Separated but entitled to benefits: 123,532
  • Still working: 57,552

Asset Value (Market) @ 1/1/19: 13,168,043,720

Value of liabilities using RPA rate (3.06%) @ 1/1/19: $56,790,308,499 including:

  • Retirees: $33,126,505,665
  • Separated but entitled to benefits: $14,547,398,521
  • Still working: $9,116,404,313

Funded ratio: 23.19%

Unfunded Liabilities as of 1/1/19: $43,622,264,779

Asset Value (Market) as of 12/31/19: $12,309,907,060

Contributions 2019 (MB): $741,716,950

Contributions 2019 (H): $554,880,395

Payouts 2019: $2,836,578,310

Expenses 2019: $58,289,201

Plan Name: Bakery & Confectionery Union & Industry International Pension Fund

EIN/PN: 52-6118572/001

Total participants @ 12/31/19: 106,534 including:

  • Retirees: 56,914
  • Separated but entitled to benefits: 33,131
  • Still working: 16,489

Asset Value (Market) @ 1/1/19: $4,222,636,763

Value of liabilities using RPA rate (3.06%) @ 1/1/19: $11,918,139,600 including:

  • Retirees: $8,099,076,927
  • Separated but entitled to benefits: $2,187,986,457
  • Still working: $1,631,076,216

Funded ratio: 35.43%
Unfunded Liabilities as of 1/1/19: $7,695,502,837

Asset Value (Market) as of 12/31/19: $4,418,319,844

Contributions 2019 (MB): $158,507,441

Contributions 2019 (H): $189,688,023

Payouts 2019: $625,073,591

Expenses 2019: $25,780,280

Plan Name: United Mine Workers of America Pension Plan
EIN/PN: 52-1050282/002
Total participants @ 6/30/19: 90,579 including:

  • Retirees: 81,561
  • Separated but entitled to benefits: 6,199
  • Still working: 2,819

Asset Value (Market) @ 7/1/18: $2,376,91,000
Value of liabilities using RPA rate (3.00%) @ 7/1/18: $9,333,824,147 including:

  • Retirees: $8,338,818,302
  • Separated but entitled to benefits: $680,025,888
  • Still working: $314,979,957

Funded ratio: 25.47%
Unfunded Liabilities as of 7/1/18: $6,956,913,147

Asset Value (Market) as of 6/30/19: $2,208,975,638
Contributions H-Employers: $18,987,832
Contributions H – Others: $224,824,451
Contributions MB: $158,033,982
Payouts: $565,669,207
Expenses: $31,482,756

Plan Name: Legacy Plan of the National Retirement Fund

EIN/PN: 13-6130178/001

Total participants @ 12/31/19: 227,096 including:

  • Retirees: 114,544
  • Separated but entitled to benefits: 96,220
  • Still working: 16,332

Asset Value (Market) @ 1/1/19: 1,594,245,542

Value of liabilities using RPA rate (3.06%) @ 1/1/19: $3,175,476,311 including:

  • Retirees: $1,419,636,995
  • Separated but entitled to benefits: $1,399,519,789
  • Still working: $356,319,527

Funded ratio: 50.20%

Unfunded Liabilities as of 1/1/19: $1,581,230,769

Asset Value (Market) as of 12/31/19: $1,796,073,917

Contributions 2019 (MB): $79,149,788

Contributions 2019 (H): $82,372,310

Payouts 2019: $147,209,343

Expenses 2019: $30,178,286

Plan Name: southern california ufcw unions and food employers joint pension fund

EIN/PN: 95-1939092/001

Total participants @ 3/31/19: 183,643 including:

  • Retirees: 48,097
  • Separated but entitled to benefits: 81,910
  • Still working: 53,636

Asset Value (Market) @ 4/1/18: $4,752,278,779

Value of liabilities using RPA rate (2.98%) @ 4/1/18: $12,781,847,961 including:

  • Retirees: $6,210,461,011
  • Separated but entitled to benefits: $2,690,612,747
  • Still working: $3,880,774,203

Funded ratio: 37.18%
Unfunded Liabilities as of 4/1/18: $8,029,569,182

Asset Value (Market) as of 3/31/19: $4,662,483,613

Contributions 2019 (MB): $176,743,001

Contributions 2019 (H): $268,174,904

Payouts 2019: $450,129,741

Expenses 2019: $33,262,766

39 responses to this post.

  1. Posted by Tough Love on December 16, 2020 at 10:36 pm

    The Taxpayers had ZERO to do with establishing these Plans or having any say in their funding ………….. and should NOT contribute even 1 dime towards a bailout (or a bailout called a “loan”).

    This being PART of the participant’s retirement security is no different than other non-Union Private Sector workers who have nothing but 401K Plans and other private Savings.

    NOBODY bails the latter group out if/when THEIR investments fail, and similarly THEY (the Taxpayers) shouldn’t bailout failing Multi-employer Plans.

    Reply

    • Posted by Ricky Roseto on December 17, 2020 at 3:37 pm

      Doesn’t taxpayer money pay for the pensions of government workers and politicians? Didn’t taxpayer money bailout the banking institutions and the car manufacturers ? Don’t taxpayer money fund sport stadiums? It would be nice to see the people who actually pay taxes get help when its needed. Government regulations have hurt Union pensions and all pensions for that matter. Face it, the terms “Union” and “pensions” have become evil words to some people, maybe even yourself! Unions and pensions have helped the working class people, even non union people, earn more money and establish security for the futures of these people. 401k’s did not exist all of my working career. The promise of a pension did exist. Tell me, how do I make up what I lost or what I am about to lose with my pension at my age. I saved all I could. I know, you have no sympathy, but don’t bitch when people like me go on welfare, more taxpayer money! Wait, when your 401k gets devastated by the next stock market fall, I’ll save a place in the food line for you. Don’t think your future is any more secure than mine!

      Reply

      • Posted by Tough Love on December 17, 2020 at 7:03 pm

        I’m sorry, but since Taxpayers had ZERO to do with the Multi-employer pension agreements between the Unions and participating companies, I see no reason for those Taxpayers to bail out your failing Plans.

        But here’s an interesting suggestion ………. include in that bailout bill a provision to “make whole” anyone who lost money in a stock market investment over say the last 20 years.

        Preposterous you say ?

        No more so than what your asking for.
        —————————

        Taxpayers aren’t stupid. Your Unions AND the participating companies KNEW for over a decade that the Plans were not being properly funded. The Unions looked the other way because if they insisted on proper company funding, there would be less money for raises, and the Companies were just fine with contributing as little as possible (more money for Executive salaries & bonuses).

        It’s YOUR problem.

        Reply

        • To be fair, the guy just seems like a hard worker. You (and I) have nothing to do with the bad decisions people make but OUR tax money pays for it. Addictions, prisons, welfare, food stamps and so forth. At least this guy worked! And there is also a BIG difference between 401k $$ (should perhaps be protected and is to the extent that a financial advisor is on his game) versus “I have a $40,000 laying around let me take a flier on a couple higher risk growth stocks that are just starting out”. That latter $$ should NOT be protected and/or bailed out by taxpayers. TL, your not wrong—-but his argument is also pretty solid.

          Reply

          • And if your smart enough or use an advisor, your 401k won’t be devastated by the next stock market fall. Either you should ALREADY be in conservative holdings due to your age, or it is an incredible buying opportunity.
            Many folks from his era, pre online, didn’t have E*TRADE account and the like. That’s really not his fault. Stocks were a rich guys game 40 years ago.

            Reply

          • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on December 18, 2020 at 12:02 am

            At least this guy worked!
            I would say probably 100 times harder than you ever “worked” at your LEO workfare job. And 1,000 times harder than the average Firewhiner workfare job …

            Reply

          • Think what you wish. The reality is I have a pension. And you don’t. 🤷‍♂️
            Jealous much?

            Reply

          • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on December 18, 2020 at 9:13 pm

            And if your smart enough or use an advisor, your 401k won’t be devastated by the next stock market fall.
            No, you plough it all an an S&P 500 Index fund. Problem solved.
            Think what you wish. The reality is I have a pension. And you don’t. 🤷‍♂️
            Jealous much?

            Why? Because yo and the public unions gamed the system, to everyone else’s detriment, everyone but your own? Nope. If it was me I would be ashamed.

            Reply

      • You will find experts on both sides, Ricky. Some are more civil than others.

        Here is one…

        “And remember what I keep telling you, pension bailouts are all about bailing out Wall Street which includes big banks and their big private equity and hedge fund clients that need perpetual funding.

        It has nothing to do with bailing out pensioners but politicians will make it look that way.”

        http://pensionpulse.blogspot.com/2020/07/can-states-afford-rising-public-pension.html

        And there are others who agree with you that misguided federal regulations are the cause of most of the union pension problems. “You broke it, you bought it.”

        Reply

      • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on December 17, 2020 at 11:44 pm

        Posted by Ricky Roseto on December 17, 2020 at 3:37 pm

        Doesn’t taxpayer money pay for the pensions of government workers and politicians? Didn’t taxpayer money bailout the banking institutions and the car manufacturers ? Don’t taxpayer money fund sport stadiums? It would be nice to see the people who actually pay taxes get help when its needed.
        Started out so good, so strong, then went right off the tracks … and ruined a potentially awesome post by the “union” BS and talking points … 😢😢
        Government regulations have hurt Union pensions and all pensions for that matter.
        Oh really? WHAT regulations? Name a few…. Waiting … 😪
        Face it, the terms “Union” and “pensions” have become evil words to some people, maybe even yourself!
        Let me fix this for you. PUBLIC unions have helped NO ONE except themselves, while at the same time they have KILLED the poor and middle class through massive regressive tax hikes. Death by a million paper cuts. So NO, “unions” per se are not “evil words” but once you add PUBLIC in front of it they become far worse, they become DEATH SENTENCES to the poor and middle class.

        Unions and pensions have helped the working class people, even non union people, earn more money and establish security for the futures of these people.
        Oh really? Says WHO? You?? Any DATA, facts, to back that whopper lie up ?? The fact is TODAY less than 6% of the private sector is unionized, while 70% of the public sector is unionized (which accounts for just 15% of the workforce), and trust me these “unions” as a whole have not helped ANYONE except themselves (at least in the last 50 years). May have been true a century ago, but this is not 1915, or 1935, or even 1950, this is today.
        The promise of a pension did exist. Tell me, how do I make up what I lost or what I am about to lose with my pension at my age. I saved all I could.
        Don’t know. But maybe you can tell ME, and the rest of America, why YOU should be made whole when others similarly situated are not? WHY are YOU special? What about everyone who lost their jobs to offshoring? Or to foreign nationals and lawful aliens under the H-1B VISA fraud? Or the tens of millions in the private sector that have lost 80%-90% of their work, or their jobs, during the last 10 months???? Are YOU making them whole? No, you’re not. I don’t know what the solution is for you and your situation; but I know what it is not, and that is for the poor and middle class, who have FAR LESS, to be forced to make you 100% whole while they starve, lose everything they own, lose all their worldly possessions, and become homeless. SO pipe down Ricky… Don’t want to hear any more “union” BS, talking points or your “evil words”. I hear enough of this BS, in fact 1,000 times more than my brain can handle, from Dougiee and El Guapo.

        Reply

        • The public sector unions protect YOUR sorry ass by ensuring that the politicians don’t hire Losers like you to police the populace because your the mayors buddy. Lol.
          We don’t hold much value in a guy who says that having a mentor and a career is paramount to having a spouse and family.
          But for sure the PBA is there to ensure quality service to the populace, but first and foremost is there to protect its workers from the hapless individuals that permeate elected office in this country. Case in point do you think the situation in Seattle and Portland would be better or EVEN worse for the officers on the street if the buffoons in charge could do anything they wished ??

          Reply

          • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on December 18, 2020 at 9:18 pm

            The public sector unions protect YOUR sorry ass by ensuring that the politicians don’t hire Losers like you to police the populace because your the mayors buddy. Lol.
            LOL… Talk about a meltdown 😎😎 EG you have a GED job, anyone can do it (or almost anyone). Even an idiot that only has a GED (Hello Mark Furman!!)
            We don’t hold much value in a guy who says that having a mentor and a career is paramount to having a spouse and family.
            You have said this about me twice now, but I never said, or implied this at all. You need you go back and read my comment again…

            Reply

    • Posted by Anonymous on January 18, 2021 at 11:46 pm

      Yeah but we did not have any say on our
      funds will being used you dope

      Reply

  2. Posted by Tough Love on December 16, 2020 at 11:29 pm

    Off Topic ………

    Here’s what happens when people go off-the-rails with TLS (Trump LOVE Syndrome).

    https://www.aol.com/ex-cop-charged-allegedly-attacking-202433575.html

    Reply

  3. Off topic…
    Remember when Trump said he may not accept results of the election?

    And some people said, No, even Trump isn’t that dumb/brazen.

    “Trump has threatened not to leave the White House on Inauguration Day, report says”

    Business Insider, 12/17/2020

    Reply

  4. Posted by NJ2AZ on December 17, 2020 at 3:43 pm

    please, a moment of consideration for the poor state governments of NJ and IL that will have to (for now) figure out how to make due without the feds saving their worthless hides

    https://www.nj.com/coronavirus/2020/12/second-stimulus-check-update-murphy-says-its-awful-that-state-and-local-aid-was-left-out-of-legislation.html

    Reply

  5. Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on December 17, 2020 at 7:26 pm

    Second stimulus check update: Murphy says ‘it’s awful’ that state and local aid was left out of legislation
    Good. America should NOT be bailing out BK Blue State/s multi-million $$ retire at age 50, GED Gov job pensions. No way.

    Reply

    • Hmm. But your state AND mine bail out the red states in our great union every year. 🤷‍♂️
      A little break from that would be nice.
      And BTW, you do realize TL posts the trump stuff in large part to antagonize YOU. Same as the cop does wrong stories she posts. That’s for my benefit. Only I appeal to her with kindness and thoughtfulness. And now we are good buddies.

      Reply

      • Posted by Tough Love on December 17, 2020 at 7:40 pm

        Quoting ………….. “And BTW, you do realize TL posts the trump stuff in large part to antagonize YOU.”

        No I don’t ……….. I do so because I despise Trump as an awful (incredibly “defective”) excuse for a human being.

        As to Rex, he can be amusing occasionally, but he needs some Meds for his acute case of TLS.

        Reply

        • I almost never find him amusing to be honest. Outside of his dog rescue activity, I think he is a pompous asshole whose mouth writes checks he can’t cash.

          Reply

          • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on December 18, 2020 at 9:21 pm

            I think he is a pompous asshole whose mouth writes checks he can’t cash.
            Heheheheheeeeeeeee … I am laughing so hard right now EG 😂😂😂 I can wind you up like a toy…. 24/7 … It kills me because you are so easy to set off 🐾🐾🐾

            Reply

      • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on December 17, 2020 at 11:49 pm

        Hmm. But your state AND mine bail out the red states in our great union every year. 🤷‍♂️
        A little break from that would be nice

        Strawman argument, illogical fallacy. One can be opposed to BOTH issues, they are mutually exclusive, nor diametrically opposed on ideology. NO bailouts for public pensions OR red states. I am down with that.

        Reply

  6. […] of the five large multiemployer plans who are the biggest threats to the system, as fingered by an Institute for Pension Fund Integrity issue brief, just submitted another 5500 […]

    Reply

Leave a Reply

Please log in using one of these methods to post your comment:

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: