Bipartisan Agreement AKA Multiemployer Pension Bailout

From a Newsweek story:

“The President remains hopeful that we can have bipartisan support moving forward. I will only support proposals that will get us through and end the pain of this pandemic,” Joe Manchin (D-WV)

Also important to West Virginians:

Two years ago retired coal miners traveled to Washington, D.C. to lobby lawmakers to put in place a federal safety net in case the United Mine Workers of America (UMWA) pension fund fails. Coal plant closures and company bankruptcies have sent the pension fund to the edge of collapse. In October, 2019 Murray Energy, the last major company propping up the dwindling fund, also went bankrupt and the prediction was insolvency in FY23.

From their 5500 form for the year ended 6/30/19 confirming the timeline.

Plan Name: United Mine Workers of America 1974 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

5 responses to this post.

  1. Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on February 3, 2021 at 12:24 pm

    I bought this book several years ago. Applies just as much, if not more, today.

    Reply

  2. […] Posted on February 11, 2021 by Mary Pat Campbell Bipartisan Agreement AKA Multiemployer Pension Bailout […]

    Reply

  3. […] support for the latest covid relief bill (and possibly future statehood for DC) we got a bailout of multiemployer plans that included, according to Aharon Friedman in the Washington Examiner, the ‘baddest’ […]

    Reply

  4. […] The American Rescue Plan Act was introduced on February 24, 2021 and signed on March 11, 2021 but a bailout for union plans was discussed well before then. […]

    Reply

  5. […] time was that in exchange for Senator Joe Manchin’s support for the covid relief bill we got a bailout of multiemployer plans that included, according to Aharon Friedman in the Washington Examiner, the ‘baddest’ pension […]

    Reply

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