Mulitemployer Bailout Eligibility

It was reported that The Butch Lewis Emergency Pension Plan Relief Act of 2021, to be included in some covid-relief bill, would create a special financial assistance program under which cash payments would be made by the Pension Benefit Guaranty Corporation (PBGC) to financially troubled multiemployer pension plans so they could continue paying retirees’ benefits. The money would be provided to PBGC through a general Treasury transfer. Multiemployer pension plans eligible for the program would include plans in critical and declining status, and plans with significant underfunding that have more retirees than active workers in any plan year beginning in 2020 through 2022. Additionally, plans that have suspended benefits and certain plans that have already become insolvent would also be eligible.

So how many plans would that be? Based on the last full year of data (2018) from the DOL website here is how it breaks down.

Of 1,220 plans who filed Schedule MBs for 2018 there were:

  • 118 in Critical and Declining status
  • 638 with more retired than active participants
  • 1202 with unfunded liabilities
  • $685 billion in net unfunded liabilities

Here are the ones with the largest unfunded liabilities (the DOL leaves off names on the MB datasets but one can guess who these are based on EINs and participant counts):

26 responses to this post.

  1. Posted by Tough Love on February 11, 2021 at 8:32 pm

    Quoting ………………

    “The money would be provided to PBGC through a general Treasury transfer. ”

    General Treasury transfer. = Taxpayer Bailout.

    Reply

    • Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on February 12, 2021 at 12:09 am

      General Treasury transfer. = Taxpayer Bailout.
      Sleepy Joe’s budget deficit is estimated @$4 TRILLION dollars … What the f*&^…We’re doomed. I was pissed at Trump’s massive budget deficits, but Sleepy Joe $4 trillion makes those look like Chump Change, and we’re the Chumps… 😥😥😥

      Reply

  2. Posted by Tough Love on February 11, 2021 at 10:52 pm

    Am I wrong, or does Lindsay Graham look a lot like the perpetually sad-faced Evangelist-preacher Jimmy Swaggart, and Senator Ted Cruz look quite a bit like a squirrel or beaver badly in need of a shave ?

    Reply

    • Posted by PS Drone on February 12, 2021 at 11:36 am

      And your point is? I don’t see you posting a photo of that Hollywood-good-looking Adam Schiff or a horror movie poster of Nancy Pelosi as Dracula’s daughter.

      Reply

      • Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on February 12, 2021 at 11:47 pm

        “…or a horror movie poster of Nancy Pelosi as Dracula’s daughter.”
        OK, so you want a HUGE laugh?? … the next time Krazee Nancy is on TV take a look look at her EYE BROWS! They are hilarious. She does look like Dracula, or the Joker, both fit her ….🤮🤮🤮

        Reply

  3. […] Posted on February 12, 2021 by Mary Pat Campbell Mulitemployer Bailout Eligibility […]

    Reply

  4. https://www.foxnews.com/us/oregon-education-math-white-supremacy

    Good lord!!!! I wonder what Neil DeGrasse Tyson thinks of this bullshit. 2 correct answers for each problem? What the fuck? I don’t understand. I can understand throwing $$$ into these communities to improve scores and teach disadvantaged kids (who know if it works). But to me besides being racist in and of itself, essentially dumbs down everything for even the smart kids. Biden is right—-China will eat our lunch. While there kids learn aerodynamics and astrophysics as a matter of course, we are in the process of having 2+2=5 if you want it to. Mind boggling

    Reply

    • Posted by PS Drone on February 12, 2021 at 11:48 am

      We’re going to need a lot of brain transplants to compete with China in the future.

      Reply

    • Posted by PS Drone on February 12, 2021 at 11:52 am

      Daniel Patrick Moynihan circa 1965 – “Defining deviancy down”. In all respects, crime, morals, education, on and on. The fall of the Roman Empire coming to a theatre near you as we speak.

      Reply

    • Posted by Tough Love on February 12, 2021 at 12:10 pm

      Dumbing down the (Law) Bar Exam in CA ………….

      “https://rhdefense.com/dumbing-down-the-test-dumbing-down-the-law”

      When I saw that, I wondered ………… is the exam to be allowed to practice as a surgeon next ?
      ——————————

      Reply

      • Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on February 12, 2021 at 11:55 pm

        Dumbing down the (Law) Bar Exam in CA ………….

        “https://rhdefense.com/dumbing-down-the-test-dumbing-down-the-law”

        When I saw that, I wondered ………… is the exam to be allowed to practice as a surgeon next ?
        The cut point of the CA Bar Exam is 144, highest in the country, the national average is 132. How is dropping the cut point down a few points a “dumbing down” of the Bar Exam when 132 is the national average?

        Reply

  5. Posted by Tough Love on February 12, 2021 at 12:00 pm

    Amusing (and quoting from) …….

    https://fortune.com/2021/02/10/post-office-usps-revenue-q1-2021-profit-postmaster-general-louis-dejoy-restructuring/

    “(USPS) Union leaders say that while traditional mail services are on the decline and innovative solutions need to be made to find new sources of revenue, the major gap between revenue and reported losses is the result of expenses that the U.S. government imposes on the Postal Service—expenses that other shipping businesses don’t face, such as the pre-funding of retiree health care pensions well into the future”
    ———————————————————————
    Really ?

    Is it the IMPOSING of the pre-funding of retiree healthcare that is the real problem ……….. vs the expenses of other shipping business ……… or is it the EXISTENCE of Retiree Healthcare benefit itself (that the retirees of Private Sector shipping companies assuredly do NOT get from their employers) that is the real problem ?

    Reply

    • Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on February 12, 2021 at 11:58 pm

      Union leaders say that while traditional mail services are on the decline and innovative solutions need to be made to find new sources of revenue, the major gap between revenue and reported losses is the result of expenses that the U.S. government imposes on the Postal Service—expenses that other shipping businesses don’t face, such as the pre-funding of retiree health care pensions well into the future”
      Stupid fucking ass clown unions. NO private sector company in America pays “retiree healthcare”. That shit only happens in the Fantasyland of Gov employment….

      Reply

  6. TL, this post office example would suggest that the former statement in your sentence is true. However, the later part of your sentence would also suggest a huge money suck so I guess both would be correct.

    That pesky little pre-funding issue will get you every time. I just don’t understand with all of the modern technology how the post office is even relevant in this day and age. Who uses the post office other than senior citizens but I guess they are a big voting block and we can never down size or consolidate a guasi government run entity.

    Reply

    • Posted by Tough Love on February 12, 2021 at 12:15 pm

      LOL ………. I pay my bills via Credit Card where that is an option, via phone call & payment thru my checking acct., or via mailed check. I don’t want ANY of my banking information on my computers. Not a big deal…… less than a dozen checks per month.

      Reply

    • The post office obviously is not as relevant in 2021 as they were in 1971. But when you think about it? It still isn’t a bad deal—what’s a stamp 55 cents now? To send a Christmas card to grandma across the country? Not really bad. I pay bills like TL in the respect that if I can use. A credit card and get rewards I do. (Optimum, Verizon wireless, my car insurance etc). If there a service charge for it then I don’t (pseg,, my water bill etc. they come out of my checking account t electronically). Mvc got rid of and now reinstated a convince fee for all online transactions. Just out of spite, I write a check and mail it to them. I don’t write any checks for recurring bills anymore. It is so much easier. I write a fraction of the checks and mail a fraction of mail that I used to.
      Still a long line in the post office yesterday when I went to send a package to my daughter down in U Del for Valentine’s Day. A little homesick. Cause I’m a great father!!! lol.

      Reply

  7. South Korean kids go to public school daytime and private tutors evenings. They have already eaten our entrees and soup.

    Reply

    • Posted by Tough Love on February 12, 2021 at 1:11 pm

      They’ve been doing that for 2 decades. Asians and Russians are VERY Tech/STEM focused. I’d bet they don’t have Religious and Ethnic-studies majors in those countries (a joke for finding a job).

      Reply

      • Absolutely. To be fair, there is certainly not much diversity in either of those two countries. And it indeed may have a place in curriculum, but for Gods sake it should be nothing more than an elective. Although Ben and Jerry’s now has Racial Equity positions available. With just those useless majors that you describe. Corporate America needs to be so damn “woke” now. And the colleges love it.

        Reply

  8. Posted by geo8rge on February 12, 2021 at 3:15 pm

    Biden: Governors and mayors need $350 billion to fight COVID

    President Joe Biden has met with a bipartisan group of governors and mayors at the White House as part of his push to give financial relief from the coronavirus pandemic to state and local governments

    https://abcnews.go.com/Business/wireStory/biden-governors-mayors-350-billion-fight-covid-75855930

    Reply

    • Posted by PS Drone on February 12, 2021 at 5:33 pm

      Translation: if we help bail out the assorted broke pension plans our illustrious public servants will be more motivated to actually accomplish something. Maybe that will help with the “fight” against the China virus.

      Reply

  9. Any college major or program with the word “studies” after it is a complete joke and probably for those who wouldn’t be able to make it in any other career area where actual brains and intelligence is required. Does anyone with half a brain really take this shit seriously? An entire 4 year degree in “studies” is a joke IMHO :):):)

    Maybe a few electives but full degrees 🙂 🙂

    I read where most colleges will soon be throwing out SAT scores as a consideration in acceptance to the college. No more SAT scores, no more bar exams……..hmmmm maybe TL is correct, no more medical exams, etc in order to perform surgery, diagnose or prescribe.

    The new normal, diversity at it’s best. Regression to the mean at it’s finest hour, maybe a new mean to fall below……. How can the cream compete against curdled milk? Average IQ has definitely dropped in this country. Russia and China will eat us for breakfast and lunch.

    I really feel for the smart white guys and white guys in general. It really is a whole new normal and quite scary. I feel sorry for the truly intelligent and hard working non-white individuals who want to be accepted on their own merit.

    But what do I know?

    Reply

    • More than most.

      Reply

    • Posted by Tough Love on February 15, 2021 at 7:34 pm

      Cancel-culture ………….. cancel demonstrated COMPETENCE ?

      It’s not IQ. It’s that few are willing to put in the VERY long hours and hard work required to learn a valuable/marketable skill to be successful.

      Note …….. sure innate ability is VERY important, but even ballplayers and entertainers “work” very hard to reach the pinnacle in their field.

      Reply

    • Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on February 16, 2021 at 2:55 pm

      Any college major or program with the word “studies” after it is a complete joke and probably for those who wouldn’t be able to make it in any other career area where actual brains and intelligence is required….

      Maybe a few electives but full degrees 🙂 🙂
      OK, fast story here, to graduate from the California State University system here in CA there is a requirement-systemwide- that one must take 9 semester units (3 classes) of upper division (300 or 400 level class) “General Education”, of which one class (3 units) had to be designated as “Cross-Cultural”. I signed up for “Greek Mythology”. That was going to be an awesome class and I was looking forward to it. I signed up to take it during the 5 week Winter/Christmas recess, the class was 3 hours per day M-F for 3 weeks straight, for the 45 hour total. On the first day I run into a good friend who is also also taking the upper division cross cultural general education class, but he is taking “Women’s Studies” (a BA degree offered here too), and asks me to skip “Greek Mythology” and JOIN him in the “Women’s Studies” class. I said OK. Then the nightmare began, that MF’ing ass clown DROPPED the class on the second day, and because we were on an accelerated schedule it was too late for me to drop the “Women’s Studies” class and get into Greek Mythology. I was so F’ing pissed off. So for the next three FUCKING WEEKS I had to endure a spear-chucking, man-hating, men-are-the-cause-of-the-all-the-worlds-problems, ultra hostile “feminist” MAN-HATE. If this were a white man teaching this kind of hatred against females, another race, another ethnicity, another religion he would be fired on day #1. It was/is shocking that this kind of hate and bias can be TAUGHT at a public institution. I F’ing HATED the class and I hated the spear-chucking misandrist even more. Worst.Class.Of.All.Time 🤮🤮🤮

      Reply

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