A few months ago the Roofers Local No. 88 Pension Fund out of Merrillville, IN filed to cut benefits.
Appearing on the MPRA website today: their withdrawal letter.
From their latest 5500 filing:
Plan Name: Roofers Local No. 88 Pension Fund
EIN/PN: 34-6615264/001
Total participants @ 4/30/2020: 442 including:
- Retirees: 253
- Separated but entitled to benefits: 84
- Still working: 105
Asset Value (Market) @ 5/1/19: $27,959,092
Value of liabilities using RPA rate (3.09%) @ 5/1/19: $71,597,386 including:
- Retirees: $43,085,393
- Separated but entitled to benefits: $13,656,113
- Still working: $14,855,880
Funded ratio: 39.05%
Unfunded Liabilities as of 5/1/19: $43,638,294
Asset Value (Market) as of 4/30/20: $25,205,187
Contributions: $1,035,100
Payouts: $3,045,300
Expenses: $299,539
Burypensions Blog 
Posted by qpat00 on August 16, 2021 at 10:14 am
any guesses why?
Posted by burypensions on August 16, 2021 at 10:59 am
No need to cut benefits. ARPA would supposedly bail them out.
Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on August 16, 2021 at 2:54 pm
any guesses why?
No need to cut benefits. ARPA would supposedly bail them out.
Exactly, the “Butch Lewis Emergency Pension Relief Act” bailed out all of these private sector multi-employer union pension funds. Oh wait, so sorry, they were “loaned” the $$ from the Treasury, to be paid back 30 years from now…. But if Treasury can bailout Bazillionaires at Goldman Sucks, preventing their inevitable BK from AIG loses, then I/we can’t really complain… 🤦♂️🤦♂️🤦♂️