Central States Fall

All 1,298 pages of the Central States, Southeast and Southwest Areas Pension Fund bailout application is on the SFA website but, for me, it is these two pages that tell the tale of the fall of this and many other union pension plans.

We had some 5500 history in an earlier blog through 2016. This is where the plan was last year based on their 5500 filing for 2020:

Plan Name: Central States, Southeast & Southwest Areas Pension Plan

EIN/PN: 36-6044243/001

Total participants @ 12/31/20: 364,908 including:

• Retirees: 191,550
• Separated but entitled to benefits: 121,667
• Still working: 51,691

Asset Value (Market) @ 1/1/20: 12,309,907,060

Value of liabilities using RPA rate (2.95%) @ 1/1/20: $56,188,837,073 including:

• Retirees: $33,047,759,091
• Separated but entitled to benefits: $14,458,423,787
• Still working: $8,682,654,195

Funded ratio: 21.91%

Unfunded Liabilities as of 1/1/20: $43,878,930,013

Asset Value (Market) as of 12/31/20: $10,409,490,502

Contributions 2020 (MB): $662,009,633

Contributions 2020 (H): $406,600,320

Payouts 2020: $2,842,184,040

Expenses 2019: $53,552,2071

Historical information going back to 2007 in a spreadsheet: