UMWA 5500 Update – 6/30/21

Five 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.

By the April 15, 2022 deadline, the plan submitted their 5500 form for the year ended 6/30/21 showing only 68 active participants remaining and providing an idea of how much more taxpayers will now be on the hook for on top of what appears to be the $330 million that came in during the plan year.

Plan Name: United Mine Workers of America 1974 Pension Plan
EIN/PN: 52-1050282/002
Total participants @ 6/30/21: 83,696 including:
Retirees: 76,450
Separated but entitled to benefits: 7,178
Still working: 68

Asset Value (Market) @ 7/1/20: $3,195,478,795
Value of liabilities using RPA rate (3.07%) @ 7/1/20: $8,737,857,720 including:
Retirees: $7,889,803,240
Separated but entitled to benefits: $653,965,257
Still working: $194,089,223

Funded ratio: 36.57%
Unfunded Liabilities as of 7/1/20: $5,542,378,925

Asset Value (Market) as of 6/30/21: $3,258,911,205
Contributions H-Employers: $2,632,256
Contributions H – Others: $330,092,270
Contributions MB: $26,709,434

Payouts: $583,574,522

Expenses: $21,028,870

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