Archive for the ‘Multiemployer Pensions’ Category

Bailout Cost

The Teamsters support the passage of the Butch Lewis Act of 2017 (BLA) which was introduced in Congress in November 2017 by Sen. Sherrod Brown of Ohio and Rep. Richard Neal of Massachusetts to bail out bankrupt multiemployer pensions. As to the cost, their press release asserts:

Opponents of the bill have attempted to poke holes in it by saying it would cost too much. Some had estimated the 10-year cost would be upwards of $100 billion. However, the Congressional Budget Office [CBO] in September put the decade-long cost at $34 billion instead. The Teamsters’ own evaluation of the bill places the cost at $30.1 billion.

So where did that $100 billion number come from?

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Breaking News: Two More Plans Get MPRA Letters

Last April both the Plasterers Local 82 Pension Fund of Portland, OR and the Plasterers and Cement Masons Local No. 94 Pension Fund out of Harrisburg, PA submitted applications under MPRA to cut benefits. According to the MPRA website both got response letters dated November 8, 2018.

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Bailout Committee Election Results

Now that we have a  Democratic House of Representatives the chances are excellent for some sort of bailout of multiemployer plans to be legislated in the next Congress. That is, unless those Democrats on the bailout committee fared poorly in yesterday’s election thus sending some sort of message. Here are the committee members with results for those who had races:

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Central States Lobbying

The bailout committee has been silent for months waiting for a Democratic Congress to come in but that does not mean Central States has not been telling their unions to get some coverage:
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The Road Carriers Local 707 Pension fund was 12.91% funded as of September 1, 2013. Their MPRA application was denied and they went broke in 2017 with retirees taking, on average, a 60% cut with PBGC ‘loans’ picking up 75% of those reduced benefits.

What does this augur for the Central States, Southeast & Southwest Areas Pension Plan?

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MPRA 5500 Data (5): Funded Ratios

Of the 25 multiemployer plans that have filed under MPRA so far there has not been much of a correlation between a plan’s funded ratio and the outcome of their application. Here is the list sorted by funded ratio:

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MPRA 5500 Data (4): Timeline

Based on a commenter suggestion we have added the initial filing and last action date to the spreadsheet of 25 multiemployer plans that have filed under MPRA.

There are 34 submissions altogether on the MPRA website as some plans have withdrawn or been denied and then refiled. Here is the list sorted by initial filing date:

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MPRA 5500 Data (3): Road Carriers 707 Augury

On March 15, 2016 the Road Carriers Local 707 Pension Fund applied to cut benefits under MPRA. On June 24, 2016 that application was denied and the plan went broke. Their latest 5500 filing shows that as of January 31, 2018 they have $12 to invest.

Here is their story, as pieced together from 5500 filings, which is an augury for several hundred other multiemployer plans- regardless of what their MPRA letter says.

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