Archive for the ‘Multiemployer Pensions’ Category

Multiemployer Defined Benefit Plan Data

The Congressional Research Service (CRS) released Data on Multiemployer Defined Benefit (DB) Pension Plans.

Excerpts and some updated charts follow:

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Breaking News: Bricklayers Withdraw

Earlier this year the Bricklayers and Allied Craftsmen Local No. 7 Pension Plan out of Austintown, OH (which was the sixth plan to file and then withdrew their application) refiled. Today that application has been withdrawn even though they might now have $7 million left in the fund and negative cash flow of $2.5 million according to their latest 5500 filing:

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Heroes Act Summary

Though unlikely to be enacted now H.R. 6800, The Heroes Act, could be a portent of what we get with a Biden administration so, with that in mind, here are some excerpts taken from a summary prepared by the Democratic staff of the House Committee on Appropriations dealing with pension matters of interest (to me).

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MPRA Benefit Cut Impact

Both the Intl Assoc. of Machinists Motor City Pension Fund and the Alaska Ironworkers Pension Plan were allowed in 2018 to cut benefits under the Multiemployer Pension Reform Act (MPRA) and both have June 30 plan year ends so we now have those full year 6/30/19 5500 filings to make comparisons.

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UMWA 5500 Update – 6/30/19

Last year 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.

On April 15, 2020 (eschewing the three month Covid filing extension) the plan submitted their 5500 form for the year ended 6/30/19 confirming the timeline. Continue reading

Breaking News: Detroit Carpenters Withdraw

Last fall the Carpenters’ Pension Fund of Detroit and Vicinity applied to cut benefits under MPRA.

Today it appeared that the application has been withdrawn:

Carpenters Pension Trust Fund – Detroit & Vicinity Click here for Application 09/23/2019 Comment on Application Withdrawn

From their latest 5500:

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Multiemployer Defined Benefit Plan Primer

The Congressional Research Service (CRS) released A Primer on Multiemployer Defined Benefit (DB) Pension Plans.

Excerpts and some updated charts follow:

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