Archive for the ‘Multiemployer Pensions’ Category

MPRA Vote Fix

Activity on the MPRA website has slowed down considerably as everyone waits for a bailout. The current scoreboard:

  • Approved: 13
  • Withdrawn: 6
  • Denied: 4
  • In Review: 2

Now we have a proposed law change that would essentially forestall any more applications. According to P&I:

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Pensions and a Purple Rain for Musicians.

Good afternoon gentle reader.  I apologize for being absent so long.  While quiet, I have not been idle.

I am writing after reading Mr. Burys’ blog about the “American Federation of Musicians And Employers’ Pension Fund”.  This is yet another tragedy in a long and growing list of pensions that have and are failing.  Are there any lessons to be learned?  A reasonable question is to ask what when wrong?

I have built a database of 5500 data from 2009 through 2017.  A survey of this data for all multiemployers and for just the Musicians is most revealing.

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Musician Pensions on Brink of Being Slashed

From the story in the Tennessean:

The musicians received an email in February with a warning: It is expected to run out of money in 20 years and join the “critical and declining” category. Federal law allows pension plans in this group to reduce benefits in order to keep the plan solvent. The musicians’ plan’s actuaries expect to hit this milestone in the fiscal year beginning this April.

So how madly funded in the the American Federation of Musicians and Employers’ Pension Fund? From the latest 5500 filing for the plan:

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Inaction In Action on Multiemployer Plans

After decades of allowing multiemployer plans to follow their own rules and/or whims when it came to funding we have this staged event to plant more bailout seeds:

After skimming through the testimony (and even that was painful) this second brief clip summed it up for me:

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The Cost of Inaction: Why Congress Must Address the Multiemployer Pension Crisis

After decades of inaction, tomorrow morning the Subcommittee on Health, Education, Labor, and Pensions, spurred by worried retired mine workers, is scheduled to hear from these witnesses:

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Breaking News: Laborers’ Local 265 Pension Fund MPRA Letter

The MPRA webstie popped up with another multiemployer plan resolution. This time it was the Laborers Local 265 Pension Plan out of Cincinnati, OH which withdrew their application.

Excerpts from their latest 5500 filing:

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Breaking News: Another Union Plan Approved for Benefit Cuts

The last of the four plans that submitted applications last July to cut benefits under MPRA got their letter.

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