Archive for the ‘Multiemployer Pensions’ Category

Breaking News: NYS Teamsters Refile

On August 30, 2016 trustees of the New York State Teamsters Conference Pension and Retirement Fund out of Syracuse, NY became the ninth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency. On April 5, 2017 they withdrew that application but, according to a story in the Albany Times Union, were planning to refile. On May 16, 2017 they did just that.

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KOPPA Spiel

This week saw the re-rollout of the Keep Our Pension Promises Act (KOPPA) which will likely go nowhere but it does give us an insight into how a law might get passed these days.

First, start off with a false premise:

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Breaking News: Automotive Industries Pension Fund Gets MPRA Letter

On September 27, 2016 trustees of the Automotive Industries Pension Fund out of Alameda, CA became the tenth multiemployer (union) plan (and with 25,834 participants the third largest) to file for benefit cuts under MPRA in an attempt to avoid insolvency.  In a letter dated yesterday they got their response:

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UPIC (10) 2015 Update

Late last year we ran a series of blogs on Union Plans In Crisis based on Schedule MB actuarial information for 2014 concentrating on (at the time) ten plans that sought to cut benefits under MPRA. There are now five more plans and the 2015 MB data is out so it is time for an update:

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United Mine Workers Update

22,000 retired union coal miners in seven states, members of the United Mine Workers of America (UMWA), whose former companies went bankrupt over the past few years are counting on Congress to keep their health benefits through the week.  According to the the UMWA website:

Current status of legislation to protect health care benefits

FOR IMMEDIATE RELEASE

APRIL 27, 2017

Current status of legislation to protect health care benefits

“Congress will pass a temporary, stop-gap funding bill today that will fund the government through May 5, 2017. It includes language that will extend your benefits through that date.

We expect that the full government funding bill Congress passes will include funding for your benefits. Language doing that is in both the House and the Senate version of the legislation. We believe that your benefits will be extended unless, for some reason, Congress shuts the government down.”

But as for the UMWA Pension Plan, the outlook is even darker.

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NYS Teamsters Plan To Refile – With a Twist

On August 30, 2016 trustees of the New York State Teamsters Conference Pension and Retirement Fund out of Syracuse, NY became the ninth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency. On April 5, 2017 they withdrew that application but, according to a story in the Albany Times Union, are planning to refile with a twist (emphasis added):

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Breaking News: Fifteenth Union Plan Files

The Southwest Ohio Regional Council of Carpenters Pension Plan out of Austintown, OH just became the fifteenth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency.

From their latest 5500 filing here is the plan’s relevant data:

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