Archive for the ‘Multiemployer Pensions’ Category

Breaking News: NYS Teamsters Conference Pension Fund Gets MPRA Letter

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 and on May 15, 2017 they refiled. Yesterday they got their letter:

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2025 Insolvency for PBGC Multiemployer Program

Today the Pension Benefit Guaranty Corporation (PBGC) released its FY 2016 Projections Report, an annual actuarial evaluation forecasting the future financial condition of PBGC’s Single-Employer and Multiemployer Programs noting, among other things, that:

The risk of insolvency accumulates year by year, leaving the multiemployer program fund more likely than not to use up all of its assets by the end of fiscal year (FY) 2025. While the program covers only roughly one-quarter of private sector defined benefit pension participants, it continues to have deficits (i.e., negative net positions) much larger than those of the single-employer program. Those deficits are expected to grow, in nominal dollars, over time. (page 1)

Here are the other things  of note:
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Critical Data On Multiemployer Plans

Pensions & Investments covered it but no other media outlet seems to take the institutionalization of theft by government bureaucracy as newsworthy. The sad part is that the participants in the United Furniture Workers Pension Fund A are hardly alone. According to a spreadsheet created from 1,234 Schedule MB filings for 2015 there are 333 other multiemployer (union) plans with larger deficits.

The Pension Benefit Benefit Guaranty Corporation (PBGC) keeps track of troubled multiemployer plans and form 5500 filings have these MB actuarial certifications but you have to know what to look for. Here it is….

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Breaking News: United Furniture Workers Pension Fund A Gets MPRA Letter

On August 17, 2016 trustees of the United Furniture Workers Pension Fund A out of Nashville, TN became the eighth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency. That application was withdrawn on February 21, 2017 and resubmitted on March 15, 2017. Yesterday they got their letter.

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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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