Archive for the ‘Multiemployer Pensions’ Category

Breaking News: Local 805 Refiles

Local 805 Pension Fund of New York, NY withdrew their application for benefit suspensions last September reserving the right to refile. Today on the MPRA website their reapplication popped up.

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FO Central States (4): UPS/IBT 5500 History

UPS did set up a new plan in 2008 for former participants in the Central States Pension Plan not yet retired and a review of form 5500 filings going back to 2009 (earliest year available on efast) for the UPS/IBT Full Time Employee Pension Plan provides some perspective (and contrast). It is a Defined Benefit Plan but benefits are flat dollar (code 1B) instead of salary-based (1A) and there is some sort of offset (1D) on the benefit. The plan’s normal retirement age is 65 which is higher than the average reported for the Central States Plan (59 on the SB in 2009) with those participants moving over presumably having their benefits (including retirement age) protected.

But the biggest difference between this new UPS/IBT and the Central States plan:

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FO Central States (3): UPS Withdrawal – 2007

The Pension Protection Act of 2006 was set to require stricter funding rules for multiemployer plans in 2008 and, worried about participating in a seriously underfunded plan, the United Parcel Service (UPS) wanted out of the Central States Pension Plan in 2007. Here is some history of what happened that year as taken from the Teamsters website (T), Internet sources (I), and court papers and other correspondence (C).

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FO Central States (2): 5500 History

A review of form 5500 filings going back to 2007 for the Central States Pension Plan tell some stories and provide some perspective:

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Focus On: Central States (1) Current Status

In this new series* I will look at one plan in detail based primarily on 5500 data publicly available (though in this case I also have a lot of material obtained under the Freedom of Information Act regarding the 2007 UPS withdrawal) that some concerned participants shared with me.

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Multiemployer Crisis Resolution by Committee

Multemployer (union) plans are going broke very quickly and a bailout* is the preferred option for the unions who, for their own reasons, want these plans to continue even if in a zombie state. To that end, as part of yesterday’s budget deal, we got this:

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SOA Papers

Four papers from the Society of Actuaries (SOA) just dropped:

U.S. Single Employer Pension Plan Contribution Indices, 2009-2015

U.S. Multiemployer Pension Plan Contribution Indices, Updated Through 2015

U.S. Multiemployer Pension Plan Stress Metrics: Previous Benefit Cost and Previous Benefit Cost Ratio

U.S. Multiemployer Pension Plan Withdrawals, 2009-2015 (PDF)

Taking 5500 data off the DOL website yielded these observations from the SOA with my notes in (brackets):

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