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Multiemployer pension plans in "critical and declining" status

Date Published: 
Tuesday, February 3, 2015
Source/Author: 
Center for Retirement Research at Boston College

The Multiemployer Pension Reform Act of 2014 allows the trustees of certain multiemployer pension plans to reduce pensions, including the benefits of retirees. Read a summary of the cutback provisions of the law here.

The Center for Retirement Research at Boston College has compiled a list of 100 plans that may be permitted to cut benefits as a result of the new law. This is not a definitive list. It was created using data from U.S. Department of Labor’s Form 5550s, financial reports that pension plans are required to file each year. All projections assume that money contributed to the plan and benefits paid remain at current levels and that the plan achieves an assumed rate of return each year. There may be plans on the list that are not eligible to reduce benefits, and there may be plans that are not on the list that are eligible to cut benefits, or that will be eligible in the future, if their financial status worsens.  

It is important to note that the new law authorizes but does not require benefit cuts. It is up to plan trustees to decide whether to cut benefits and how much they will be reduced. You may want to contact the trustees of your plan and ask if they are planning to reduce benefits and, if so, how much the reductions will be.  

To determine how much your pension might be reduced if your plan trustees were to make the largest cuts permitted by this new law, use our calculator.

Here is the list of plans in order by the state where the plan is headquartered.

 

Plans that may cut benefits as a result of the Multiemployer Pension Reform Act of 2014:

Plan Name Year
of
Data
Projected Years until Insolvency Ratio of Inactive to Actives Total # of Members Actuarial Funded Ratio
AB&GW Intl Union AFL-CIO Clc Eastern Dist Cncl No 12 Pension Plan 2012 15 2.8 545 52.0%
Ala Lithographic Industry Pension Plan 2012 5 19.3 4,126 35.2%
Alaska Ironworkers Pension Plan 2013 16 5.3 808 54.3%
Americas Family Defined Benefit Plan 2012 11 3.3 3,187 57.3%
Asbestos Workers Local Union No. 55 Pension Plan 2012 17 3.2 269 75.7%
Asbestos Workers Union Local No. 64 Pension Plan 2011 1 8.3 139 3.1%
Automotive Industries Pension Plan 2012 19 5.3 26,331 58.3%
Bac Local #5 New York Pension Plan 2012 12 4.1 972 45.3%
Bakery & Confectionery Union & Industry International Pension Fund 2012 20 3.5 114,224 65.0%
Bakery and Sales Drivers' Local 33 Industry Pension Plan 2013 9 19.9 712 48.2%
Bakery Drivers & Salesmen Local 194 & Industry Pension Fund 2012 14 4.1 1,882 69.6%
Bakery Drivers Local 550 and Industry Pension Fund 2012 18 2.9 2,082 44.3%
Bakery Drivers Local 802 Pension Fund 2012 15 3.4 1,816 58.1%
Bindery Industry Employers GCC/IBT Pension Plan 2012 9 3.6 976 47.2%
Bricklayers & Allied Craftsmen Local 7 Pension 2013 19 2.5 490 57.1%
Butcher and Provision Workers Pension Fund of Southern California 2008 18 7.0 4,184 79.8%
California Winery Workers Pension Plan Trust 2010 10   5,859 56.2%
Cement Masons Local No. 567 Pension Plan 2013 15 2.6 182 65.9%
Cement Masons Local Union 681 Pension Plan 2013 5 27.0 280 27.8%
Central States, Southeast & Southwest Areas Pension Plan 2012 12 4.9 411,238 53.9%
Chicago Foundry Workers Pension Plan 2010 6 50.0 510 57.4%
CMTA - Tool and Die Craftsmen Association Pension Trust 2013 10 14.5 232 56.5%
CTDU - Pension Fund 2013 13 19.9 4,312 65.0%
CWA/ITU Negotiated Pension Plan 2013 18 10.0 32,504 68.0%
Distributors Association Warehousemen's Pension Trust 2013 19 2.5 5,031 59.4%
Emp. Pension Benefit Plan Lo. 640 I.A.T.S.E. 2013 16 3.0 170 57.2%
Freight Drivers and Helpers Local Union No. 557 Pension Plan 2012 13 6.7 2,904 60.6%
Graphic Communications Conference of The International Brotherhood Of Teamsters National Pension Fund 2013 15 8.8 38,281 52.0%
Graphic Communications International Union Local 96-B Pension Fund 2012 9 37.3 651 41.2%
Graphic Communications Int'l Union Local 119b NY Printers League Pension Fund 2013 9 55.2 1,856 63.3%
Graphic Communications Int'l Union No. 147-B 2012 9 21.3 178 45.0%
Graphic Communications Union Local 2-C Retirement Benefit Plan 2012 4 348.0 698 19.9%
Greater Cleveland Moving Picture Projector Operators Pension Plan 2012 13 3.6 144 47.3%
Greater Wisconsin Multi-Employer Retirement Income 2012 16 15.9 2,540 65.3%
Hawaii Shopmens Local 803 Pension Plan 2012 19 8.2 184 77.5%
I.A. Of M. Motor City Pension Fund 2013 13 5.3 1,182 65.7%
Idaho Signatory Employers-Laborers Pension Plan 2012 13 1.9 797 53.9%
Insulators Local 112 Pension Trust Fund 2013 6 51.8 317 32.2%
Int'l Union of Tool, Die And Mold Makers Pension Plan 2012 8 45.3 185 49.7%
IRC-FM in Southern California snd Cabinet Makers, Millmen And Industrial Carpenters Local 721 Pension Trust Fund 2011 11 8.1 1,562 56.8%
Iron Workers Local 17 Pension Fund 2013 20 2.2 2,067 37.5%
Iron Workers Local 580 Shop Pension Fund 2013 15 35.4 1,019 76.3%
Ironworkers Local #16 Pension Plan 2012 17 2.5 1,140 65.0%
Ironworkers Local No.6 Pension Plan 2008 9 3.4 848 41.0%
Ironworkers-Laborers Pension Plan of Cumberland Md 2013 19 3.0 795 55.9%
Licensed Tugmen's and Pilots' Pension 2012 8 7.2 206 57.6%
Local 138 Pension Trust Fund 2012 13 4.6 2,029 56.5%
Local 365 UAW Pension Fund 2012 10 22.9 4,229 53.4%
Local 447 Pension Fund 2012 6 44.1 1,217 43.7%
Local 584 Pension Trust Fund 2013 10 2.1 2,486 41.6%
Local 731 IBT Textile Maintenance And Laundry Craft Pension Fund 2013 18 4.2 939 42.4%
Local 734 Pension Fund 2013 16 14.0 2,670 55.7%
Local 805 Pension & Retirement Fund 2013 11 2.5 2,082 61.6%
Local 810 Affliated Pension Plan 2012 17 5.8 1,746 76.4%
Local 917 Pension Fund 2012 19 5.1 2,006 71.6%
Local 966 Pension Plan 2012 14 13.3 2,764 70.8%
Local No. 863 Pension Plan 2013 9 26.7 2,853 47.8%
Local One Photoengravers Pension Fund 2012 6 213.0 642 54.5%
Maint Emp Teamsters Local 416 Of Cleveland Pension Fund 2013 4 2.3 688 13.0%
Management-Labor Pension Fund Local 1730 ILA 2012 10 7.9 567 62.8%
Maryland Race Track Employees Pension Fund 2012 20 2.2 1,527 67.7%
Milwaukee Brewery Workers Pension Plan 2012 18 9.2 2,568 69.8%
Mlwrts & Machinery Erectors Lu No 1545 Pension Plan 2011 5 1.9 203 37.9%
New Orleans Employers-International Longshoremen's Association, AFL-CIO, Pension Plan 2013 13 4.6 3,459 62.3%
Operating Engineers Local 800 & Wyoming Contractors Association, Inc. Pension Plan for Wyoming 2012 14 2.8 1,283 75.5%
Pension Fund of Moving Picture Machine Operators Union Of Greater New York, Local 306 2012 10 6.1 685 57.4%
Pension Plan of Local 47 Bricklayers And Allied Craftman 2013 2 1.4 321 53.4%
Pension Plan-Amalgamated Meat Cutters & Retail Food Store Local 342 2010 9 185.7 4,481 66.4%
Plumbers & Pipefitters of Local Union No. 333 Pension Fund 2013 14 0.7 959 58.7%
Printing Industry and Union Consolidated Pension Plan 2008 6 63.4 322 48.2%
Printing Local 72 Industry Pension Plan 2013 19 2.8 956 53.0%
Production Workers Pension Fund 2012 14 40.3 495 77.4%
Resilient Floor Covering Pension Fund 2012 19 2.5 3,804 74.2%
Retail Clerks Specialty Stores Pension Plan 2012 10 23.4 2,025 77.2%
Retirement Benefit Plan of GCIU Detroit Newspaper Union 13n with Detroit Area Newspaper Publishers 2012 8 776.0 777 47.2%
Retirement Plan Of Bricklayers Local No. 1 Of Rich 2013 10 8.9 562 54.6%
Road Carriers Local 707 Pension Fund 2013 5 4.4 4,751 24.0%
Roofers Local 195 Pension Fund 2010 5 1.0 349 10.3%
San Diego County Teamsters Pension Plan 2013 9 8.5 950 38.8%
San Francisco Lithographers Pension Trust 2013 9 21.7 1,931 50.8%
So. California, Arizona, Colorado, & So. Nevada Glaziers, Architectural Metal & Glass Workers Pension Plan 2012 1 4.2 4,580 5.3%
Soft Drink Industry - Local Union No. 710 Pension Fund 2012 19 2.2 3,554 70.1%
St. Louis Graphic Arts Pension Fund 2012 11 5.5 2,878 63.6%
Teamsters Local 264 Van Drivers Pension Fund 2013 9 13.0 154 42.7%
Teamsters Local 408 Pension Plan 2012 9 3.7 1,176 39.5%
Teamsters Local 617 Pension Fund 2013 9 158.6 1,117 60.3%
Teamsters Local 641 Pension Fund 2013 10 5.0 4,256 42.5%
Teamsters Union Local No. 52 Pension Fund 2012 14 4.5 1,010 43.9%
Textile Processors Service Trades Health Care Professional And Technical Employees International Union Local No 1 Pension Fund 2012 5 14.3 1,191 23.9%
Trucking Employees of North Jersey Pension Fund 2012 12 7.0 7,304 46.9%
U.F.C.W. District Union Local Two and Employers Pension Fund 2013 18 7.7 7,364 68.1%
U.T.W.A. N.J. Union Employer Pension Plan 2012 15 25.6 639 67.6%
UFCW Local 174 Commercial Pension Fund 2012 16 18.0 1,614 72.6%
UFCW Pension Fund of Northeastern Pennsylvania 2009 10 15.8 1,866 59.0%
Union De Tronquistas De Puerto Rico Local 901-Pension Plan 2013 15 7.6 4,426 29.7%
United Brick & Clay Workers AFL-CIO District Council 9 Pension Plan 2010 4 33.7 486 19.1%
United Furniture Workers Pension Fund A 2013 13 6.9 10,683 47.6%
United Mine Workers of America 1974 Pension Plan 2013 16 9.7 115,120 72.3%
Western Pennsylvania Teamsters and Employers Pension Fund 2012 16 3.6 24,129 53.5%
Whse Employees Union Local 169 and Employers Joint Pension Fund 2012 16 5.6 4,831 62.1%
Wyoming Carpenters Pension Plan 2012 2 17.8 376 8.2%

 

Note: This list was originally published in an article by Michael Fletcher in the Washington Post on January 28, 2015.

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