The Coming Union Pension Plan Collapse
by Warner Todd Huston | March 8, 2010 9:00 am
At the blog YidWithLid.blogspot.com[1] Sammy Benoit has posted an interesting piece about the mess befalling so many failing union pension funds across the nation. The post includes a very useful chart that shows the trouble in which some of the largest union pension funds find themselves.
The upshot is that these pensions are on the verge of total collapse which will leave millions of retiring union members and those already retired bereft of the pensions that they had assumed would carry them into their golden years.
The list is extremely scary. This is a disaster for many people. But what is the solution? Naturally the unions are hoping that government is the solution. But the problem with a government bailout is that should a bailout happen the unions will not learn the important lesson that they should learn from the necessary collapse, necessary to reign in their excess. Sadly, many will be hurt by this reigning in of unions, but these same members should never have allowed their unions to get so out of hand in the first place!
So, courtesy of YidWithLid…
The list of 108 union pension plans below is from the Moody’s September 2009 report. The ones in green print are at the endangered level, the ones in red are critical.
.
.
Union Pension Plan
% Funded
.
Alaska Hotel & Restaurant Employees Pension Plan
79.70%
.
American Federation of Musicians & Employers Pension
78.90%
.
Teamsters Local 639 Employers Pension Trust
76.10%
.
Producer-Writers Guild of America Pension Plan
75.90%
.
Ohio Operating Engineers Pension Plan
75.70%
.
Laborers District Council and Contractors Pension Fund of Ohio
75.40%
.
Southern Nevada Culinary & Bartenders Pension Trust
75.40%
.
Alaska Electrical Pension Plan
74.30%
.
Alaska Laborers – Employers Retirement Fund
73.70%
.
Electrical Contractors Assoc. of City of Chicago Union 134, IBEW Jt. Pension 2
73.70%
.
Carpenters Retirement Plan of Western Washington
73.10%
.
Automotive Industries Pension Plan
72.40%
.
American Maritime Officers Pension Plan (2005)
72.40%
.
United Mine Workers of America 1974 Pension Plan
72.30%
.
GCIU Local 119B NY Printers League Pension Fund
71.40%
.
National Elevator Industry Pension
71.00%
.
Western Conference of Teamsters
70.60%
.
Newspaper GUILD of NY the New York Times Pension Plan
70.50%
.
Chicago District Council of Carpenters Pension Fund
70.10%
.
District No. 9, IAM and Aerospace Workers Pension
69.70%
.
Rocky Mt. UFCW Unions & Employers Pension Plan
69.50%
.
Hotel/Casino – Summary
69.50%
.
NECA-IBEW Pension Trust Fund
69.20%
.
Central Pension Fund of the IUOE and Participating Employers
69.20%
.
AFTRA Retirement Plan
68.90%
.
Carpenters Pension Trust Fund of St Louis
68.60%
.
MA State Carpenters Pension Fund
68.60%
.
National Automatic Sprinkler Industry Pension
67.80%
.
Midwest Operating Engineers Pension
67.80%
.
Retail Clerks Pension Plan
67.70%
.
Electrical Workers Pension Fund, Local 103, IBEW
67.50%
.
Building Trades United Pension Trust Fund MIL and Vicinity
67.40%
.
CWA/ITU Negotiated Pension Plan
66.80%
.
UFCW Unions & Employers Midwest Pension Fund
66.70%
.
Laborers Pension Fund
66.70%
.
Carpenters Pension Fund of Philadelphia and Vicinity
66.40%
.
UFCW International Union Pension Plan for Employees
66.40%
.
Alaska Teamster-Employer Pension Plan
66.30%
.
Steelworkers Pension Trust (2007)
66.20%
.
Hotel Industry-ILWU Pension Plan
65.70%
.
National Asbestos Workers Pension Fund
65.20%
.
IUOE Stationary Engineers Local 39 Pension Plan
65.20%
.
SEIU National Industry Pension Fund
65.00%
.
Trucking Employees of North Jersey Welfare Fund Inc. Pension Fund
65.00%
.
Massachusetts Laborers Pension Fund
64.70%
.
California Ironworkers Field Pension Trust
64.50%
.
Carpenters Pension Fund of Illinois
64.20%
.
Automotive Machinists Pension Plan
63.80%
.
NJ Carpenters Pension Fund
63.60%
.
The Newspaper Guild International Pension Plan
62.80%
.
Minnesota Laborers Pension Fund
62.40%
.
Bakery & Confectionery Union & Industry International Pension
62.30%
.
Laborers National Pension Fund
62.10%
.
Operating Engineers Pension Trust
61.70%
.
UFCW Unions and Food Employers Pension Plan of Central Ohio
61.30%
.
UFCW Nothern California Joint Pension
61.00%
.
Carpenters Pension fund of Western Pennsylvania
60.80%
.
Newspaper and Mail Delivers – Publishers Pension Fund
60.50%
.
Carpenter Pension Trust for Southern California
60.40%
.
BERT Bell Pete Rozelle NFL Player Retirement Plan
60.00%
.
Major League Baseball Players Pension Plan
59.60%
.
Sheet Metal Workers Pension Plan of S. CA, Arizona and Nevada
59.50%
.
NY District Council of Carpenters Pension Plan
59.30%
.
SO CA UFCW Union Joint Pension
58.40%
.
National Electrical Benefit Fund
58.20%
.
Boilermaker Blacksmith National Pension
58%
.
GCIU-Employer Retirement Fund
57.60%
.
ILWU-PMA Pension Plan
56.90%
.
Masters, Mates & Pilots Pension Plan
56.60%
.
Wisconsin Carpenters Pension Fund
56.50%
.
Electrical Workers Pension Trust Fund of Local Union 58
55.80%
.
Automotive Mechanics Local No. 701 Union Pension Fund
55.60%
.
IB of T Union Local 710 Pension
55.60%
.
Michigan Laborers Pension Fund
55.30%
.
PACE Industry Union-Management Pension Fund
55.20%
.
Pipe Fitters Retirement Fund Local 597
55.20%
.
Sheet Metal Workers Pension Plan of Northern Calif
55.10%
.
Central Pennsylvania Teamsters Defined Benefit Plan
55.10%
.
NY Hotel Trades Council and Hotel Association of NYC Pension Fund
55.10%
.
Teamsters Joint Council No. 83 of Verginia Pension Fund
54.90%
.
National Integrated Group Pension Plan
54.50%
.
Plumbers & Pipefitters National Pension
54.50%
.
Central Laborers Pension Fund
54.20%
.
Iron Workers District Council of Southern Ohio & Vicinity Pension Trust
53.90%
.
Carpenters Pension Trust Fund for Northern California
53.70%
.
Bricklayers & Trowel Trades International Pension Fund
53.60%
.
Western Pennsylvania Teamsters and Employers Pension Plan
53.10%
.
Chicago Newspaper Publishers Drivers Union Pension Trust
52.90%
.
OE Pension Trust Fund
52.40%
.
Indiana State District Council of Laborers & Hod Carriers Pension Fund
51.70%
.
NYS Teamsters Conference Pension & Retirement Fund
51.40%
.
LIUNA National Industrial Pension Fund
50.30%
.
Michigan Carpenters Pension Fund
50.20%
.
Twin City Carpenters Pension Fund
50.20%
.
Laborers Pension Trust Fund for Northern California
50.00%
.
HERE Local 25 and Hotel Association of Washington, DC Pension
49.30%
.
Central States SE&SW
48.50%
.
Teamsters Pension Trust of Philadelphia and Vicinity
48.50%
.
Operating Engineers Local 324 Pension Fund
47.30%
.
Laborers District Council of W. PA Pension Fund
46.80%
.
Iron Workers Local No. 25 Pension Trust Fund
46.40%
.
Local 705 IB of T Pension Trust Fund
46.30%
.
Building Service 32B-J Pension Fund
42.30%
.
Carpenters Pension Trust Fund Detroit & Vicinity
41.40%
.
New England Teamsters & Trucking Industry Pension
40.50%
.
FELRA and UFCW Pension Fund
39.80%
.
Local 804 I.B.T. and Local 447 IAM UPS Multi-employer Retirement Plan
39.70%
.
Sheet Metal Workers National Pension Fund
38.00%
Endnotes: YidWithLid.blogspot.com: http://yidwithlid.blogspot.com/2010/03/how-coming-union-pension-plan-collapse.html