Three more multiemployer pension plans have applied for permission to reduce benefits to remain solvent, according to Treasury Department’s website list of applications under the Kline-Miller Multiemployer Pension Reform Act of 2014.
Alaska Ironworkers Pension Plan, Anchorage, with 1,573 participants, is projected to be insolvent in 15 years without permission to reduce benefits. In its latest financial report, it reported assets of $56.5 million and a 59% funding level.
International Association of Machinists of Motor City Pension Fund, Troy, Mich., with 1,197 participants, also projects insolvency in 15 years. A call to the benefit administrator for the pension fund was not returned at press time.
Local 805 of the International Brotherhood of Teamsters Pension & Retirement Fund, New York, with 2,065 participants, is projecting insolvency within six years. As of March 31, 2016, the most recent data available, the pension fund had $51.7 million in assets. A call to the fund administrator was not returned at press time.
Further details on the plans’ financial conditions and applications were not available on the Treasury website.
Separately, New York State Teamsters Conference Pension and Retirement Fund, Syracuse, notified Treasury officials in an April 5 letter that it was withdrawing an application submitted in August but intends to file a new one shortly. As of Jan 1, 2014, the most recent 5500 filing, the plan was 46.5% funded, with $1.46 billion in assets and $3.14 billion in liabilities.