Summary
Multiemployer defined benefit (DB) pension plans are private-sector pensions sponsored by more than one employer and maintained as part of a collective bargaining agreement. In DB plans, participants typically receive regular monthly benefit payments in retirement. In 2017, about 3% of all private-sector DB pension plans, covering 29% of all DB pension plan participants, were multiemployer DB plans. In that year, there were 1,229 multiemployer DB plans with 10.4 million participants. Among multiemployer DB plans, 9.2% of plans covering 11.8% of participants were financially troubled and expected to become insolvent within 19 years (in critical and declining status).
Section 9704 in Title IX, Subtitle H, of the American Rescue Plan Act of 2021 (ARPA; P.L. 117-2) provides special financial assistance in the form of grants to eligible financially troubled multiemployer DB pension plans. Plans receiving special financial assistance are to be able to pay benefits through 2051.
A plan is eligible for special financial assistance if it (1) is in critical and declining status in any plan year from 2020 through 2022; (2) had an application to suspend benefits under the Multiemployer Pension Reform Act of 2014 (MPRA, enacted as part of P.L. 113-235) approved prior to the enactment of ARPA (March 11, 2021); (3) is in critical status in any plan year from 2020 through 2022, has a modified funded percentage of less than 40% (calculated as the current value of plan assets divided by the present value of plan liabilities, using a specified interest rate), and the ratio of active to inactive participants is less than 2:3; or (4) became insolvent after December 14, 2014, and was not terminated by the date of enactment of ARPA.
This report provides a list of plans that meet or might meet these eligibility criteria based on the most recent available data from the Department of Labor (DOL), the Department of the Treasury, and the Pension Benefit Guaranty Corporation (PBGC). Because this report uses the most recently available data (in some cases from plan year 2018 or 2019), some plans listed may not be eligible based on their financial conditions in 2020, 2021, or 2022. Similarly, some plans that are not listed in this report based on financial information from 2018 or 2019 might become eligible based on their financial conditions in 2020, 2021, or 2022. In addition, it is possible that some eligible plans might not apply for special financial assistance, perhaps because, in some cases, the amount of special financial assistance they would receive would be zero or a very small amount. More detailed information regarding eligibility for, and calculating the amount of, special financial assistance is to be available when PBGC issues regulations or guidance. Under ARPA, PBGC is required to issue regulations or guidance by July 9, 2021.
Introduction
Section 9704 in Title IX, Subtitle H, of the American Rescue Plan Act of 2021 (ARPA; P.L. 117-2) provides financial assistance to eligible financially troubled multiemployer defined benefit (DB) pension plans. For more information on Section 9704, see CRS In Focus IF11765, Special Financial Assistance to Multiemployer Plans.
This report provides a list of multiemployer DB plans that meet or might meet the eligibility requirements for the special financial assistance using the most recently available data. The report provides (1) background on multiemployer DB pension plans, (2) an overview of the special financial assistance, (3) a description of the four eligibility criteria, and (4) a listing of plans (along with each plan's participant and funding data) that satisfy the eligibility criteria using the most recently available data. An Appendix also lists the plans that meet or might meet each criteria, separated by criteria and in alphabetical order.
The list of eligible plans in this report should not be interpreted as definitive. Eligibility for special financial assistance under some criteria—such as those that have had applications to suspend benefits under the Multiemployer Pension Reform Act of 2014 (MPRA, enacted as part of P.L. 113-235) approved—can be determined with certainty. However, eligibility under other criteria depends on the financial condition of plans in 2020-2022. Data is not yet available for these years for all plans; this report uses the most recently available public data to identify plans that might be eligible. Additional plans might become eligible for special financial assistance based on their financial conditions in plan years 2020-2022. Similarly, plans that meet eligibility criteria based on their 2018 or 2019 data might improve their financial conditions and would no longer meet eligibility criteria based on their 2020-2022 data.
In addition, this report is not intended to indicate which plans will apply for special financial assistance. Eligible plans may, but are not required to, apply for special financial assistance. Finally, some plans that are eligible and apply for special financial assistance might not receive any, depending on forthcoming regulations or guidance to be issued by the Pension Benefit Guaranty Corporation (PBGC).
Background on Multiemployer DB Plans
A multiemployer pension plan is sponsored by more than one employer and is maintained as part of a collective bargaining agreement. In DB plans, participants typically receive regular monthly benefit payments in retirement.1
In 2017, there were 1,229 multiemployer DB plans with 10.4 million participants. Among multiemployer DB plans, 9.2% of plans covering 11.8% of participants were financially troubled and expected to become insolvent within 19 years (in critical and declining status).
In some instances, eligibility for special financial assistance depends on three measures of a plan's financial health: its funded ratio, its zone certification status, and the ratio of active to inactive participants.
A plan's funded ratio measures plan assets (i.e., the value of a plan's investments) as a percentage of plan liabilities (the value of benefits owed). A plan with a funded ratio of 100% has sufficient assets to pay all promised benefits. In contrast, a plan with a funded ratio of 50% is able to fund half of all promised benefits. The funded ratio is an important determinant for a plan's zone status, described below.
Plans report two different funded ratios, which are calculated as the proportion of plan assets to plan liabilities. This is because plans report two values of assets and two values of liabilities: the actuarial value and current value of assets and the actuarial value and the current value (RPA '94, named for the Retirement Protection Act of 1994) of liabilities.
The two values of assets are generally similar. The main difference between the two values of liabilities is the discount rate used to calculate the present value of future benefit obligations.2 The actuarial valuation of liabilities typically discounts them using the expected return on assets. The RPA '94 current liability uses a lower discount rate based around the interest rates on 30-year Treasury securities. The RPA '94 valuation method results in a higher valuation of plan liabilities compared to the actuarial valuation method. Thus, the funded ratio on a current basis is typically lower than the funded ratio on an actuarial basis.
Multiemployer DB plans annually certify the plan's financial status—known as the plan's zone status. Table 1 summarizes the zone status categories. Although a plan's zone status is based on several criteria, its funded ratio is a primary component. Zone status designations are based on the funded ratio on an actuarial basis.
Table 2 includes data on plan funded ratios (and plan underfunding) on both the current and actuarial basis.3
|
Category |
Description |
|
No Category (sometimes called green zone) |
Plans that do not meet any of the categories below are often called green zone plans. A green zone plan does not have to address its underfunding, if any. |
|
Endangered (sometimes called yellow zone) / Seriously Endangered (sometimes called orange zone) |
A plan is in endangered status if (1) the plan's funded ratio is less than 80% or (2) the plan has a funding deficiency in the current year or is projected to have one in the next six years. A plan is seriously endangered if it meets both of these criteria. |
|
Critical (sometimes called red zone) |
A plan is in critical status if any of the following conditions apply: (1) the plan's funded ratio is less than 65% and in the next six years the value of the plan's assets and contributions will be less than the value of benefits; (2) in the current year, the plan is not expected to receive 100% of the contributions required by the plan sponsor, or the plan is not expected to receive 100% of the required contributions for any of the next three years (four years if the plan's funding ratio is 65% or less); (3) the plan is expected to be insolvent within five years (within seven years if the plan's funding ratio is 65% or less); or (4) the cost of the current year's benefits and the interest on unfunded liabilities are greater than the contributions for the current year, the present value of benefits for inactive participants is greater than the present value of benefits for active participants, and there is expected to be a funding deficiency within five years. Plans not in critical status may elect to be in critical status if they are projected to be so in the next five years. |
|
Critical and Declining |
A plan is in critical and declining status if (1) it is in critical status and (2) the plan actuary projects that the plan will become insolvent within the current year or within either the next 14 years or the next 19 years, as specified in law. |
Source: CRS.
Notes: The Pension Protection Act of 2006 (P.L. 109-280) required plans to report their status as endangered, seriously endangered, or critical. The Multiemployer Pension Reform Act of 2014 (passed as part of P.L. 113-235) added the status of critical and declining.
Another measure of a plan's financial health is the ratio of active to inactive participants. Active participants are workers currently in employment covered by a plan and who are earning future benefits under the plan. Inactive participants are those not earning benefits under the plan. This category of participants includes retired participants, separated vested participants—individuals owed benefits upon retirement but who are not earning benefits under the plan (generally because they are no longer working for employers who participate in the plan and have not yet retired)—and beneficiaries (such as spouses of deceased participants who are receiving benefits from the plan). Employer contributions to multiemployer plans are generally made as a dollar amount per hour worked per active participant. DB pension plans that have high percentages of active workers are better able to rely on future contributions from plan sponsors to make up for plan underfunding. This is because, on a per participant basis, employers' contributions toward the underfunding will be larger in plans with higher percentages of active workers.
Eligibility for Special Financial Assistance
As specified in ARPA, a plan can apply for special financial assistance through December 31, 2025. A plan is eligible for special financial assistance if it meets at least one of the following conditions:
Plans receiving special financial assistance are to be able to pay benefits through 2051. Simulations by the Congressional Budget Office indicated that an average of 185 plans will receive $86 billion in special financial assistance.5
Methodology to Determine Eligibility for Special Financial Assistance
The following sections describe the four eligibility conditions for a multiemployer DB plan to qualify for special financial assistance. Each section outlines the methodology used to identify plans that meet or might meet the criteria (based on the most recently available data). PBGC is required to issue regulations or guidance by July 9, 2021, which is to set the requirements for special financial assistance applications.
Table 2 lists all plans that meet or potentially meet the eligibility requirements for special financial assistance based on at least one of the criteria, along with participant and funding information for each plan. Plans are listed in descending order based on the total number of participants. Some plans meet or potentially meet more than one eligibility criteria.
The Appendix provides a list of the plans that meet or potentially meet the requirements under each of the four eligibility criteria. Plans are listed in alphabetical order under each category, and some plans are listed under more than one category.
The plan listings in Table 2 and in the Appendix are not definitive, nor do they show which plans will receive special financial assistance. An eligible plan would have to apply and be approved for special financial assistance.
Plan information presented in this report comes from the Department of Labor (DOL), PBGC, and U.S. Treasury websites. In addition, CRS examined publicly available Form 5500 filing datasets from plan years 2018 and 2019.6 Nearly all private-sector pension plans are required to file Form 5500 with the Internal Revenue Service (IRS), DOL, and PBGC. The Form 5500 and required schedules contain information on the number of active and inactive plan participants, plan financial data, and zone status of the plan.7 Most multiemployer plans are required to file Schedule MB, which contains plan and actuarial information specific to multiemployer plans.
Criteria 1: Plan Is in Critical and Declining Status in Any Plan Year from 2020 Through 2022
Multiemployer DB plans in endangered, seriously endangered, critical, or critical and declining status must provide notice to participants, beneficiaries, the bargaining parties, PBGC, and DOL. DOL posts these notices on its website, but the DOL website does not always have notices posted for all of the plans with these status designations.8 For example, in 2018 (the most recent year for which complete Form 5500 data is available), 121 plans were in critical and declining status, yet the DOL website has status notices for 73 plans.9 For more recent years, it is possible that not all plans have completed their evaluations. As of the date of this report, there were 59, 64, and 1 critical and declining status notices on the DOL website for 2019, 2020, and 2021, respectively.10
In addition to plans with critical and declining status notices posted on the DOL website, Table 2 includes plans in critical and declining status (1) in plan years 2018 and 2019, (2) in the 2019 plan year only, and (3) in the 2018 plan year that have not yet filed Schedule MB for the 2019 plan year. Plans that were in critical and declining status in 2018 or 2019, improved their funding, and filed critical status notices or endangered status notices with DOL in 2020 or 2021 were not included as having met this criteria (though these plans might qualify for special financial assistance under other criteria).11
In total, 123 plans are potentially eligible for special financial assistance based on this criteria. Thus far, 64 plans have met the eligibility criteria due to filing a critical and declining status notice to DOL for 2020 or 2021. Fifty-nine additional plans were in critical and declining status in 2018 or 2019 and are potentially eligible for special financial assistance if they maintain this status in 2020, 2021, or 2022.12
Criteria 2: Plan Has Been Approved to Suspend Benefits Under MPRA as of March 11, 2021
MPRA permitted plans in critical and declining status to apply to suspend benefits if the benefit suspensions would enable the plan to avoid insolvency. Treasury posts plan applications and approval status for MPRA benefit suspensions on a publicly available website.13 As of March 11, 2021 (the date of enactment of ARPA), 18 plans had been approved to suspend benefits and so are eligible for special financial assistance under this criteria.
Criteria 3: Plan Is in Critical Status in Any Year from 2020 through 2022 and Meets Specified Participant and Funding Requirements
A plan is eligible for special financial assistance if it (1) is in critical status in any plan year from 2020 through 2022, (2) has a modified funded ratio of less than 40%, and (3) the ratio of active to inactive participants is less than 2:3.14 As noted, Form 5500 datasets for plan year 2020 are not yet available.15 CRS analyzed Form 5500 data for plan years 2018 and 2019 to determine which plans met the three conditions under this criteria in those years.
The following groups of plans were selected for inclusion in Table 2: (1) those that met the three conditions for both plan years 2018 and 2019, (2) those that met the three conditions in 2019 only, and (3) those that met the three conditions in 2018 but did not file Schedule MB for 2019.
These plans might be eligible for special financial assistance. While some plans in critical status see improvements in their funded status, many do not. However, some plans listed in Table 2 may see improvements in 2020 and so would not be eligible for special financial assistance under this criteria.16
In total, 85 plans meet this criteria based on their 2018 or 2019 plan data and might be eligible for special financial assistance.17
Criteria 4: Plan Became Insolvent After December 14, 2014, and Was Not Terminated by the Date of Enactment of ARPA (March 11, 2021)
PBGC provides data on multiemployer DB plan insolvency and terminations.18 Two plans became insolvent after December 14, 2014, but were terminated before the date of enactment of ARPA.19
In total, 42 plans became insolvent after December 14, 2014, and were not terminated by the date of enactment of ARPA and so are eligible for special financial assistance under this criteria.
Table 2. Multiemployer Defined Benefit Pension Plans That Meet or Might Meet Eligibility Criteria for Special Financial Assistance Under the American Rescue Plan Act of 2021 (ARPA; P.L. 117-2)
In descending order by total number of participants; plan names are generally listed as they appear on the Form 5500 filing (including misspellings and inconsistent abbreviations) to enable searching on the DOL website
|
Plan Name and |
Total Number of Participants |
Underfunding and Funded Ratio (Current Basis)a |
Underfunding and Funded Ratio (Actuarial Basis)a |
Eligibility Criteriab |
||||
|
(1) Critical and Declining Status |
(2) Approved Benefit Suspension Under MPRA |
(3) Critical Status, Meets Specified Funding and Participant Criteria |
(4) Insolvent but Not Terminated |
|||||
|
DOL Filing in 2020 or 2021 |
Critical and Declining Status in 2018 or 2019 |
|||||||
|
Central States, Southeast & Southwest Areas Pension Plan |
383,658 |
$43,622,264,779 |
$39,823,531,020 |
X |
X |
|||
|
So CA UFCW Unions & Food Employers Joint Pension Trust Fund |
183,643 |
$7,902,240,874 |
$2,165,450,806 |
X |
||||
|
UFCW - Northern California Employers Joint Pension |
134,544 |
$2,747,836,417 |
X |
|||||
|
Bakery & Confectionery Union & Industry International Pension Fund |
107,912 |
$8,145,264,871 |
$3,824,659,577 |
X |
X |
|||
|
The Legacy Plan of the Unite Here Retirement Fund |
99,442 |
$3,097,736,609 |
$1,468,148,907 |
X |
||||
|
New England Teamsters & Trucking Industry Pension |
71,909 |
$15,006,721,692 |
$5,660,460,501 |
X |
||||
|
American Federation of Musicians and Employers' Pension Fund and Subsidiary |
50,135 |
$3,518,532,903 |
$1,258,812,904 |
X |
X |
|||
|
Laborers National Pension Fund |
44,608 |
$2,317,531,236 |
$491,013,333 |
X |
||||
|
GCIU - Employer Retirement Benefit Plan |
43,840 |
$1,794,705,486 |
$783,237,831 |
X |
X |
|||
|
United Food and Commercial Workers Unions & Employers Midwest Pension Fund |
37,191 |
$1,839,270,899 |
$785,883,571 |
X |
X |
|||
|
New York State Teamsters Conference Pension & Retirement Fund |
33,606 |
$3,518,213,963 |
$1,204,237,321 |
X |
X |
|||
|
Graphic Communications Conference of the International Brotherhood of Teamsters National Pension Fund |
32,604 |
$1,476,349,824 |
$972,494,753 |
X |
X |
|||
|
UFCW Union & Partcipating Food Industry Employers Tri-State Pension Fund |
32,331 |
$1,175,722,782 |
$532,798,385 |
X |
X |
|||
|
Ohio Carpenters' Pension Plan |
30,197 |
$3,855,947,820 |
$1,355,624,379 |
X |
||||
|
CWAITU Negotiated Pension Plan |
27,202 |
$894,759,548 |
$445,482,507 |
X |
X |
|||
|
Automotive Industries Pension Plan |
25,085 |
$2,278,427,437 |
$1,073,048,859 |
X |
X |
|||
|
Retail, Wholesale & Department Store International Union and Industry Pension Fund |
23,424 |
$655,740,109 |
$165,087,719 |
X |
||||
|
Western Pennsylvania Teamsters and Employers Pension Fund |
21,707 |
$2,353,359,270 |
$1,148,189,298 |
X |
||||
|
UFCW Local One Pension Fund |
20,311 |
$982,374,853 |
$446,372,321 |
X |
||||
|
Carpenters' Pension Trust Fund - Detroit and Vicinity |
20,252 |
$3,150,041,003 |
$1,476,598,659 |
X |
X |
|||
|
Operating Engineers' Local 324 Pension Fund |
18,226 |
$2,681,461,956 |
$807,039,640 |
X |
||||
|
United Food and Commercial Workers Unions and Employers Pension Plan |
16,613 |
$361,385,599 |
$47,446,399 |
X |
X |
|||
|
United Food & Commercial Workers Union - Employer Pension Fund |
15,749 |
$420,300,260 |
$112,204,246 |
X |
||||
|
IUE-CWA Pension Plan |
14,251 |
$412,353,193 |
$161,291,438 |
X |
||||
|
UFCW Unions and Participating Employers Pension Plan |
12,812 |
$280,830,972 |
$90,328,913 |
X |
||||
|
United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan |
11,117 |
$579,302,435 |
$204,025,973 |
X |
X |
|||
|
Pension Fund for Hospital and Health Care Employees, Philadelphia and Vicinity |
11,040 |
$855,090,224 |
$273,742,295 |
X |
||||
|
Local 153 Pension Fund |
10,873 |
$430,965,143 |
$199,600,328 |
X |
||||
|
Graphic Arts Industry Joint Pension Trust |
10,262 |
$554,886,342 |
$325,696,148 |
X |
X |
|||
|
Cleveland Bakers and Teamsters Pension Fund |
9,584 |
$740,511,520 |
$264,480,376 |
X |
||||
|
Soft Drink and Brewery Workers Union Local 812 Retirement Fund |
8,395 |
$936,996,256 |
$301,464,330 |
X |
||||
|
Kansas Construction Trades Open End Pension Trust Fund |
8,375 |
$276,304,999 |
$85,905,230 |
X |
||||
|
Teamsters Local 210 Affiliated Pension Trust Fund |
7,837 |
$255,436,115 |
$64,994,390 |
X |
X |
|||
|
Western States Office & Professional Employees Pension Fund |
7,531 |
$335,925,030 |
$85,142,127 |
X |
||||
|
New Jersey Building Laborers Statewide Pension Fund |
7,461 |
$973,136,340 |
$289,681,973 |
X |
||||
|
Oregon Processors Seasonal Employees Pension Plan |
7,339 |
$18,590,946 |
$9,886,653 |
X |
X |
|||
|
Indiana Carpenters Pension Fund |
7,074 |
$860,007,769 |
$205,132,096 |
X |
||||
|
U.F.C.W. District Union Local Two & Employers Pension Fund |
6,764 |
$159,494,751 |
$70,188,210 |
X |
||||
|
Upstate New York Engineers Pension Fund |
6,734 |
$650,789,489 |
$233,738,797 |
X |
||||
|
Trucking Employees of North Jersey Pension Fund |
6,322 |
$859,582,559 |
$652,677,988 |
X |
||||
|
United Wire, Metal & Machine Pension Fund |
6,043 |
$437,027,885 |
$153,426,589 |
X |
||||
|
United Furniture Workers Successor Pension Fund |
5,962 |
n/a |
n/a |
X |
||||
|
Local 1245 Labor-Management Pension Fund |
5,949 |
$165,821,588 |
$51,312,690 |
X |
||||
|
Alaska United Food & Commercial Workers Pension Fund |
5,830 |
$314,329,079 |
$70,176,739 |
X |
||||
|
United Furniture Workers Pension Fund A |
5,770 |
$79,248,849 |
$34,632,309 |
X |
X |
|||
|
SW OH Regional Council of Carpenters Pension Plan |
5,470 |
$514,100,330 |
$242,007,579 |
X |
X |
X |
||
|
Construction Industry and Laborers Joint Pension Trust for So Nevada, Plan A |
5,257 |
$1,018,036,058 |
$346,766,732 |
X |
||||
|
The Newspaper Guild International Pension Plan |
5,109 |
$119,976,288 |
$30,342,995 |
X |
||||
|
UFCW Regional Pension Fund |
4,720 |
$131,708,851 |
$29,579,300 |
X |
||||
|
Road Carriers Local 707 Pension Fund |
4,341 |
$861,849,287 |
$648,838,442 |
X |
X |
|||
|
Local 807 Labor Management Pension Fund |
4,337 |
$405,272,486 |
$191,290,780 |
X |
||||
|
Local 888 Pension Fund |
4,243 |
$143,037,597 |
$105,342,007 |
X |
||||
|
Whse Employees Union Local 169 and Employers Joint Pension Fund |
4,221 |
$211,754,120 |
$90,277,315 |
X |
X |
|||
|
Local 210'S Pension Plan |
4,169 |
$94,396,437 |
$51,893,809 |
X |
X |
|||
|
Distributors Association Warehousemens Pension Trust |
4,088 |
$156,913,634 |
$73,564,279 |
X |
||||
|
Resilient Floor Covering Pension Fund |
4,000 |
$508,055,634 |
$140,692,659 |
X |
||||
|
So. CA, AZ, CO, & So. Nevada Glaziers, Architectural Metal & Glass Workers Pension Plan |
3,998 |
$175,501,512 |
$143,207,454 |
X |
X |
|||
|
Union De Tronquistas De Puerto Rico Local 901 - Pension Plan |
3,920 |
$41,869,941 |
$42,419,466 |
X |
X |
X |
||
|
Local 365 UAW Pension Fund |
3,813 |
$217,796,837 |
$194,691,302 |
X |
||||
|
Building Laborers Local 310 Pension Fund |
3,762 |
$543,305,879 |
$168,255,723 |
X |
||||
|
Teamsters Local 641 Pension Fund |
3,696 |
$633,813,659 |
$407,382,476 |
X |
||||
|
Pension Plan Private Sanitation Union Local 813 IBT |
3,503 |
$300,682,361 |
$98,525,272 |
X |
||||
|
Local 734 Pension Fund |
3,479 |
$262,056,763 |
$118,748,855 |
X |
X |
|||
|
I.B.E.W. Pacific Coast Pension Fund |
3,413 |
$369,247,080 |
$142,979,055 |
X |
||||
|
Carpenters Pension Fund of West Virginia |
3,297 |
$407,088,066 |
$109,963,800 |
X |
||||
|
America's Family Defined Benefit Plan |
3,283 |
$172,553,560 |
$80,159,442 |
X |
||||
|
CTDU - Pension Fund |
3,231 |
$91,841,273 |
$54,010,633 |
X |
X |
|||
|
UFCW Local 174 Pension Fund |
3,207 |
n/a |
n/a |
X |
||||
|
Pension Fund Local |
3,166 |
$199,271,561 |
$51,057,600 |
X |
||||
|
New Orleans Employers-International Longshoremen's Association, AFL-CIO, Pension Plan |
3,003 |
$215,330,551 |
$83,150,700 |
X |
||||
|
Southwestern Pennsylvania & Western Maryland Area Teamsters & Employers Pension Fund |
2,890 |
$278,495,248 |
$151,539,392 |
X |
||||
|
Teamsters Employers Local 945 Pension Fund |
2,881 |
$137,911,743 |
$34,989,646 |
X |
||||
|
Dairy Industry - Union Pension Plan for Philadelphia and Vicinity |
2,723 |
$181,856,324 |
$42,343,740 |
X |
||||
|
Local No. 863 Pension Plan |
2,580 |
$470,655,948 |
$263,210,707 |
X |
X |
|||
|
Freight Drivers and Helpers Local Union No. 557 Pension Plan |
2,482 |
$252,441,853 |
$185,642,903 |
X |
X |
|||
|
Teamsters Local Union No. 115 Pension Plan |
2,363 |
$155,592,685 |
$36,221,074 |
X |
||||
|
Local 966 Pension Plan |
2,362 |
$56,008,620 |
$37,324,546 |
X |
X |
|||
|
South Florida Electrical Workers Pension Plan |
2,360 |
$165,678,345 |
$46,349,760 |
X |
||||
|
Northwest Bricklayers Pension Plan |
2,246 |
$210,066,977 |
$71,014,298 |
X |
||||
|
Local 584 Pension Trust Fund |
2,189 |
$253,624,892 |
$246,424,160 |
X |
||||
|
Teamsters Local 11 Pension Fund |
2,184 |
$106,162,280 |
$38,621,965 |
X |
||||
|
Teamsters Local 814 Pension Fund |
2,113 |
$140,750,404 |
$46,477,925 |
X |
||||
|
Employers' - Warehousemen's Pension Trust Fund |
2,107 |
$88,259,121 |
$30,135,837 |
X |
||||
|
Warehouse Employees Union Local No. 730 Pension Trust Fund |
2,049 |
$321,461,504 |
$117,006,020 |
X |
X |
|||
|
Local 805 IBT Pension & Retirement Plan |
2,036 |
$39,454,382 |
$15,551,553 |
X |
X |
|||
|
Asbestos Workers Philadelphia Pension Fund |
1,952 |
$370,665,862 |
$124,108,702 |
X |
||||
|
Iron Workers Local 17 Pension Fund |
1,898 |
$216,304,538 |
$117,349,577 |
X |
X |
|||
|
Pension Plan of the Welfare & Pension Fund Mid-Jersey Trucking |
1,815 |
$288,974,321 |
$84,637,261 |
X |
X |
|||
|
Local 917 Pension Fund |
1,801 |
$33,955,477 |
$13,162,158 |
X |
X |
|||
|
Alaska Plumbing and Pipefitting Industry Pension Plan |
1,788 |
$426,682,251 |
$139,796,905 |
X |
||||
|
Local 138 Pension Trust Fund |
1,752 |
$116,316,691 |
$98,941,035 |
X |
X |
|||
|
U.A. Local Union No. 322 Pension Plan |
1,751 |
$274,627,650 |
$92,903,010 |
X |
||||
|
United Food & Commercial Workers Pension Fund of Northeastern Pennsylvania |
1,725 |
n/a |
n/a |
X |
||||
|
Teamsters Local 277 Pension |
1,695 |
$51,589,991 |
$18,396,141 |
X |
||||
|
San Francisco Lithographers Pension Trust |
1,688 |
$126,444,019 |
$124,764,276 |
X |
||||
|
Teamsters Local 469 Pension Plan |
1,650 |
$184,407,922 |
$99,206,995 |
X |
||||
|
Pressroom Unions Pension Trust Fund |
1,611 |
$111,633,614 |
$52,718,377 |
X |
X |
|||
|
Building Material Drivers Local 436 Pension Fund |
1,609 |
$145,991,832 |
$84,514,449 |
X |
X |
|||
|
Cement Masons Union Local 592 Pension Plan |
1,608 |
$195,873,314 |
$56,843,585 |
X |
||||
|
Local 837 Pension Plan |
1,585 |
$44,002,066 |
$13,516,454 |
X |
||||
|
Sheet Metal Workers Local Pension Plan |
1,582 |
$120,263,579 |
$60,368,939 |
X |
||||
|
Iron Workers' Locals No. 15 & 424 Pension Plan |
1,532 |
$161,072,150 |
$58,152,792 |
X |
||||
|
Local 810 Affliated Pension Plan |
1,517 |
$158,440,068 |
$69,056,293 |
X |
||||
|
UA of Plumbers & Pipefitters Local 51 Pension Plan |
1,516 |
$264,260,221 |
$96,788,981 |
X |
||||
|
Maryland Race Track Employees Pension Fund |
1,504 |
$63,457,776 |
$26,779,905 |
X |
||||
|
Retail Clerks Specialty Stores Pension Plan |
1,487 |
$57,948,378 |
$35,956,587 |
X |
X |
|||
|
Operative Plasterers and Cement Masons Local No. 109 Pension Plan |
1,464 |
$169,423,146 |
$44,392,899 |
X |
||||
|
Fish Canners - United Industrial Workers Pension Plan |
1,425 |
$16,173,073 |
$5,778,332 |
X |
||||
|
Bricklayers & Allied Craftworkers Local No. 5 Pension Plan |
1,412 |
$135,413,955 |
$53,428,062 |
X |
||||
|
Graphic Communications Int'l Union Local 119B NY Printers League Pension Fund |
1,342 |
$97,522,129 |
$51,608,463 |
X |
X |
|||
|
Laborers Local 265 Pension Plan |
1,321 |
$107,090,314 |
$49,950,882 |
X |
||||
|
Marine Carpenters Pension Fund |
1,300 |
$86,295,367 |
$40,847,670 |
X |
||||
|
Local 1922 Pension Fund |
1,293 |
$24,026,727 |
$5,277,874 |
X |
||||
|
Bakery Drivers & Salesmen Local 194 & Industry Pension Fund |
1,286 |
$122,912,103 |
$49,575,198 |
X |
X |
|||
|
IRC-FM In Southern California and Cabinet Makers, Millimen and Industrial Carpenters Local 721 Pension Trust Fund |
1,265 |
n/a |
n/a |
X |
||||
|
Electricians Pension Plan, IBEW 995726057089 |
1,260 |
$107,575,037 |
$35,416,075 |
X |
||||
|
Local Union 1158 I.B.E.W. Pension Fund - Pa232009068 |
1,246 |
$34,415,265 |
$16,089,106 |
X |
||||
|
Laborers Local 235 Pension Fund |
1,159 |
$59,778,399 |
$9,843,110 |
X |
||||
|
Central New York Laborers' Pension Fund |
1,103 |
$106,457,508 |
$39,119,190 |
X |
||||
|
Plumbers & Steamfitters Local 577 Pension Plan |
1,101 |
$130,710,740 |
$25,497,778 |
X |
||||
|
Twin Cities Bakery Drivers Pension Plan |
1,099 |
$104,107,299 |
$26,936,827 |
X |
||||
|
Teamsters Local 408 Pension Plan |
1,088 |
$148,183,267 |
$129,156,571 |
X |
||||
|
I.B.E.W. Local Union No. 90 Pension Fund |
1,082 |
$161,815,942 |
$49,236,346 |
X |
||||
|
Ironworkers Local #16 Pension Plan |
1,067 |
$85,601,291 |
$28,299,079 |
X |
||||
|
International Brotherhood of Electrical Workers Local Union No 226 Open End Pension Fund |
1,062 |
$141,099,668 |
$43,609,049 |
X |
||||
|
Bricklayers Pension Plan of Western Pa |
1,056 |
$89,174,691 |
$17,829,679 |
X |
||||
|
Operative Plasterers & Cement Masons Officers & Employees Pension Fund |
1,047 |
$107,630,473 |
$24,668,579 |
X |
||||
|
Sheet Metal Workers' Local No. 40 Pension Fund |
1,022 |
$168,900,479 |
$76,382,024 |
X |
||||
|
Local 447 Pension Fund |
1,020 |
n/a |
n/a |
X |
||||
|
I.A. Of M. Motor City Pension Fund |
985 |
$35,562,317 |
$194,526 |
X |
||||
|
UFCW Local 174 Retail Pension Fund |
980 |
n/a |
n/a |
X |
||||
|
Connecticut Health Care Associates Pension Fund |
978 |
$111,327,002 |
$19,516,971 |
X |
||||
|
Local 305 CIO Pension Fund |
976 |
$57,986,397 |
$20,219,839 |
X |
||||
|
UFCW Local 50 Pension Fund |
970 |
n/a |
n/a |
X |
||||
|
Local 413 Pension Trust Fund |
950 |
n/a |
n/a |
X |
||||
|
Communications Workers Local 1109 Pension Fund |
938 |
$46,203,545 |
$18,383,240 |
X |
X |
|||
|
Teamsters Local 617 Pension Fund |
922 |
$178,614,166 |
$100,164,756 |
X |
||||
|
Pension and Insurance Fund of Local 1783 I.B.E.W. |
904 |
$50,996,173 |
$15,277,778 |
X |
||||
|
Ironworkers 340 Retirement Plan |
876 |
$134,569,995 |
$74,631,701 |
X |
||||
|
Bac Local #5 New York Pension Plan |
842 |
$86,783,977 |
$63,981,745 |
X |
X |
|||
|
Teamsters Union Local No. 52 Pension Fund |
831 |
$132,157,470 |
$81,875,295 |
X |
X |
|||
|
Printing Local 72 Industry Pension Plan |
825 |
$53,756,838 |
$31,148,637 |
X |
X |
|||
|
Ironworkers-Laborers Pension Plan Of Cumberland MD |
799 |
$97,582,890 |
$54,331,156 |
X |
||||
|
Chicago Newspaper Publishers Drivers Union Pension Trust |
796 |
$152,849,366 |
$64,622,345 |
X |
||||
|
Local 73 Retirement Fund |
793 |
$134,737,102 |
$50,053,286 |
X |
||||
|
Local 840 I. B. Of T. Pension Fund |
786 |
$24,248,093 |
$5,798,006 |
X |
||||
|
Bindery Industry Employers GCC/IBT Pension Plan |
784 |
$20,816,154 |
$12,396,760 |
X |
X |
|||
|
Alaska Ironworkers Pension Plan |
784 |
$48,550,387 |
$21,635,633 |
X |
||||
|
Restated Pension Plan and Trust Agreement of Dairy Employees Union Local 17 Christian Labor Associati of the U.S.A. |
776 |
$15,344,018 |
$9,060,980 |
X |
||||
|
Midwestern Teamsters Pension Trust Fund |
730 |
$44,461,595 |
$18,205,895 |
X |
X |
|||
|
Bricklayers & Allied Craftworkers Local No 3 NY Niagara Falls-Buffalo Chapter Pension Plan |
706 |
$78,769,139 |
$36,958,497 |
X |
||||
|
IBEW Local Union No. 527 Pension Plan |
705 |
$12,835,232 |
$3,389,476 |
X |
||||
|
Laborers' Local 130 Pension Fund |
698 |
$57,675,184 |
$28,335,344 |
X |
||||
|
Arizona Bricklayers Pension Trust Fund |
694 |
$20,137,885 |
$2,890,868 |
X |
||||
|
Idaho Signatory Employers-Laborers Pension Plan |
682 |
$28,802,023 |
$18,237,719 |
X |
X |
|||
|
Iron Workers L. No.12 Pension Fund |
660 |
$77,932,651 |
$33,201,543 |
X |
||||
|
Plumbing and Pipefitting Industry Local 219 Pension Plan |
657 |
$86,109,266 |
$34,786,179 |
X |
||||
|
Retirement Plan of the Millmen's Retirement Trust of Washington |
639 |
$15,930,916 |
$5,028,743 |
X |
X |
|||
|
Retirement Benefit Plan of GCIU Detroit Newspaper Union 13N With Detroit Area Newspaper Publishers |
621 |
$130,899,876 |
$103,950,053 |
X |
X |
X |
||
|
Teamsters Local Union No. 73 Pension Plan |
616 |
$17,914,935 |
$3,774,749 |
X |
||||
|
Pacific Coast Shipyards Pension Fund |
611 |
$40,297,691 |
$22,188,432 |
X |
||||
|
Washington DC Cement Masons' Pension Trust Fund |
606 |
$43,985,015 |
$8,552,406 |
X |
||||
|
Plumbers and Steamfitters Loc 131 Pension Plan |
605 |
$53,210,470 |
$22,182,873 |
X |
||||
|
Laborers Local 91 Pension Plan |
603 |
$128,999,800 |
$65,639,394 |
X |
||||
|
Pension Fund of Moving Picture Machine Operators Union of Greater New York, Local 306 |
598 |
$27,213,909 |
$15,829,367 |
X |
||||
|
Graphic Communications International Union Local 96-B Pension Fund |
588 |
$13,471,116 |
$7,489,611 |
X |
||||
|
Radio, TV & Recording Arts Pension Fund |
578 |
$95,363,112 |
$52,963,947 |
X |
||||
|
Teamsters Local 102 Pension Fund |
576 |
$16,553,546 |
$8,900,041 |
X |
X |
|||
|
Graphic Communications Union Local 2-C Retirement Benefit Plan |
576 |
$41,737,658 |
$40,008,550 |
X |
X |
X |
||
|
Local 298 Pension Fund1 |
570 |
$23,896,998 |
$6,755,657 |
X |
||||
|
Flint Area Sheet Metal Workers Local 7-4 Pension Fund |
566 |
$87,941,093 |
$33,501,437 |
X |
||||
|
Maintenance Employees Teamsters Local 416 of Cleveland Pension Plan |
554 |
n/a |
n/a |
X |
||||
|
ABGW Int'l Union AFL-CIO, CLC EDC #12 Pension Plan |
530 |
$23,891,538 |
$12,424,932 |
X |
X |
|||
|
Operative Plasterers and Cement Masons Local 394 Pension Trust Fund |
530 |
$4,529,547 |
$3,072,198 |
X |
||||
|
U.T.W.A. N.J. Union Employer Pension Plan |
519 |
$5,679,260 |
$3,350,256 |
X |
||||
|
Laborers' Int'l Union of Na Local 1822 Pension Fun |
514 |
$50,286,288 |
$24,821,293 |
X |
||||
|
Bricklayers Local No. 55 Pension Plan |
506 |
$29,214,413 |
$12,023,785 |
X |
||||
|
Southwest Marine Pension Trust |
497 |
$61,092,423 |
$21,911,808 |
X |
||||
|
New Bedford Fishermen's Pension Fund |
492 |
$12,112,075 |
$6,511,199 |
X |
X |
|||
|
Sheet Metal Workers Local #20 South Bend Area Pension Fund |
492 |
$55,759,945 |
$21,363,940 |
X |
||||
|
Composition Roofers Local 42 Pension Plan |
488 |
$55,916,773 |
$26,916,349 |
X |
X |
|||
|
Iron Workers Local 498 Defined Benefit Plan |
479 |
$65,344,439 |
$26,347,661 |
X |
||||
|
Ironworkers Local Union No. 402 Pension Fund |
479 |
$26,496,996 |
$8,286,918 |
X |
||||
|
Management-Labor Pension Fund Local 1730 Ila |
478 |
$64,168,817 |
$52,924,250 |
X |
||||
|
Toledo Roofers Local No 134 Pension Plan |
470 |
$33,586,428 |
$11,854,341 |
X |
||||
|
Pension Plan for Bricklayers & Stonemasons Union #2 of Norfolk, Virginia |
467 |
$26,581,169 |
$13,413,689 |
X |
||||
|
Retirement Plan of Bricklayers Local No. 1 of Rich |
463 |
$14,459,095 |
$8,105,481 |
X |
X |
X |
||
|
Asbestos Workers Local 8 Retirement Trust Plan |
444 |
$91,079,494 |
$48,482,960 |
X |
X |
|||
|
IBEW Eastern States Pension Plan |
443 |
$8,587,137 |
$3,930,374 |
X |
X |
|||
|
Roofers Local No. 88 Pension Fund |
436 |
$43,638,294 |
$15,723,074 |
X |
||||
|
Central New York Painters & Allied Trades Defined Benefit Pension Plan |
436 |
$16,942,097 |
$9,257,419 |
X |
||||
|
Sheet Metal Workers Local #44 Retirement Income Plan |
435 |
$45,720,924 |
$12,905,237 |
X |
||||
|
Laborers Int'l Union of N.A. Local 1000 Pension Fd |
432 |
$64,009,900 |
$24,641,971 |
X |
||||
|
Bricklayers & Allied Craftsmen Local 7 Pension |
427 |
$53,473,454 |
$31,371,189 |
X |
X |
X |
||
|
International Association of Bridge, Structural, Ornamental & Reinforcing Ironworkers L.U. No. 79 Pension Fund |
427 |
$35,860,120 |
$19,590,552 |
X |
||||
|
Beverage and Brewery Drivers Local 67 Pension Fund Retirement Plan |
423 |
n/a |
n/a |
X |
||||
|
Local One Photoengravers Pension Fund |
422 |
n/a |
n/a |
X |
||||
|
IBEW Local Union No. 237 Pension Plan |
416 |
$105,178,534 |
$54,260,752 |
X |
X |
|||
|
Laborers' Pension Fund of Local Union No. 186 |
409 |
$41,760,653 |
$40,116,864 |
X |
||||
|
Chicago Foundry Workers Pension Plan |
376 |
n/a |
n/a |
X |
||||
|
Production Workers Pension Fund |
366 |
$24,740,962 |
$9,560,440 |
X |
X |
|||
|
Operative Plasterers Local No 82 Pension Fund |
306 |
$29,377,767 |
$12,712,069 |
X |
X |
|||
|
Graphic Communications Union Local 17M Pension Trust Fund |
301 |
n/a |
n/a |
X |
||||
|
Retirement Plan of Local 1102 Retirement Fund |
294 |
n/a |
n/a |
X |
||||
|
Pension Plan of Local 47 Bricklayers And Allied Craftman |
293 |
$30,445,397 |
$14,338,299 |
X |
||||
|
Local 171 Pension Plan |
286 |
$7,007,275 |
$3,671,143 |
X |
||||
|
Roofers Local No. 75 Pension Fund |
282 |
$20,256,391 |
$7,430,392 |
X |
||||
|
Insulators Local Union Number 112 Pension Trust Fund |
276 |
n/a |
n/a |
X |
||||
|
Exhibition Employees Local 829 Pension Fund |
276 |
$27,643,331 |
$8,649,805 |
X |
||||
|
Paintmakers Local 1310 Pension Plan |
274 |
n/a |
n/a |
X |
||||
|
Paper Handlers'-Publishers' Pension Fund |
270 |
$23,030,979 |
$11,326,477 |
X |
X |
|||
|
Carpenters Industrial Council of Eastern Pennsylvania Pension Plan |
251 |
n/a |
n/a |
X |
X |
|||
|
Teamsters Local 575 Pension Fund |
244 |
n/a |
n/a |
X |
||||
|
Cement Masons Local Union 681 Pension Plan |
218 |
$9,809,621 |
$11,659,349 |
X |
X |
|||
|
Local 74 Metal Spinners Retirement Fund |
211 |
n/a |
n/a |
X |
||||
|
Cement Masons Local 524 Pension Plan |
211 |
$10,880,103 |
$5,742,167 |
X |
X |
|||
|
Roofers and Slaters Local No 248 Pension Plan |
204 |
$15,852,177 |
$5,642,409 |
X |
X |
|||
|
Pension Plan of International Union of Bricklayers Allied Craftworkers, Local #15 Pa |
202 |
$18,755,424 |
$6,744,522 |
X |
||||
|
Bricklayers Pension Fund of West Virginia |
191 |
$7,001,672 |
$1,746,122 |
X |
||||
|
Retirement Fund of Local 1482 Paint and Allied Products Manufacturers |
162 |
$12,520,115 |
$9,099,203 |
X |
X |
|||
|
Int'l Union of Tool, Die and Mold Makers Pension Plan |
158 |
n/a |
n/a |
X |
||||
|
Graphic Communications Int'l Union No.147-B |
134 |
n/a |
n/a |
X |
||||
|
Asbestos Workers Union Local No. 64 Pension Plan |
132 |
$10,814,655 |
$7,598,885 |
X |
||||
|
Operative Plasterers and Cement Masons New Orleans Area Pension Plan |
122 |
$1,335,863 |
-$431,300 |
X |
||||
|
Cumberland MD Teamsters Const. Ind. & Misc. Pension Fund |
121 |
$17,207,965 |
$4,745,110 |
X |
||||
|
Teamsters Local 264 Van Drivers Pension Fund |
118 |
n/a |
n/a |
X |
||||
|
Bricklayers and Allied Craftsmen Local 16 Pension Plan |
115 |
$10,898,002 |
$5,552,103 |
X |
||||
|
Cement Masons Local Union No. 521 Pension Fund |
109 |
n/a |
n/a |
X |
||||
|
NMU Great Lakes Pension Plan |
106 |
n/a |
n/a |
X |
||||
|
St. Louis Motion Picture Operators Pension Fund |
101 |
$2,412,925 |
$1,144,251 |
X |
||||
|
Pension Fund for the Employees of UFW of America & Related Organizations |
100 |
$10,294,808 |
$5,317,807 |
X |
||||
|
Plasterers and Cement Masons Local 94 Pension Fund |
95 |
$3,107,243 |
$1,341,449 |
X |
X |
X |
||
|
United Brewery Workers Local 87 Pension Plan |
90 |
n/a |
n/a |
X |
||||
|
Local 1814 Riggers Pension Fund |
83 |
$3,191,983 |
$1,275,340 |
X |
X |
|||
|
Milk Industry Office Employees Pension Fund |
79 |
n/a |
n/a |
X |
||||
|
PMPS-ILA Local 1752 Pension Plan |
78 |
$2,747,815 |
$949,565 |
X |
||||
|
New Bedford Fish Lumpers Pension Plan |
51 |
$1,754,129 |
$1,191,843 |
X |
||||
|
Cement Masons Local 783 Pension Trust |
48 |
$3,056,614 |
$3,312,872 |
X |
X |
|||
|
Local Union No. 466 Painters, Decorators and Paperhangers Pension Plan |
46 |
$4,584,599 |
$2,955,293 |
X |
||||
|
UIU-Newspaper Guild of Greater Philadelphia Pension Fund |
45 |
$256,212,209 |
$121,346,418 |
X |
X |
|||
|
Carville National Leather Corp Pension P |
40 |
n/a |
n/a |
X |
||||
|
Roofers Union Local No. 211 Pension Plan |
26 |
n/a |
n/a |
X |
||||
|
Board of Trustees of the Cattle Shochtim Union Local 491 |
18 |
$192,013 |
$132,448 |
X |
||||
|
International Alliance of Theatrical Stage Employees and Motion Picture Machine Operation Local Union 252 Pension Plan |
13 |
$563,917 |
$388,706 |
X |
X |
|||
|
Local 32E Supplemental Pension And Retirement Fund |
12 |
$153,512 |
$153,512 |
X |
X |
|||
Source: CRS analysis of Department of Labor (DOL), "Critical, Critical and Declining, Endangered and WRERA Status Notices," https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/critical-status-notices; DOL Form 5500 Data, https://www.efast.dol.gov/portal/app/disseminate?execution=e1s1; Department of the Treasury, "Applications for Benefit Suspension," https://home.treasury.gov/services/the-multiemployer-pension-reform-act-of-2014/applications-for-benefit-suspension; and Pension Benefit Guaranty Corporation (PBGC), "Multiemployer Pension Plan Terminations, Mergers, and Insolvencies" data at https://www.pbgc.gov/open/index. CRS had saved copies of previous years' PBGC data, which no longer appear to be available on the open data site. Archived data from FY2015 to FY2019 is available at https://web.archive.org/web/20200228134317/https://www.pbgc.gov/sites/default/files/termination-merger-insolvency-notices.xlsx.
Notes: This table does not provide a definitive list of plans that are eligible to receive special financial assistance. Eligibility under some criteria, such as those that have had an application to suspend benefits under the Multiemployer Pension Reform Act of 2014 approved, can be determined with certainty. However, other criteria depend on the financial condition of plans in 2020 through 2022. Data is not yet available for these years for all plans; this report uses the most recently available public data (from plan year 2018 or 2019) to determine plans that might be eligible. Additional plans might become eligible for special financial assistance based on their financial condition in plan years 2020 through 2022. Similarly, plans that may meet eligibility criteria based on 2018 or 2019 data might improve in 2020 through 2022 and would no longer meet the eligibility criteria.
More detailed information regarding eligibility will be available when PBGC issues regulations or guidance that specify the requirements for special financial assistance under ARPA. PBGC is required to issue regulations or guidance by July 9, 2021.
Eligibility criteria titled "Critical Status, Meets Specified Funding & Participant Criteria" indicates that the plan (1) is in critical status in any plan year from 2020 through 2022, (2) has a modified funded ratio of less than 40%, and (3) the active to inactive participant ratio is less than 2:3. The critical status designation uses the actuarial funded ratio. The modified funded ratio refers to the current funded ratio.
Total participant count is found on Line 5 of the main Form 5500.
Insolvent plans do not have to file Schedule MB. Funding information for plans without a Schedule MB is marked as "n/a."
a. Plans report two different measures of underfunding (the amount by which liabilities exceed assets) and funded ratios (the proportion of plan assets to plan liabilities). This is because plans report two values of assets and two values of liabilities: the actuarial value and current value of assets and the actuarial value and the current value (RPA '94, named for the Retirement Protection Act of 1994) of liabilities.
The two values of assets calculated under the two methods are generally similar. The two values of liabilities often differ. The main difference is the value of the discount rate that is used to value plan liabilities. The actuarial valuation of liabilities typically discounts them using the expected return on assets. The RPA '94 current liability uses a lower discount rate based around the interest rates on 30-year Treasury securities. The RPA '94 valuation method results in a higher valuation of plan liabilities compared to the actuarial valuation method, so the funded ratio on a current basis is typically lower than the funded ratio on an actuarial basis. The underfunding on a current basis is typically higher than the underfunding on an actuarial basis.
Underfunding and funded ratios on an RPA '94 (current) basis are calculated using the current value of assets (Schedule MB, Line 1b(1)) and the RPA '94 current liability (Schedule MB, Line 1d(2)(a)). Underfunding and funded ratios on an actuarial basis are calculated using the actuarial value of assets (Schedule MB, Line 1b(2)) and the actuarial value of liabilities (Schedule MB, Line 1c(3)).
b. Funded ratios for determining zone status (critical status and critical and declining status) are calculated on an actuarial basis. Funded ratios for Criteria 3 are calculated on a current basis.
Appendix. Multiemployer Defined Benefit Pension Plans That Meet or Might Meet Eligibility Criteria for Special Financial Assistance Under the American Rescue Plan Act of 2021 (ARPA; P.L. 117-2), Organized by Criteria
As an alternative to Table 2, which lists plans and each of the four criteria that a particular plan meets, this appendix separately lists each of the four eligibility criteria and the plans that potentially meet each of the criteria. Plans, along with their Employer Identification Numbers (EINs), are listed in alphabetical order under each criteria. Plan names are generally listed as they appear on the Form 5500 filings (including misspellings and inconsistent abbreviations) to enable searching on the DOL website. Some plans potentially meet more than one criteria; these plans appear in multiple categories.
This appendix does not provide a definitive list of plans that are eligible to receive special financial assistance. Eligibility under some criteria, such as those that have had an application to suspend benefits under MPRA approved, can be determined with certainty. However, other criteria depend on the financial condition of plans in 2020 through 2022. Data is not yet available for these years for all plans; this report uses the most recently available public data (from plan year 2018 or 2019) to determine plans that might be eligible. Additional plans may become eligible for special financial assistance based on their financial condition in plan years 2020 through 2022. Similarly, plans that meet eligibility criteria based on their 2018 or 2019 data might improve and would no longer meet eligibility criteria based on their 2020 through 2022 data.
More detailed information regarding eligibility will be available when PBGC issues regulations or guidance that specify the requirements to apply for special financial assistance under ARPA. PBGC is required to issue regulations or guidance by July 9, 2021.
Plan Is in Critical and Declining Status in Any Plan Year from 2020 Through 2022
The following plans (along with their EINs) filed a critical and declining status notice with the Department of Labor in 2020 or 2021.20
Critical and Declining Status in Plan Year 2018 or 2019
The following plans indicated on their Form 5500 filings that they were in critical and declining status in plan year 2018 or 2019.21 Plans that were in critical and declining status in 2018 or 2019, improved their funding, and filed critical status notices or endangered status notices with DOL in 2020 or 2021 were not included as having met this criteria (though these plans might qualify for special financial assistance under other criteria).22
Plan Has Been Approved to Suspend Benefits Under MPRA as of March 11, 2021
The following plans had been approved to suspend benefits under MPRA as of March 11, 2021.23
Plan Is in Critical Status in Any Year from 2020 Through 2022 and Meets Specified Participant and Funding Requirements
The following plans were in critical status and met specified participant and funding requirements based on their 2018 or 2019 Form 5500 filings. Plans that (1) met the criteria in 2018 but not in 2019 or (2) filed an endangered or a critical and declining status notice with DOL in 2019, 2020, or 2021, are not included in the list below.
Plan Became Insolvent After December 14, 2014, and Was Not Terminated by the Date of Enactment of ARPA (March 11, 2021)
The following plans became insolvent after December 14, 2014, and were not terminated by March 11, 2021.24
| 1. |
For more information on multiemployer DB plans, see CRS Report R43305, Multiemployer Defined Benefit (DB) Pension Plans: A Primer. |
| 2. |
The value of benefit obligations is expressed as a present value. For more information on calculating the present value of pension benefits, see CRS Report R46366, Single-Employer Defined Benefit Pension Plans: Funding Relief and Modifications to Funding Rules. |
| 3. |
Underfunding is the amount by which plan liabilities exceed plan assets. Underfunding on an RPA '94 basis uses current values, and underfunding on an actuarial basis uses actuarial values. |
| 4. |
An insolvent plan is one that cannot pay all of its promised benefits in a year. A plan is terminated if all employers withdraw from the plan or it meets other conditions in Title 29, Section 1341a, of the United States Code. |
| 5. |
See Congressional Budget Office, Score of Ways and Means Reconciliation Recommendations, https://www.cbo.gov/system/files/2021-02/hwaysandmeansreconciliation.pdf. |
| 6. |
The most recent year for which there is complete data is 2018. Some 2019 data is available but is not yet complete. Individual Form 5500 filings for some plans may be available through an online search for more recent years, but they are not yet included in any datasets. |
| 7. |
DOL provides the Form 5500 data at https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/foia/form-5500-datasets. |
| 8. |
See DOL, "Critical, Critical and Declining, Endangered and WRERA Status Notices," https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/critical-status-notices. |
| 9. |
CRS analysis of Form 5500 data for plan year 2018 found that 121 plans that had filed Schedule MB were in critical and declining status. Not all Schedule MB filings include a zone status; in these cases, CRS examined the filed Form 5500 to find the zone status. |
| 10. |
In 2020, there were 65 notices posted, but one plan's notice (Roofers and Slaters Local 248 Pension Plan) was duplicated. |
| 11. |
Several large plans that were in declining status in 2019 filed critical status notices to DOL in 2020, did not meet any other criteria based on the most recent available data, and so are not included in Table 2. These plans include the United Mine Workers of America 1974 Pension Plan (UMWA), the Pace Industry Union-Management Pension Fund, the National Integrated Group Pension Plan, and the FELRA & UFCW Pension Plan, each of which has over 50,000 participants. These plans might qualify for special financial assistance under Criteria 3 based on their financial status in 2020-2022. However, funding and participant data for plan year 2020 is not yet available, so eligibility under Criteria 3 cannot be determined. The future funded status of the UMWA plan could improve as a result of annual financial assistance in P.L. 116-94. |
| 12. |
It is possible that the zone status for some of these plans could become critical in 2020, 2021, or 2022, so these plans could be eligible for special financial assistance if they meet the additional criteria for plans in critical status. |
| 13. | |
| 14. |
Funded ratio refers to the funded ratio on a current basis and is calculated as the current value of assets (found on Line 1(b)(1) of Schedule MB) divided by the current value of liabilities (found on Line 1(d)(2)(A) of Schedule MB). The active to inactive participant ratio of 2:3 is equivalent to active participants being 40% of total participants. This was calculated using the number of active participants (found on line 2(b)(3)(c)(1) of Schedule MB) divided by the number of total participants (found on line 2(b)(4)(1) of Schedule MB). PBGC has not yet issued regulations or guidance to determine how to calculate the funded percentage and the ratio of active to inactive participants for purposes of determining eligibility for special financial assistance under ARPA. |
| 15. |
Individual plan Form 5500 filings for plan year 2020 may be available by search at https://www.efast.dol.gov/portal/app/disseminatePublic?execution=e1s1. The dataset for plan year 2020 is not available on DOL's website. |
| 16. |
In addition, plans could become critical and declining in 2020, 2021, or 2022 and would be eligible for special financial assistance. |
| 17. |
Six additional plans that met this criteria based on 2018 or 2019 data filed critical and declining status notices in 2020 or 2021 and so are not included as being eligible under this criteria (but are included as being eligible based on their critical and declining status). Two additional plans filed endangered status notices in 2020 and are not included as being eligible under this criteria. |
| 18. |
The most recent data is available for download under the file name "Multiemployer Pension Plan Terminations, Mergers, and Insolvencies" at https://www.pbgc.gov/open/index. CRS had saved copies of previous years' data, which no longer appear to be available on the open data site. Archived data from FY2015 to FY2019 is available at https://web.archive.org/web/20200228134317/https://www.pbgc.gov/sites/default/files/termination-merger-insolvency-notices.xlsx. |
| 19. |
These plans are (1) the ALA—Lithographic Industry Pension Plan and (2) the Textile Processors Service Trades Health Care Professional and Technical Employees International Union Local No. 1 Pension Fund. |
| 20. |
The funding status notices are available at https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/critical-status-notices. All but one plan status notice is from 2020. In order to facilitate searching for plans' Form 5500 filing on the DOL website, plan names have been changed from the name on the DOL website to the name on the Form 5000. Form 5500 filings are available at https://www.efast.dol.gov/portal/app/disseminatePublic?execution=e2s1. |
| 21. |
Plans that were in critical status in 2019 or filed critical or endangered status filings with DOL in 2020 were removed from the list. The Form 5500 datasets for 2018 and 2019 are available at https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/foia/form-5500-datasets. |
| 22. |
Several large plans that were in critical and declining status in 2019 filed critical status notices to DOL in 2020, did not meet any other criteria based on the most recent available data, and so are not included in Table 2. These plans include the United Mine Workers of America 1974 Pension Plan (UMWA), the Pace Industry Union-Management Pension Fund, the National Integrated Group Pension Plan, and the FELRA & UFCW Pension Plan, each of which has over 50,000 participants. These plans might qualify for special financial assistance under Criteria 3 based on their financial status in 2020-2022. However, funding and participant data for plan year 2020 is not yet available, so eligibility under Criteria 3 cannot be determined. The future funded status of the UMWA plan could improve as a result of annual financial assistance provided in P.L. 116-94. |
| 23. |
The applications are available at https://home.treasury.gov/services/the-multiemployer-pension-reform-act-of-2014/applications-for-benefit-suspension. |
| 24. |
The most recent data is available for download under the file name "Multiemployer Pension Plan Terminations, Mergers, and Insolvencies" at https://www.pbgc.gov/open/index. CRS had saved copies of previous years' data, which no longer appear to be available on the open data site. Archived data from FY2015 to FY2019 is available at https://web.archive.org/web/20200228134317/https://www.pbgc.gov/sites/default/files/termination-merger-insolvency-notices.xlsx. |