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local 804 pension problems
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<blockquote data-quote="JonFrum" data-source="post: 144737"><p>Are you willing to do some homework? It's not that hard.</p><p></p><p>Free Erisa Dot Com has the last five years of your pension plan's annual financial reports online. (I assume this is the correct plan.) Free Erisa is free, but you do have to register your email address. The online versions of the reports are not the full versions, but they will get you started. Just visit Free Erisa and after registering and getting your confirmatory email, do a search of their Form 5500 data base for Company Name Contains: 804. Click on each year of the Plan in turn, and click on Show All. Save a copy of each year's report to your hard drive. </p><p><a href="http://freeerisa.benefitspro.com/" target="_blank">Welcome to freeErisa.com!</a></p><p></p><p>BD OF TRUSTEES LOC 804 & LOC 447 MULTI-EMPLOYER RETIREMENT PLAN </p><p> 55 GLENLAKE PKWY NE</p><p> ATLANTA GA 30328 </p><p></p><p>Plan Number: 001</p><p>Plan Name: LOCAL 804 IBT AND LOCAL 447 IAM - UPS MULTI-EMPLOYER RETIREMENT PLAN</p><p>Form 5500 Annual Reports available for: 2004, 2003, 2002, 2001, 2000. 2005 will be available soon.</p><p>- - - - -</p><p>According to Moody's 16-page August 2006 report on major pension plans (using 2004 data) . . .</p><p></p><p>Local 804 I.B.T. and Local 447 IAM UPS Multi-employer Retirement Plan had:</p><p>Net Plan Assets of $624.5 million </p><p>Liabilities of $1,183 million</p><p>Funded Status of 59% </p><p>Total Annual Contributions of $43.6 million</p><p>Underfunding Multiple of 5.0x</p><p></p><p>A Funded Status of only 59% means that for every dollar of future retirement benefits the fund has promissed to pay, it has only 59 cents available to pay those obligations. </p><p></p><p>The Underfunding Multiple of 5.0x means that in order to cure the underfunding problem the Employers would have to contribute 5 times as much as they normally would in any one year. For example, if the annual contribution was $10,000 per participant, then a contribution of $50,000 per participant was in fact needed to cure the funding deficiency. Instead of contributing $43.6 million in 2004, a contribution of $218 million was needed.</p><p><a href="http://www.ifebp.org/pdf/moodysmethodology.pdf" target="_blank">http://www.ifebp.org/pdf/moodysmethodology.pdf</a></p><p>Jump to the Transportation Industry section on page 15 to compare your plan to other plans in the same industry. Save a copy to your hard drive. </p><p></p><p>And Pay Attention To Your Pension!</p></blockquote><p></p>
[QUOTE="JonFrum, post: 144737"] Are you willing to do some homework? It's not that hard. Free Erisa Dot Com has the last five years of your pension plan's annual financial reports online. (I assume this is the correct plan.) Free Erisa is free, but you do have to register your email address. The online versions of the reports are not the full versions, but they will get you started. Just visit Free Erisa and after registering and getting your confirmatory email, do a search of their Form 5500 data base for Company Name Contains: 804. Click on each year of the Plan in turn, and click on Show All. Save a copy of each year's report to your hard drive. [URL='http://freeerisa.benefitspro.com/']Welcome to freeErisa.com![/URL] BD OF TRUSTEES LOC 804 & LOC 447 MULTI-EMPLOYER RETIREMENT PLAN 55 GLENLAKE PKWY NE ATLANTA GA 30328 Plan Number: 001 Plan Name: LOCAL 804 IBT AND LOCAL 447 IAM - UPS MULTI-EMPLOYER RETIREMENT PLAN Form 5500 Annual Reports available for: 2004, 2003, 2002, 2001, 2000. 2005 will be available soon. - - - - - According to Moody's 16-page August 2006 report on major pension plans (using 2004 data) . . . Local 804 I.B.T. and Local 447 IAM UPS Multi-employer Retirement Plan had: Net Plan Assets of $624.5 million Liabilities of $1,183 million Funded Status of 59% Total Annual Contributions of $43.6 million Underfunding Multiple of 5.0x A Funded Status of only 59% means that for every dollar of future retirement benefits the fund has promissed to pay, it has only 59 cents available to pay those obligations. The Underfunding Multiple of 5.0x means that in order to cure the underfunding problem the Employers would have to contribute 5 times as much as they normally would in any one year. For example, if the annual contribution was $10,000 per participant, then a contribution of $50,000 per participant was in fact needed to cure the funding deficiency. Instead of contributing $43.6 million in 2004, a contribution of $218 million was needed. [url]http://www.ifebp.org/pdf/moodysmethodology.pdf[/url] Jump to the Transportation Industry section on page 15 to compare your plan to other plans in the same industry. Save a copy to your hard drive. And Pay Attention To Your Pension! [/QUOTE]
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