MCAA, in conjunction with Horizon Actuarial Services, LLC, has released the Fourth Edition (February 2016) of its comprehensive inventory and analysis of construction industry multiemployer defined benefit pension plans for all 790 construction industry plans covering the 2004 through the 2013 plan years.
In releasing the report, MCAA President Steve Dawson said, “MCAA is extremely proud to partner with one of the premier actuarial firms in the industry, Horizon Actuarial Services, LLC to bring this ground-breaking work forward and maintain it on a periodic basis for the benefit of the industry… Before MCAA and Horizon began this collaboration, this type of comprehensive in-depth analysis of the Form 5500 database was not available….”
The report examines trends in plan demographics, cash flows, investment returns, funding status, and other plan costs and expenses over the plan years, which represent the most current Form 5500 data completely available for compilation and analysis.
The Inventory shows continuing steep challenges to the sustainability of the multiemployer system with long-term adverse demographic challenges remaining intractable, with fewer than seven active contributing employees for every 10 participants in the median plan data.
The Inventory data document the continuing need for Congressional action to enact reforms—such as the Solutions Not Bailouts legislative reform proposal. The proposal allows trustees to choose alternate plan designs—composite plans—that will build greater resilience and sustainability into the future of the valuable multiemployer defined benefit plan system for the industry workforce, sponsoring employers, and participants and beneficiaries of the plans. The Solutions Not Bailouts alternate plan design proposal option is strongly backed by MCAA and the National Coordinating Committee for Multiemployer Plans’ (NCCMP) legislative coalition.
Read the full news release about the Inventory at the link below. The Inventory is available as a free download to MCAA and MSCA members.
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