News

➤ Why is our pension plan’s funding status lower than other trades?

  • It is not lower. A Spring 2018 Multiemployer Pension Funding Study indicates that pension plans on average achieved an aggregated funding status of 82-83%, the highest since the market collapse in 2008 (when the average was 85%). The 2017 rate of our plan was funded at 81.2%. It is already rising.
  • We are currently on track to be 100% funded by 2027.
  • Some trades have higher funded plans. Most of those plans are putting a lot of money: $8, $10, $12 per hour into non-accrual (funds that are not accruing a direct benefit for plan participants) to raise the funding status.

Did You Know?

Apprenticeship programs pay off.

Workers who complete apprenticeship programs earn $300,000 more over their lifetime than peers who don’t. Learn More

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