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Milliman analysis: 2014 a so-so year for most multiemployer plans


News provided by

Milliman

Mar 18, 2015, 11:00 ET

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SEATTLE, March 18, 2015 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Spring 2015 Multiemployer Pension Funding Study (MPFS), which analyzes the cumulative funded status of all U.S. multiemployer pension plans. These pension plans experienced little movement last year, slipping slightly from an 81% funded status at the end of 2013 to an 80% funded status at the end of 2014. As was the case in 2013, many mature plans are still struggling to recover from the financial crisis.

While the market value of assets for all multiemployer plans increased by $7 billion, the liability for accrued benefits outpaced these gains, growing by $12 billion and resulting in an increased shortfall of $5 billion.

"People assume that the stock market recovery would be enough to push these multiemployer plans back to where they were in 2007, but it's not that simple," said Kevin Campe, co-author of the MPFS. "Liabilities have been growing at 7.5% per year on average, which complicates a full recovery."

Approximately 15% of multiemployer pension plans are less than 65% funded as of December 31, 2014, and over half of the $117 billion aggregate shortfall for all multiemployer plans is attributable to these plans.  On the positive side, about 22% of all multiemployer plans are over 100% funded.

The study notes that the recently enacted Multiemployer Pension Reform Act of 2014 provides new tools to the Trustees of the most severely underfunded multiemployer plans.

To view the complete study, go to http://www.milliman.com/mpfs/.  

About Milliman
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit www.milliman.com

About the Milliman Multiemployer Pension Funding Study
This study aims to provide a current and comprehensive examination of all of the nearly 1,300 multiemployer plans in the country. The results are based on estimates derived from publicly available Form 5500 data as of December 2014.

SOURCE Milliman

Related Links

http://www.milliman.com

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