On July 9, 2010, The Washington Examiner published an editorial by Mark Tapscott titled “Are you depending on one of these 108 worst-funded union pension plans?” Over the past several weeks, this editorial has gained some attention, and some parties have even distributed it to people covered under these pension plans.
It is true that many pension plans – both union and non-union – are facing challenges in the wake of the financial market collapse of 2008 and continuing poor economic conditions. However, The Examiner editorial uses misleading information to portray union pension plans as being worse funded than they actually are.
This Horizon bulletin outlines the ways in which the information in The Examiner editorial (taken from a Moody’s report from September, 2009) is misleading. A participant in a multiemployer pension plan who has questions regarding its funded status should contact the plan itself to receive better information.
It is true that many pension plans – both union and non-union – are facing challenges in the wake of the financial market collapse of 2008 and continuing poor economic conditions. However, The Examiner editorial uses misleading information to portray union pension plans as being worse funded than they actually are.
This Horizon bulletin outlines the ways in which the information in The Examiner editorial (taken from a Moody’s report from September, 2009) is misleading. A participant in a multiemployer pension plan who has questions regarding its funded status should contact the plan itself to receive better information.
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