Goes from Red to Yellow Zone
Local 804 members and retirees received good news on January 1st when the retirement fund was notified that its funding status had moved out of the red zone and into the yellow.
The plan has made real progress and the future looks brighter. As you can see in the chart, as of 2015 the fund had nearly $1.2 billion in net assets to pay pension benefits. Fund assets started growing in 2009, following the 2007 market crash and increases in employer contributions.
“At a time when fewer and fewer people have defined benefit pensions that provide a secure retirement, we are very fortunate to be where we are today,” said Local 804 President and Fund Trustee Eddie Villalta. “We still have a way to go, but to protect what we have, we must remain fiscally responsible and politically active.”