By WENDY HOLDREN
The Register-Herald
BECKLEY, W.Va. — U.S. Sen. Joe Manchin, D-W.Va., has released a report detailing the pending crisis facing multi-employer pension plans, including the United Mine Workers of America 1974 pension fund.
A 2017 Cheiron report found as many as 114 multi-employer pension plans are expected to become insolvent, some as early as four years from now. These plans cover nearly 1.3 million workers, and are underfunded by $36.4 billion.
The UMWA Pension Fund is the most at risk of insolvency. This plan covers 87,000 retired miners — 27,000 in West Virginia — and 20,000 full vested current workers. It’s projected to become insolvent in 2022.
Read the entire article: http://www.register-herald.com/news/manchin-details-importance-of-securing-pension-plans-for-miners/article_a51c37e6-d102-5e47-97da-4cf1ff45a11e.html
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