Mine Worker Bailout Would Unfairly Preserve UMWA Pensions While Other Pensions Face Massive Cuts
Created on August 15, 2016
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Read the original report, "Why a Coal Miner Pension Bailout Could Open the Door to a $600 Billion Pension Bailout for All Private Unions," by Rachel Greszler.
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By bailing out the insolvent UMWA pension plan, the full benefit would remain intact at $24,246 per year.
SOURCES: Author's calculations based on the UMWA's pension benefits for a 62-year-old worker who retires in 2016 with 30 years of work history. Data on UMWA’s pension eligibility are from UMWA Health and Retirement Funds, Pension Eligibility Requirements, http://www.umwafunds.org/Pension-Survivor-Health/Pages/Eligibility-Requirements.aspx (accessed March 9, 2016). Data on pension benefit cuts are based on PBGC's guaranteed level and U.S. Government Accountability Office, “Private Pensions: Multiemployer Plans and PBGC Face Urgent Challenges,” testimony before the Subcommittee on Health, Employment, Labor and Pensions, Committee on Education and the Workforce, U.S. House of Representatives, March 5, 2013, http://www.gao.gov/assets/660/652687.pdf (accessed March 10, 2016).
CHART 1 • IB 4600
Tags: PBGC, Pension-Benefit-Guaranty-Corporation, coal-miner, bailout