The Western States Office and Professional Employees Pension Fund out of Portland, OR just became the eleventh multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency.
Funding ratio 44%, about 900 workers, over a thousand retirees.
These pension funds are shared 401ks. They automatically switch from stocks to bonds based on rate. These funds are nothing but big, the California funds will rattle the traders bad back in Yawktown.
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