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This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
In June 1998, the New York City local of the carpenters union hired Zenith Administrators, a ULLICO subsidiary, to oversee the union's $1.7 billion pension and benefit funds. In 2002, federal prosecutors and DOL investigated the company for allegedly obtaining the contract through McCarron's influence.
The infusion will raise the pension fund's status to more than 60% funded, up from 34.3% funded as of 2022, according to Tom Lutz, president of the Michigan Regional Council of Carpenters and ...
The Carpenter's International began to consolidate Locals into a District Council system in 1988 and since the International Convention of 2000, a system of "Regional Councils" has been implemented, further reducing the number of districts and high ranking board members from 13 down to 10.
Many U.S. cities are allowed to participate in the pension plans of their states; some of the largest have their own pension plans. The total number of local government employees in the United States as of 2020 is 14.3 million. There are 11.1 million full-time and 3.1 million part-time local-government civilian employees as of 2020. [16]
For example, in 1956, laborers in Pittsburgh were able to form pension plans. [10] Also, in 1955, the union helped establish the National Joint Heavy and Highway Construction Committee. The purpose of the committee was to ensure that union members could take advantage of the jobs created by the Interstate Highway Act of 1954.
Coverage of schools increased the number of employers in IMRF from 156 to 652 and the number of members from 11,171 to 17,119. Effective January 1, 1951, all cities, villages, and incorporated towns with populations of 10,000 or more and all counties (except Cook County) and sanitary districts (except Metropolitan Chicago Sanitary District ...
The outgoing head of Ohio's troubled teachers retirement system said that she is leaving the fund in strong fiscal condition, despite the turmoil at the top that her successor will inherit. In a ...