Bakery & Confectionery Union Industry International Pension Fund
multiemployer plan · BCTGM International Union · Kensington, MD
Bakery & Confectionery Union Industry International Pension Fund is severely underfunded at 42%, with $4.1B in unfunded liability. Plans in this bracket face significant solvency risk and are typically on regulatory funding-improvement plans, with active intervention from PBGC for private plans or state pension boards for public ones.
Bakery & Confectionery Union Industry International Pension Fund is a multi-employer pension plan sponsored by BCTGM International Union — a collectively-bargained plan covering workers across multiple employers in the same industry or union. Multi-employer plans are PBGC-insured but under a different (and historically less-funded) program than single-employer plans. The plan remains active — accruing new benefits for current employees and accepting new participants. Among private-sector single-employer plans, the active status is increasingly rare as employers freeze accruals while continuing to fund existing obligations; public-sector plans are more often still actively accruing.
The plan is mid-sized: $3.0B in assets, 100,402 participants (14,943 active, 75,720 retired). Mid-sized plans often outsource investment management to institutional advisors and follow standard actuarial conventions. Participant mix skews toward retirees (75,720 retired vs 14,943 active) — a mature plan paying out more than it accrues. Mature plans need stable investment returns plus sponsor contributions to keep the funded ratio steady; the cash-flow profile is increasingly net-negative. Annual cash flows: $120M in sponsor contributions versus $350M in benefit payments. Investment performance over the most recent year ran 4.6%, against the plan's assumed long-term return of 6.5%.
PBGC risk classification: critical. The plan faces mandatory rehabilitation under PBGC rules; participants should monitor benefit guarantees carefully. Multi-employer plans like Bakery & Confectionery Union Industry International Pension Fund have PBGC backing under a separate (and historically lower-funded) guarantee program. The 2021 American Rescue Plan provided substantial federal support to the multi-employer system, but long-term solvency varies plan-by-plan.
Source: DOL EFAST2 Form 5500 filings and Boston College CRR Public Plans Database.
Funding History
What This Means for You
Bakery & Confectionery Union Industry International Pension Fund is significantly underfunded at 42%, with $4.1B in unfunded liabilities affecting 100,402 participants. Plans at this funding level face difficult choices: raising contributions substantially, reducing future benefit accruals, or in extreme cases, applying for benefit suspensions. The PBGC has flagged this plan as critical status. If you are a participant, it is important to understand your options and consider diversifying your retirement income sources.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2023 | $3.0B | $7.1B | 41.8% | $120.0M |
| 2022 | $2.9B | $7.8B | 37.0% | $116.4M |
| 2021 | $2.8B | $7.0B | 40.0% | $112.8M |
| 2020 | $2.7B | $8.0B | 34.0% | $109.2M |
| 2019 | $2.6B | $7.3B | 36.0% | $105.6M |
Frequently Asked Questions
Bakery & Confectionery Union Industry International Pension Fund is 42% funded, meaning it has 42 cents in assets for every dollar in future benefit obligations. This is significantly underfunded and participants should monitor the situation closely.
Bakery & Confectionery Union Industry International Pension Fund has 100,402 total participants, including 14,943 active employees and 75,720 retirees currently receiving benefits.
Yes, Bakery & Confectionery Union Industry International Pension Fund is covered by the Pension Benefit Guaranty Corporation (PBGC), which provides a backstop if the plan cannot pay benefits. The PBGC risk level is currently "critical."
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.