Carpenters Local 590 Pension Trust
multiemployer plan · Carpenters Local 590 · Pierre, SD
Funding History
What This Means for You
Carpenters Local 590 Pension Trust is significantly underfunded at 52%, with $1.5B in unfunded liabilities affecting 7,174 participants. Plans at this funding level face difficult choices: raising contributions substantially, reducing future benefit accruals, or in extreme cases, applying for benefit suspensions. 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 |
|---|---|---|---|---|
| 2025 | $1.6B | $3.1B | 52.0% | $97.0M |
| 2024 | $1.5B | $2.8B | 53.2% | $109.7M |
| 2023 | $1.5B | $3.0B | 51.1% | $102.7M |
| 2022 | $1.5B | $2.9B | 50.7% | $117.9M |
| 2021 | $1.4B | $2.7B | 50.4% | $87.4M |
Frequently Asked Questions
Carpenters Local 590 Pension Trust is 52% funded, meaning it has 52 cents in assets for every dollar in future benefit obligations. This is significantly underfunded and participants should monitor the situation closely.
Carpenters Local 590 Pension Trust has 7,174 total participants, including 2,932 active employees and 4,242 retirees currently receiving benefits.
Yes, Carpenters Local 590 Pension Trust 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 "high."
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.