Iron Workers Local 16 Pension Fund
multiemployer plan · Iron Workers Local 16 · Rockville, MD
Funding History
What This Means for You
Iron Workers Local 16 Pension Fund is 52% funded, which is below the 80% threshold that actuaries consider healthy. The plan has $306.2M in unfunded liabilities that must be addressed through increased contributions, investment returns, or benefit adjustments. PBGC coverage provides a backstop, but benefits could be reduced to PBGC maximums in a worst-case scenario. Current participants should monitor this plan and consider supplemental retirement savings.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $336.0M | $642.2M | 52.3% | $25.1M |
| 2024 | $335.3M | $642.3M | 52.2% | $26.1M |
| 2023 | $303.0M | $660.1M | 45.9% | $28.8M |
| 2022 | $303.9M | $546.5M | 55.6% | $21.3M |
| 2021 | $285.3M | $651.4M | 43.8% | $21.8M |
Frequently Asked Questions
Iron Workers Local 16 Pension Fund 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.
Iron Workers Local 16 Pension Fund has 6,538 total participants, including 2,639 active employees and 3,899 retirees currently receiving benefits.
Yes, Iron Workers Local 16 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 "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.