Ironworkers Local 473 Pension Trust
multiemployer plan · Ironworkers Local 473 · Fargo, ND
Funding History
What This Means for You
Ironworkers Local 473 Pension Trust is 61% funded, which is below the 80% threshold that actuaries consider healthy. The plan has $1.0B 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 | $1.5B | $2.6B | 60.7% | $48.5M |
| 2024 | $1.5B | $2.5B | 59.6% | $46.8M |
| 2023 | $1.4B | $2.4B | 58.0% | $55.1M |
| 2022 | $1.4B | $2.5B | 56.1% | $46.5M |
| 2021 | $1.3B | $2.3B | 56.3% | $58.8M |
Frequently Asked Questions
Ironworkers Local 473 Pension Trust is 61% funded, meaning it has 61 cents in assets for every dollar in future benefit obligations. This is below the 80% threshold actuaries consider healthy, and may require increased contributions.
Ironworkers Local 473 Pension Trust has 15,189 total participants, including 8,024 active employees and 7,165 retirees currently receiving benefits.
Yes, Ironworkers Local 473 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.