Painters Local 242 Pension Trust
multiemployer plan · Painters Local 242 · Grand Island, NE
Funding History
What This Means for You
Painters Local 242 Pension Trust is significantly underfunded at 47%, with $186.4M in unfunded liabilities affecting 11,374 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 | $162.4M | $348.8M | 46.6% | $14.0M |
| 2024 | $159.4M | $318.8M | 50.0% | $12.0M |
| 2023 | $153.0M | $400.6M | 38.2% | $11.8M |
| 2022 | $148.1M | $302.2M | 49.0% | $10.7M |
| 2021 | $140.2M | $270.7M | 51.8% | $10.3M |
Frequently Asked Questions
Painters Local 242 Pension Trust is 47% funded, meaning it has 47 cents in assets for every dollar in future benefit obligations. This is significantly underfunded and participants should monitor the situation closely.
Painters Local 242 Pension Trust has 11,374 total participants, including 5,035 active employees and 6,339 retirees currently receiving benefits.
Yes, Painters Local 242 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.