Plumbers & Pipefitters National Pension Fund
multiemployer plan · United Association (UA) · Washington, DC
Plumbers & Pipefitters National Pension Fund is underfunded: 64% funding ratio, with $11.8B in unfunded actuarial liability against $21.0B in plan assets. Plans below 75% funded face heightened regulatory scrutiny and usually require higher sponsor contributions or benefit adjustments to recover.
Plumbers & Pipefitters National Pension Fund is a multi-employer pension plan sponsored by United Association (UA) — 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.
Plumbers & Pipefitters National Pension Fund is a large pension plan with $21.0B in assets and 430,000 participants (195,000 active, 235,000 retired). Large plans usually have professional investment management and complex actuarial structures. Active and retired participants are roughly balanced (195,000 active, 235,000 retired). The plan is in a steady-state cash-flow phase where new accruals offset benefit payments. Annual cash flows: $1.8B in sponsor contributions versus $1.6B in benefit payments. Investment performance over the most recent year ran 5.5%, against the plan's assumed long-term return of 7.0%.
PBGC risk classification: high. The plan is on enhanced monitoring and may face funding-improvement or rehabilitation-plan requirements depending on multi-year trajectory. Multi-employer plans like Plumbers & Pipefitters National 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
Plumbers & Pipefitters National Pension Fund is 64% funded, which is below the 80% threshold that actuaries consider healthy. The plan has $11.8B 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 |
|---|---|---|---|---|
| 2023 | $21.0B | $32.8B | 64.1% | $1.8B |
| 2022 | $20.4B | $32.3B | 63.0% | $1.7B |
| 2021 | $19.7B | $29.9B | 66.0% | $1.7B |
| 2020 | $19.1B | $31.9B | 60.0% | $1.6B |
| 2019 | $18.5B | $29.8B | 62.0% | $1.6B |
Frequently Asked Questions
Plumbers & Pipefitters National Pension Fund is 64% funded, meaning it has 64 cents in assets for every dollar in future benefit obligations. This is below the 80% threshold actuaries consider healthy, and may require increased contributions.
Plumbers & Pipefitters National Pension Fund has 430,000 total participants, including 195,000 active employees and 235,000 retirees currently receiving benefits.
Yes, Plumbers & Pipefitters National 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.