SEIU National Industry Pension Fund

SEIU National Industry Pension Fund is essentially fully funded: 98% funding ratio — assets of $273M against actuarial liabilities of $279M. Fully funded status is the regulatory target most plans aim for; getting there usually requires sustained investment returns plus disciplined sponsor contributions.

SEIU National Industry Pension Fund is a multi-employer pension plan sponsored by Service Employees International Union — 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.

SEIU National Industry Pension Fund is a smaller plan with $273M in assets and 21,789 participants. Small plans may have simpler investment structures but the same regulatory requirements as larger ones — the fixed cost of compliance is one reason smaller employers have moved away from defined-benefit plans. Active and retired participants are roughly balanced (12,582 active, 9,263 retired). The plan is in a steady-state cash-flow phase where new accruals offset benefit payments. Annual cash flows: $250M in sponsor contributions versus $420M in benefit payments. Investment performance over the most recent year ran 4.9%, against the plan's assumed long-term return of 6.5%.

On PBGC risk classification: low — the plan's funded status and solvency trajectory are favorable enough that PBGC intervention is not on the near-term horizon. Multi-employer plans like SEIU National Industry 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.