Steelworkers Local 223 Pension Trust
multiemployer plan · Steelworkers Local 223 · Augusta, ME
Funding History
What This Means for You
Steelworkers Local 223 Pension Trust is significantly underfunded at 38%, with $1.0B in unfunded liabilities affecting 14,277 participants. Plans at this funding level face difficult choices: raising contributions substantially, reducing future benefit accruals, or in extreme cases, applying for benefit suspensions. The PBGC has flagged this plan as critical status. 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 | $642.0M | $1.7B | 38.1% | $48.0M |
| 2024 | $622.2M | $1.6B | 38.0% | $37.8M |
| 2023 | $584.9M | $1.5B | 39.1% | $34.5M |
| 2022 | $587.4M | $1.5B | 39.6% | $44.8M |
| 2021 | $528.1M | $1.3B | 40.2% | $36.2M |
Frequently Asked Questions
Steelworkers Local 223 Pension Trust is 38% funded, meaning it has 38 cents in assets for every dollar in future benefit obligations. This is significantly underfunded and participants should monitor the situation closely.
Steelworkers Local 223 Pension Trust has 14,277 total participants, including 5,230 active employees and 9,047 retirees currently receiving benefits.
Yes, Steelworkers Local 223 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 "critical."
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.