Updated May 2026 · DOL Form 5500
Multiemployer Pension Plans
Union-negotiated pension plans covering workers across multiple companies in the same industry.
14 multiemployer pension plans tracked, covering 3,372,786 active and retired participants with an average funding ratio of 79.0%. Multiemployer plans cover unionized workers in industries like trucking, construction, retail, and entertainment — often spanning hundreds of employers under a single collectively bargained plan.
The Multiemployer Pension Plans bucket captures 14 plans of this type.
Plan type shapes nearly every aspect of how a pension is regulated, funded, and ultimately backed in distress scenarios. Reading the LakeQuality pension-health grade alongside plan type tells a fuller story than the grade alone.
How Multiemployer Pension Plans Are Regulated
Multiemployer plans are negotiated jointly between unions and multiple employers in the same industry, regulated by ERISA, and reported on DOL Form 5500 with Schedule MB. They are insured by PBGC under a separate program with a much lower per-participant guarantee than the single-employer program. Plans below specified funding thresholds receive Critical or Critical-and-Declining status under PPA, which triggers contribution and benefit-restructuring rules.
The funding-ratio numbers on this page come from DOL EBSA Form 5500 datasets, specifically the Schedule MB actuarial valuation each plan files annually under ERISA. PBGC publications supplement this with the federal guarantee tables and at-risk designations that backstop these plans — see pbgc.gov.
6 of 14 multiemployer pension plans (43%) report below the 80% actuarial benchmark, with a combined unfunded liability of $34.5B across the underfunded plans. Funding ratios in this segment shift each valuation cycle as discount rates, asset returns, and contribution policy change — none of these figures are projections.
Plans by Funding Ratio
How Health Scores Are Calculated
The Pension Health Score combines funding ratio (50% of the composite), 3-year funding trend (30%), and PBGC risk level (20%) into a 0–100 index with an A–F letter grade. Public plans use a low PBGC-risk default since they are not subject to PBGC insurance; corporate and multiemployer scoring incorporates the PBGC at-risk and Critical-status designations directly. Read the full methodology.
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Frequently Asked Questions
What is a multiemployer pension pension plan?
Union-negotiated pension plans covering workers across multiple companies in the same industry. Multiemployer plans are negotiated jointly between unions and multiple employers in the same industry, regulated by ERISA, and reported on DOL Form 5500 with Schedule MB. They are insured by PBGC under a separate program with a much lower per-participant guarantee than the single-employer program. Plans below specified funding thresholds receive Critical or Critical-and-Declining status under PPA, which triggers contribution and benefit-restructuring rules.
How many multiemployer pension plans are there?
PensionRisk tracks 14 multiemployer pension plans covering 3,372,786 active and retired participants. Of those, 6 (43%) report below the 80% actuarial benchmark.
What is the average funding ratio for multiemployer pension plans?
The average funding ratio across the tracked multiemployer pension plans is 79.0%. Aggregate unfunded liability across plans below 100% funded totals $34.5B. Plans above 80% are generally considered healthy by actuarial standards; plans below 60% are considered critically underfunded.
Are multiemployer pension plans insured by PBGC?
Yes, but under a separate PBGC program with a much lower per-participant guarantee than the single-employer program. The American Rescue Plan's Special Financial Assistance program has stabilized roughly $90 billion in benefits across critical and declining multiemployer plans since 2021.
Where does this data come from?
Corporate and multiemployer plan figures come from DOL EBSA Form 5500 datasets — Schedule SB for single-employer plans and Schedule MB for multiemployer plans. Form 5500 typically lags plan year-end by 9–12 months. The current dataset reflects filings available as of May 2026.
14 multiemployer pension plans tracked, covering 3,372,786 active and retired participants with an average funding ratio of 79.0%. Multiemployer plans cover unionized workers in industries like trucking, construction, retail, and entertainment — often spanning hundreds of employers under a single collectively bargained plan.