Many multi-employer pensions in poor shape

MCLEAN, Virginia — A new analysis shows the poor financial condition of the some of the nation’s multi-employer pension funds.

As many as 114 funds covering nearly 1.3 million workers are underfunded by $36.4 billion, according to actuarial consulting firm Cheiron. That group of funds could become insolvent within 20 years because they don’t have the money to pay participants the full benefits earned.

At the top of Cheiron’s list is

the Central States Pension Fund, a fund that covers about 400,000 participants, including about 50,000 in Ohio.

The fund provides benefits primarily to retired Teamster truck drivers and their families. It makes up nearly half of the $36.4 billion deficit, according to Cheiron.

The report says congressional action is needed to deal with the problem of these funds.

Multi-employer plans are industry plans that cover union workers and pensioners and are sponsored by employers and labor unions.

Wal-Mart Supercenter, 1693 Stringtown Road, is completed, and it will be celebrated with an event at 9 a.m. Friday.

“Nearly every department in this store was refreshed in one way or another,” store manager Rhonda Koch said in a statement.

The improvements include an updated electronics department that allows customers to try out devices. A package-pickup lounge has been added at the front of the store, and a freestanding Wal-Mart MoneyCenter offers in-store financial services.