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On December 30, 2019, the Board of Trustees submitted a new MPRA Pension Preservation Plan to the Department of the Treasury. Individualized statements are being mailed to all participants on January 6, 2020. If you do not receive yours, please call the Fund Office at (718) 274-5353.
The website has been updated to include information about the revised Pension Preservation Plan application.
There will also be a special Town Hall-style meeting on Sunday, January 26, 2020 to discuss the new Pension Preservation Plan.
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The Fund created this website to provide you with accurate and up-to-date information about our Pension Preservation Plan. We want you to understand why we need the Pension Preservation Plan, how the plan will work, what the alternatives are, and what you need to do to protect your pension and your Pension Fund.
Check back regularly for updates and other important information.
Here are some key points about what our Pension Fund is going through and our strategy for saving the Fund.
- If we do not take action now, our Fund will run out of money in 10 years or less. If that happens, we will be forced to rely on the shaky Pension Benefit Guaranty Corporation (PBGC), to pay benefits. All participants will see drastic cuts to their benefits.
- A combination of external factors—stock market crashes, misguided government regulations, employers who have left the Plan and/or gone out of business, and an unsustainable ratio of 5.42 retirees to every one active participant—caused this situation.
- Our Pension Preservation Plan is your best alternative to protect your benefits.