Two years ago retired coal miners traveled to Washington, D.C. to lobby lawmakers to put in place a federal safety net in case the United Mine Workers of America (UMWA) pension fund fails. Coal plant closures and company bankruptcies have sent the pension fund to the edge of collapse. In October, 2019 Murray Energy, the last major company propping up the dwindling fund, also went bankrupt and the prediction was insolvency in FY23.
From their 5500 form for the year ended 6/30/19 confirming the timeline.
Author(s): John Bury
Publication Date: 2 February 2021
Publication Site: Burypensions