Operating Engineers Local 324 Pension Fund
multiemployer plan · Operating Engineers Local 324 · Grand Rapids, MI
Funding History
What This Means for You
Operating Engineers Local 324 Pension Fund is in good financial health at 67% funded. This means for every dollar the plan owes in future benefits, it has 67 cents in assets to cover it. This plan is also covered by the PBGC, providing an additional safety net. Participants in this plan have relatively low risk of benefit reductions.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $1.9B | $2.9B | 66.9% | $139.0M |
| 2024 | $1.8B | $2.7B | 67.1% | $143.6M |
| 2023 | $1.8B | $2.8B | 66.6% | $139.3M |
| 2022 | $1.8B | $3.1B | 56.6% | $128.9M |
| 2021 | $1.7B | $2.9B | 58.0% | $117.6M |
Frequently Asked Questions
Operating Engineers Local 324 Pension Fund is 67% funded, meaning it has 67 cents in assets for every dollar in future benefit obligations. This is below the 80% threshold actuaries consider healthy, and may require increased contributions.
Operating Engineers Local 324 Pension Fund has 15,594 total participants, including 9,417 active employees and 6,177 retirees currently receiving benefits.
Yes, Operating Engineers Local 324 Pension Fund 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 "moderate."
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.