The LiUNA Pension Fund is a Multi-Employer Defined Benefit Pension Plan and like other defined benefit plans, must be able to meet financial obligations for defined benefits owed to members that may not be fully paid until several decades from now. Both assets and liabilities must be assessed with a long term view. It is the Trustees’ responsibility to ensure the LPF meets these financial obligations.
Although the Trustees adopt a long-term view, to manage risk the Trustees conduct an annual funding valuation to determine the LPF’s liabilities and assets. The annual funding valuation provides a snapshot of the future by determining the amount of money needed to pay benefits earned by members to the valuation date.