HGL Funds Remains Fully Funded for the Next 30 Years

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HGL Funds (also known as the Heavy & General Laborers’ Funds of New Jersey) is a multi-employer benefit plan that provides health, welfare, pension, annuity, and vacation benefits to over 100,000 workers and their families in New Jersey. The plan is funded by contributions from employers and employees.

As of December 31, 2022, the plan’s assets totaled $5.7 billion. The plan’s funded status was 102.7%, meaning that it has enough assets to pay all of its future benefits.

Pension Fund Stays Fully Funded

The HGL Funds Pension Fund has assets totaling $3.2 billion. The pension fund’s funded status is strong at 105.3%. The projected benefit obligation is $3.0 billion. The forecast is that the Pension Fund will remain fully funded for at least the next 30 years.

Annuity Fund Remains Fully Funded

The Annuity Fund has assets of $1.3 billion. The funded status is 103.5%. The projected benefit obligation is $1.2 billion. The Annuity Fund is expected to stay fully funded for the next 30 years.

Welfare Fund Stays Fully Funded Through 2053

The Welfare Fund has assets totaling $1.2 billion. The funded status is 102.2%. The projected benefit obligation is $1.1 billion. The forecast is for the Welfare Fund to remain fully funded for 30+ years.

Vacation Fund Fully Funded for 30 Years

The Vacation Fund has assets of $0.1 billion. The funded status is 101.5%. The projected benefit obligation is $0.1 billion. The Vacation Fund is projected to stay fully funded for at least three decades.

In summary, HGL Funds is a well-managed and well-funded plan. The forecast is that HGL Funds will remain fully funded over the next 30 years. This financial stability allows it to provide important benefits to over 100,000 plan members.

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