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Pension plans that have applied to cut benefits under the Multiemployer Pension Reform Act

Date Published: 
Friday, September 20, 2019
Source/Author: 
Pension Rights Center

The Multiemployer Pension Reform Act of 2014 (MPRA) gives the trustees of certain underfunded multiemployer plans that meet the definition of being in “critical and declining” status almost unprecedented authority to cut retiree pension benefits. The law requires, however, that before an eligible plan cuts benefits, it must first file an application with the U.S. Department of the Treasury, which has been given authority to implement the law. The Treasury Department has 225 days to review each plan’s application to determine if the plan has met the conditions set by MPRA necessary to cut benefits.

Below is a list of pension plans that have applied to the Treasury Department to cut retiree pension benefits. Click on the name of each plan to see its application. Where available, the chart below includes data from our list of plans that have filed “critical and declining” status notices with U.S. Department of Labor.

Plans that have applied to cut benefits
under the Multiemployer Pension Reform Act
Name of plan Date application filed Date by which Treasury Department must make a decision Status Projected year of insolvency (without cuts)
Total # of plan participants
Composition Roofers 42 Pension Plan 6/28/2019 2/08/2020 In review 2030  
IBEW Local Union 237 Pension Fund* 6/28/2019 2/08/2020 In review 2028  
Sheet Metal Workers Local Pension Fund (OH)* 3/29/2019 11/09/2019 In review   4,500
Western PA Teamsters & Employees Pension Plan 9/24/2018 5/7/2019 Application Approved 2029  22,000
Laborers No. 265 Pension Plan 7/31/2018 3/13/2019 Withdrawn 2029
1,328
Local 807 Labor Management Pension Fund 06/29/2018 02/09/2019 Application Withdrawn 2030
 4,440
Southwest Ohio Regional Council of Carpenters* 06/29/2018 02/09/2019 Application Approved 2036
5,501
Mid-Jersey Trucking Industry and Local 701 Pension Fund 06/25/2018 02/05/2019 Application Approved 2054
1,887
Toledo Roofers Local No 134 Pension Plan 06/25/2018 02/05/2019 Application Approved 2031
 473
Western States Office & Professional Employees Pension Fund* 05/15/2018 12/26/2018 Application Approved 2036
7,463

Plasterers & Cement Masons Local 94 & Pension Fund

03/30/2018  11/10/2018 Application Approved
 2026 111

Plasterers Local #82 Pension Plan

03/28/2018 11/08/2018 Application Approved
 2034  309

Pressroom Unions Pension Trust Fund

03/15/2018 10/24/2018 Application Withdrawn
 2032  1,793

Local 805 IBT Pension & Retirement Plan*

02/23/2018 10/06/2018 Application Approved
2023
2,065

Ironworkers Local 16 Pension Fund*

12/28/2017 8/10/2018

Application Approved

2032
1,066

Alaska Ironworkers Pension Plan*

12/19/2017  3/05/2018

Application

Approved

2031
1,573
New York State Teamsters Conference Pension and Retirement Fund* 5/16/2017 12/27/2017 Application Approved 2027 34,639
International Association of Machinists of Motor City Pension Fund 3/29/2017 11/9/2017 Application Approved 2026
1,197

United Furniture Workers Pension Fund A*

3/15/2017 10/26/2017  Application Approved 2021
9,896

Automotive Industries Pension Fund

9/27/2016 5/10/2017 Application denied 2030
25,796
Bricklayers And Allied Craftworkers Local 5 Pension Plan 8/4/2016 3/17/2017 Application Withdrawn N/A 949
Iron Workers Local 17 Pension Fund 7/29/2016 3/10/2017 Application Approved 2025 2,067
Bricklayers & Allied Craftsmen Local No. 7 Pension Plan 6/28/2016 2/8/2017 Application Withdrawn
2031 460

Teamsters Local 469 Pension Plan

3/31/2016 11/10/2016  Application denied 2035 1,803
Iron Workers Local 16 Pension Fund 3/26/2016 11/6/2016  Application denied 2032
1,119
Road Carriers Local 707 Pension Fund 3/15/2016 10/26/2016 Application denied 2017
4,664
Central States Pension Fund  9/25/2015  5/7/2016  Application denied  2025  411,238

 

Total number of participants in plans that have applied to cut retiree pension benefits under the Multiemployer Pension Reform Act of 2014: more than 548,737.


*Plan has submitted a previous application that was either withdrawn or denied

 

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