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

Date Published: 
Friday, February 5, 2016
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 years to insolvency Total  # of plan participants
New York State Teamsters Conference Pension and Retirement Fund** 5/16/2017 12/27/2017 Application Approved
N/A 34,639
Alaska Ironworkers Pension Plan 3/30/2017 11/10/2017 Comment period open.

 In review
15 1,573
Southwest Ohio Regional Council of Carpenters Pension Plan 3/30/2017 11/10/2017 Comment period open.

 In review
20 5,578
International Association of Machinists of Motor City Pension Fund 3/29/2017 11/9/2017 Comment period open.

 In review
15 1,197
Local 805 IBT Pension & Retirement Plan 3/22/2017 11/2/2017 Comment period open.

 In review
6 2,065
United Furniture Workers Pension Fund A* 3/15/2017 10/26/2017 Application Approved 5 9,896
Western States Office & Professional
Employees Pension Fund
2/27/2017 10/10/2017 In review 20 7,661
Automotive Industries Pension Fund 9/27/2016 5/10/2017 Application denied 14 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Bricklayers And Allied Craftworkers Local 5 Pension Plan 8/4/2016 3/17/2017 Application withdrawn N/A 949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 20 2,067
Bricklayers & Allied Craftsmen Local No. 7 Pension Plan 6/28/2016 2/8/2017 Application withdrawn 15 460
Teamsters Local 469 Pension Plan 3/31/2016 11/10/2016 Application denied N/A 1,803
Iron Workers Local 16 Pension Fund 3/26/2016 11/6/2016 Application denied 16 1,119
Road Carriers Local 707 Pension Fund 3/15/2016 10/26/2016 Application denied N/A 4,664
Central States Pension Fund 9/25/2015 5/7/2016 Application denied 12 411,238
           
Total number of participants in plans that have applied to cut retiree pension benefits under the Multiemployer Pension Reform Act of 2014 510,705
           
*An application submitted in August 2016 was withdrawn. View that application here.
           
**An application submitted in August 2017 was withdrawn. View that application here.

 

Last updated July 24, 2017

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