Pension Rights Center comments to Treasury Department on Iron Workers Local 17 Pension Plan’s application to cut retiree benefits (October 14, 2016)
The Pension Rights Center submitted comments to the Treasury Department regarding the Iron Workers Local 17 Pension Plan’s application to cut retiree benefits under the Multiemployer Pension Reform Act of 2014. In its comments, the Center urges Treasury to reject the Iron Workers Local 17 application because:
- The application does not demonstrate that the proposed cuts will ensure that the plan will remain solvent for 30 years;
- The application fails to show that the plan’s trustees have taken all reasonable steps to avoid insolvency;
- The proposed benefit suspensions are not equitably distributed across the participant and beneficiary population; and
- The notice provided to participants was not written in a manner so as to be understood by the average plan participant.
Read the comments.