UPDATE
Change to Model Notice Contact Information Found in Revenue Procedure 2017-43
The phone number for PBGC’s Office of Participant and Plan Sponsor Advocate listed in the Model Notice has changed to: (202) 229-4448. All future notices should use this updated number, as applicable.
Bricklayers & Allied Craftsmen Local 7 Pension Fund
On May 29, 2020, the Board of Trustees of the Bricklayers and Allied Craftsmen Local 7 Pension Fund submitted an application to reduce benefits under MPRA. The Fund was notified on August 11, 2020, that its application met the requirements for approval. As a result, the proposed benefit reduction was subject to a vote of participants and beneficiaries. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. Ballots were mailed to eligible voters on August 24, 2020 and the vote ended on September 15, 2020.
Results of the Vote
The Fund identified 444 participants and beneficiaries as eligible to vote, and ballots were delivered to 442 of these individuals (2 ballots were returned as undeliverable). Of the voters identified by the Fund who received a ballot, 96 (or 21.72% of all eligible voters who received a ballot) voted to reject the benefit reduction. Because a majority of voters identified as eligible by the Fund did not vote to reject the benefit reduction, the benefit reduction is permitted to go into effect on October 1, 2020.
Vote Summary:
Ballots rejecting the suspension: 96
Ballots approving the suspension: 60
Ballots not returned: 286
The Fund was notified on September 17, 2020, that the final authorization to reduce benefits had been issued. Bricklayers Final Authorization Letter If you have questions specifically about your benefits, please call the Fund Office.
Changes to Multiemployer Pension Plans
On December 16, 2014, the Kline-Miller Multiemployer Pension Reform Act of 2014 (MPRA) was enacted into law. In MPRA, Congress established a new process for multiemployer pension plans to propose a temporary or permanent reduction of pension benefits if a plan is projected to run out of money before paying all promised benefits.
MPRA requires the Treasury Department, in consultation with the Pension Benefit Guaranty Corporation (PBGC) and the Department of Labor, to review a multiemployer pension plan’s application to reduce benefits and determine whether it meets the requirements set by Congress.
It is important to note that most multiemployer pension plans are sufficiently funded and will not be eligible to apply for a reduction of pension benefits under MPRA. To find out if MPRA could impact you, contact your pension plan.
The resources on this page provide additional information about MPRA and the Treasury Department’s process for reviewing applications to reduce benefits paid by multiemployer pension plans that are in critical and declining status.
On May 6, 2016, Secretary Lew sent a letter to Congress regarding the Kline-Miller Multiemployer Pension Reform Act of 2014. You can view that letter here.
Composition Roofers Local 42 Pension Fund
On June 28, 2019, the Board of Trustees of the Composition Roofers Local 42 Pension Fund submitted an application to reduce benefits under MPRA. The Fund was notified on February 6, 2020, that its application met the requirements for approval. As a result, the proposed benefit reduction was subject to a vote of participants and beneficiaries. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. Ballots were mailed to eligible voters on February 19, 2020 and ended on March 13, 2020.
Results of the Vote
The Fund identified 486 participants and beneficiaries as eligible to vote, and ballots were delivered to 462 of these individuals (24 ballots were returned as undeliverable). Of the voters identified by the Fund who received a ballot, 168 (or 36.36% of all eligible voters who received a ballot) voted to reject the benefit reduction. Because a majority of voters identified as eligible by the Fund did not vote to reject the benefit reduction, the benefit reduction is permitted to go into effect on April 1, 2020.
Vote Summary:
Ballots rejecting the suspension: 168
Ballots approving the suspension: 51
Ballots not returned: 243
The Fund was notified on March 27, 2020, that the final authorization to reduce benefits had been issued. [Comp Roofers Final Authorization Letter] If you have questions specifically about your benefits, please call the Fund Office at (513) 977-3635.
IBEW Local 237 Pension Fund
On June 28, 2019, the Board of Trustees of the IBEW Local 237 Pension Fund submitted an application to reduce benefits under MPRA. The Fund was notified on February 6, 2020, that its application met the requirements for approval. As a result, the proposed benefit reduction was subject to a vote of participants and beneficiaries. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. Ballots were mailed to eligible voters on February 19, 2020 and ended on March 13, 2020.
Results of the Vote
The Fund identified 401 participants and beneficiaries as eligible to vote, and ballots were delivered to 399 of these individuals (2 ballots were returned as undeliverable). Of the voters identified by the Fund who received a ballot, 38 (or 9.52% of all eligible voters who received a ballot) voted to reject the benefit reduction. Because a majority of voters identified as eligible by the Fund did not vote to reject the benefit reduction, the benefit reduction is permitted to go into effect on July 1, 2020.
Vote Summary:
Ballots rejecting the suspension: 38
Ballots approving the suspension: 175
Ballots not returned: 186
The Fund was notified on March 27, 2020, that the final authorization to reduce benefits had been issued. [IBEW Local 237 Final Authorization Letter] If you have questions specifically about your benefits, please call the Fund Office at (716) 297-3899.
Sheet Metal Workers Local Pension Fund
On March 29, 2019, the Board of Trustees of the Sheet Metal Workers Local Pension Fund submitted an application to reduce benefits under MPRA. The Fund was notified on November 9, 2019, that its application met the requirements for approval. As a result, the proposed benefit reduction was subject to a vote of participants and beneficiaries. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. Ballots were mailed to eligible voters on December 4, 2019, and the voting period ran until 11:59 AM, December 30, 2019.
Results of the Vote
The Fund identified 1,595 participants and beneficiaries who were eligible to vote, and ballots were delivered to 1,561 of these individuals. (34 ballots were returned as undeliverable.)
Of the 1,561 eligible voters identified by the Fund who received a ballot 21.01% (or 328 individuals) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on May 1, 2020.
Vote Summary:
Ballots rejecting the suspension: 328
Ballots approving the suspension: 154
Ballots not returned: 1,079
The Fund was notified on January 6, 2020, that the final authorization to reduce benefits had been issued. Final Authorization Letter If you have questions specifically about your benefits, please call the Fund Office at (248) 641-4902 or toll-free at (866) 599-3176.
Change to Model Notice Contact Information Found in Revenue Procedure 2017-43
PBGC’s Office of Participant and Plan Sponsor Advocate is listed in Rev. Proc. 2017-43 as part of the Model Notice of Application for Approval of a Proposed Reduction of Benefits. The Office’s phone number has changed to: (202) 229-4448. Applicants should use the new number in future notices.
Western Pennsylvania Teamsters & Employers Pension Fund
On September 24, 2018, the Board of Trustees of the Western Pennsylvania Teamsters & Employers Pension Fund submitted an application to reduce benefits under MPRA. The Fund was notified on May 7, 2019, that its application met the requirements for approval. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. The voting period ran through June 13, 2019.
Results of the Vote
The Fund identified 21,460 participants and beneficiaries who were eligible to vote, and ballots were delivered to 21,199 of these individuals. (261 individuals could not be located using reasonable means.)
Of the 21,199 eligible voters identified by the Fund who received a ballot 33.65% (7,133 individuals) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on August 1, 2019.
Vote Summary:
- Ballots rejecting the suspension: 7,133
- Ballots approving the suspension: 2,265
- Ballots not returned: 11,801
The Fund was notified on June 20, 2019 that the final authorization to reduce benefits had been issued. If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Fund Office at 412‐362‐4200
Southwest Ohio Regional Council of Carpenters Pension Plan
On June 29, 2018, the Board of Trustees of the Southwest Ohio Regional Council of Carpenters Pension Plan submitted an application to reduce benefits under MPRA. The Fund was notified on February 9, 2019, that its application met the requirements for approval. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. The voting period ran through March 15, 2019.
Results of the Vote
The Fund identified 5,527 participants and beneficiaries who were eligible to vote, and ballots were delivered to 5,379 of these individuals. (148 individuals could not be located using reasonable means.)
Of the 5,379 eligible voters identified by the Fund who received a ballot 22.23% (1,196 individuals) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on April 1, 2019.
Vote Summary:
- Ballots rejecting the suspension: 1,196
- Ballots approving the suspension: 677
- Ballots not returned: 3,506
The Fund was notified on March 21, 2019 that the final authorization to reduce benefits had been issued. SWORCC Final Authorization Letter If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Fund Office at 330-779-8862.
Mid-Jersey Trucking Industry and Local 701 Pension Fund
On June 25, 2018, the Board of Trustees of the Mid-Jersey Trucking Industry and Local 701 Pension Fund submitted an application to reduce benefits under MPRA. The Fund was notified on February 4, 2019, that its application met the requirements for approval. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. The voting period ran through March 15, 2019.
Results of the Vote
The Fund identified 1,767 participants and beneficiaries who were eligible to vote, and ballots were delivered to 1,758 of these individuals. (9 individuals could not be located using reasonable means.)
Of the 1,758 eligible voters identified by the Fund who received a ballot 39.42% (693 individuals) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on April 1, 2019.
Vote Summary:
- Ballots rejecting the suspension: 693
- Ballots approving the suspension: 397
- Ballots not returned: 668
The Fund was notified on March 21, 2019 that the final authorization to reduce benefits had been issued. Mid-Jersey Final Authorization Letter If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Fund Office at 732.297.3900.
Toledo Roofers Local 134 Pension Plan
On June 25, 2018 the Board of Trustees of the Toledo Roofers Local 134 Pension Plan (Fund) submitted an application to reduce benefits under MPRA. The Fund was notified on February 4, 2019, that its application met the requirements for approval. Eligible voters were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must be permitted to go into effect. The voting period ran through March 14, 2019.
Results of the Vote
The Fund identified 537 participants and beneficiaries who were eligible to vote, and ballots were delivered to all 537 of these individuals.
Of the eligible voters identified by the Fund, 21.04 % (113 individuals) voted to reject the benefit reduction. Because a majority of eligible voters did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on April 1, 2019.
Vote Summary:
- Ballots rejecting the suspension: 113
- Ballots approving the suspension: 50
- Ballots not returned: 374
The Fund was notified on March 21, 2019 that the final authorization to reduce benefits had been issued. Toledo Final Authorization letter If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Fund Office at 419-248-2401.
Plasterers & Cement Masons Local No. 94 Pension Fund
On March 30, 2018, the Board of Trustees of the Plasterers & Cement Masons Local No. 94 Pension Fund (Fund) submitted an application to reduce benefits under MPRA. The Fund was notified on November 8, 2018 that its application met the requirements for approval. Participants and beneficiaries of the Fund were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must go into effect. The voting period ran through December 13, 2018.
Results of the Vote
The Fund identified 106 participants and beneficiaries who were eligible to vote, and ballots were delivered to 104 of these individuals. (2 ballots were returned as undeliverable and the individuals could not be located using reasonable means.)
Of the eligible voters identified by the Fund who received a ballot 25% (26 individuals) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on May 1, 2019.
Vote Summary:
- Ballots rejecting the suspension: 26
- Ballots approving the suspension: 12
- Ballots not returned: 66
The Fund was notified on December 20, 2018 that the final authorization to reduce benefits had been issued. CM94 Final Authorization Letter. If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Pension Fund Office at 717-671-8551.
Plasterers Local 82 Pension Fund
On March 28, 2018, the Board of Trustees of the Plasterers Local 82 Pension Fund (Fund) submitted an application to reduce benefits under MPRA. The Fund was notified on November 8, 2018 that its application met the requirements for approval. Participants and beneficiaries of the Fund were given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries votes to reject the benefit reduction, the reduction must go into effect. The voting period ran through December 13, 2018.
Results of the Vote
The Fund identified 334 participants and beneficiaries who were eligible to vote, and ballots were delivered to 311 of these individuals. (23 ballots were returned as undeliverable, and 21 individuals could not be located using reasonable means.)
Of the eligible voters identified by the Fund who received a ballot 15.43% (48) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on February 1, 2019.
Vote Summary:
- Ballots rejecting the suspension: 48
- Ballots approving the suspension: 42
- Ballots not returned: 221
The Fund was notified on December 20, 2018 that the final authorization to reduce benefits had been issued. Local 82 Final Authorization LetterIf you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Pension Fund Office at 503-232-3257.
Local 805 Pension & Retirement Plan
On February 23, 2018, the Board of Trustees of the Local 805 Pension & Retirement Plan (Fund) submitted an application to reduce pension benefits under MPRA. The Fund was notified on October 5, 2018, that its application met the requirements for approval. Participants and beneficiaries of the Fund were then given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries vote to reject the benefit reduction, the reduction must go into effect. The voting period ran through November 9, 2018.
Results of Vote
The Fund identified 1,985 participants and beneficiaries who were eligible to vote, and ballots were delivered to 1,929 of these individuals. (56 individuals could not be located using reasonable means.)
Of the eligible voters identified by the Fund who received a ballot 27.7% (535) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on January 1, 2019.
Vote Summary:
- Ballots rejecting the suspension: 535
- Ballots approving the suspension: 296
- Ballots not returned: 1,098
The Fund was notified on November 16, 2018, that the final authorization to reduce benefits had been issued. MPRA – Final Authorization Letter If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Pension Fund Office at 212-308-4200.
Ironworkers Local 16 Pension Fund
On December 19, 2017, the Board of Trustees of the Ironworkers Local 16 Pension Fund (Fund) submitted an application to reduce pension benefits under MPRA. The Fund was notified on August 3, 2018, that its application met the requirements for approval. Participants and beneficiaries of the Fund were then given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries vote to reject the benefit reduction, the reduction must go into effect. The voting period ran through September 17, 2018.
Results of Vote
The Fund identified 1,044 participants and beneficiaries who were eligible to vote, and ballots were delivered to 1,038 of these individuals. (6 individuals could not be located using reasonable means.)
Of the eligible voters identified by the Fund who received a ballot 33.91% (352) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on October 1, 2018.
Vote Summary:
- Ballots rejecting the suspension: 352
- Ballots approving the suspension: 144
- Ballots not returned: 542
The Fund was notified on September 14, 2018, that the final authorization to reduce benefits had been issued. MPRA IW16 Final AuthorizationIf you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also call the Pension Fund Office at (410) 828-5282.
Western States Office and Professional Employees Pension Fund
On May 15, 2018, the Board of Trustees of the Western States Office and Professional Pension Fund (Fund) submitted an application to reduce pension benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). The Fund was notified on August 3, 2018, that its application to reduce pension benefits under MPRA met the requirements for approval. Participants and beneficiaries of the Fund were then given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries vote to reject the benefit reduction, the reduction must go into effect. The voting period ran through September 7, 2018.
Results of Vote
The Fund identified 7,331 participants and beneficiaries who were eligible to vote, and ballots were delivered to 7,232 of these individuals. (Ninety-nine individuals could not be located using reasonable means.)
Of the eligible voters identified by the Fund who received a ballot 32.16% (2,326) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will be permitted to take effect on October 1, 2018.
Vote Summary:
- Ballots rejecting the suspension: 2,326
- Ballots approving the suspension: 920
- Ballots not returned: 3,986
The Fund was notified on September 14, 2018, that the final authorization to reduce benefits had been issued. MPRA WSOPE Final Authorization If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also contact the Pension Fund Office’s Recovery Plan Call Center at 1-888-999-4089, open 9:00 AM PT to 5:00 PM PT, Monday through Friday.
Alaska Ironworkers Pension Plan
On December 19, 2017, the Board of Trustees of the Alaska Ironworkers Pension Plan (Plan) submitted an application to reduce pension benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). The Plan was notified on May 3, 2018, that its application met the requirements for approval under MPRA. Participants and beneficiaries of the Plan were then given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries vote to reject the benefit reduction, the reduction must go into effect. The voting period began ran through June 2, 2018.
Results of Vote
The Alaska Ironworkers Pension Plan identified 824 participants and beneficiaries who were eligible to vote, and ballots were delivered to 823 of these individuals. (The remaining individual could not be located using reasonable means.)
Of the eligible voters identified by the Plan, 17.25 percent (142) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will take effect on July 1, 2018.
Vote Summary:
- Ballots rejecting the suspension: 142
- Ballots approving the suspension: 175
- Ballots not returned: 507
The Plan was notified on June 8, 2018, that the final authorization to reduce benefits had been issued. If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also contact the Plan office at 907-561-5119 or 800-325-6532.
International Association of Machinists Motor City Pension Plan
On March 29, 2017, the Board of Trustees of the International Association of Machinists Motor City Pension Plan (Plan) submitted an application to reduce pension benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). The Plan was notified on November 6, 2017, that its application met the requirements for approval under MPRA. Participants and beneficiaries of the Fund were then given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries vote to reject the benefit reduction, the reduction must go into effect. The voting period began on November 16, 2017, and ended on December 7, 2017.
Results of Vote
The International Association of Machinists Motor City Pension Plan (Plan) identified 1,247 participants and beneficiaries who were eligible to vote, and ballots were delivered to 1,211 of these individuals. (The remaining 36 individuals could not be located using reasonable means.) Of the eligible voters identified by the plan, 30.64 percent (371) voted to reject the benefit reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will take effect on January 1, 2018.
Vote Summary:
- Ballots rejecting the suspension: 371
- Ballots approving the suspension: 126
- Ballots not returned: 714
The Fund was notified on December 13, 2017, that the final authorization to reduce benefits had been issued. IAM final approval letterIf you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also contact the Fund at 1. 248.813.9800
New York State Teamsters Conference Pension and Retirement Fund
On May 15, 2017, the Board of Trustees of the New York State Teamsters Conference Pension and Retirement Fund (Fund) submitted an application to reduce pension benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). That application was approved on August 3, 2017. Participants and beneficiaries of the Fund were then given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries vote to reject the benefit reduction, the reduction must go into effect. The voting period began on August 16, 2017, and ended on September 6, 2017.
Results of Vote
The New York State Teamsters Conference Pension and Retirement Fund identified 35,173 participants and beneficiaries who were eligible to vote, and ballots were delivered to 34,636 of these individuals. (The remaining 537 individuals could not be located using reasonable means.)
Of the 34,636 participants and beneficiaries who received a ballot, 28.26 percent (9,788) voted to reject the reduction. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will take effect on October 1, 2017.
Vote Summary:
· Ballots against the reduction: 9,788
· Ballots in favor of the reduction: 4,081
· Ballots delivered but not cast: 20,767
The Fund was notified on September 13, 2017, that the final authorization to reduce benefits had been issued. NYST Final Approval Letter If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also contact the Fund at 1.877.698.3863.
United Furniture Workers Pension Fund A Application to Reduce Benefits
On March 15, 2017, the Board of Trustees of the United Furniture Workers Pension Fund A (Fund) submitted an application to reduce pension benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). That application was approved on July 20, 2017. Participants and beneficiaries of the Fund were then given an opportunity to vote on whether to approve or reject the proposed benefit reduction. MPRA provides that unless a majority of participants and beneficiaries vote to reject the benefit reduction, the reduction must go into effect. The voting period began on August 3, 2017, and ended on August 24, 2017.
Results of Vote
The United Furniture Workers Pension Fund A identified 9,595 participants and beneficiaries who were eligible to vote, and ballots were delivered to 9,273 of these individuals. (The remaining 322 individuals could not be located using reasonable means.) Of the 9,273 participants and beneficiaries who received a ballot, 21 percent (1,928) voted to reject the suspension. Because a majority of eligible voters who received a ballot did not vote to reject the benefit reduction, the benefit reduction will take effect on September 1, 2017.
Vote Summary:
Ballots against the reduction: 1,928
Ballots in favor of the reduction: 1,041
Ballots delivered but not cast: 6,304
A final authorization to reduce benefits was issued on August 31 here. If you have questions specifically about your benefits, please see the ballot materials that were previously sent to you. You may also contact the Fund at 1.615.889.8860 or 1.800.800.8860.
Final Regulations Released
On April 26, 2016, the Treasury Department released final regulations implementing the Kline-Miller Multiemployer Pension Reform Act (Kline-Miller). These regulations finalize the proposed and temporary regulations that were issued in June 2015 and September 2015 and address stakeholder comments.
The final regulations do not change the basic requirements for applications to reduce pension benefits. They provide further clarifications based on information received during the public comment period. The final regulations can be viewed online here.
Notice
If you are a participant in a multiemployer pension plan that has submitted a benefit suspension application, the plan's Board of Trustees is required to provide notice of the application to reduce benefits to you. That notice is also required to include an individualized estimate of the effect of the proposed benefit reductions on you. If you have questions about how proposed benefit reductions will specifically impact you, please contact the plan administrator. Contact information for the plan administrator is available in the summary plan description for your pension plan.
Other Details
Under Kline-Miller, Treasury is responsible for determining whether the application for a reduction of benefits meets the requirements set by Congress. Benefits cannot be reduced until after the following actions take place:
- The plan sponsor must notify participants and beneficiaries of the application for a benefit reduction and provide an individualized estimate of reduced benefits
- Participants and beneficiaries must have an opportunity to comment on the application
- Treasury must review and, if the application satisfies all of the Kline-Miller requirements, must approve the application
- Participants and beneficiaries must have an opportunity to vote on the benefit reduction
Treasury has up to 225 days to approve or deny an application, and, if an application is approved, 30 days to administer a vote on the proposed benefit reductions.