New York State Teamsters Conference Pension and
Retirement Fund, Syracuse, is expected to file an application on Aug. 25 to
reduce benefits under the Multiemployer Pension Reform Act of 2014, according
to a letter from the fund's retiree representative, Tom Baum, that said the
board of trustees approved the plan Aug. 4.
Benefit reductions would go into effect on July 1, 2017.
As of Jan 1, 2014, the most recent 5500 filing, the plan was 46.5% funded, with
$1.46 billion in assets and $3.14 billion in liabilities.
Fund trustees said in a Feb. 5 letter to 34,639
participants that the plan's actuary determined it is projected to go insolvent
within the next 19 years.
The Teamsters' action follows two other applications
submitted to the Treasury Department recently.
Bricklayers and Allied Craftworkers Local 5 New York
Retirement Fund, Newburgh, is seeking permission to cut benefits for
participants, including retirees, as part of a proposed rescue plan awaiting
approval from the Treasury Department.
The application to reduce benefits was submitted Aug. 4.
Pension fund assets as of Jan. 1 were $20.3 million, and liabilities were $67.2
million, for a funded status of 30.2% The proposed benefit reductions would
start April 1, 2017, if approved.
On June 28, Bricklayers and Allied Craftworkers Local 7
Pension Plan in Austintown, Ohio, applied for a suspension plan. The $14.6
million plan is 46.7% funded as of May 1, and projected to be insolvent by the
end of the 2025 plan year, according to its application.
Once an application is submitted, the Treasury Department
has 30 days to post the application on its website and 225 days to respond.
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