Cleveland
based Iron Workers Local 17 has received approval from the U. S. Treasury
Department to cut pension benefits to retirees under the union’s multi-employer
pension plan. The plan has 2,067 members, and is projected to become insolvent
within 20 years. Union members and retires iron workers are voting whether or
not to approve the benefit cuts.
The
2014 Kline-Miller Multiemployer Pension Reform Act authorized the Treasury
Department to approve requests for benefit reductions by multi employer pension
funds .to extend their solvency. Treasury has denied three applications, and is
still considering the application of Oklahoma City based Bricklayers Local 5.
