The Teamsters Local 805 Pension and Retirement Fund and the Southwest Ohio Regional Council of Carpenters (SWORCC) pension plan have withdrawn their applications with the US Department of the Treasury for a suspension of benefits under the Multiemployer Pension Reform Act of 2014 (MPRA).
The brief withdrawal letters did not provide reasons for rescinding the applications, however, the Local 805 fund said it reserved the right to resubmit the application with additional information “that may be advisable or recommended by the Department of Treasury.”
The Teamsters Local 805’s proposed benefit suspension plan, which was submitted on March 22, called for reducing all participants’ benefits by the maximum amount allowed under the MPRA. It would have treated all participants under the plan equally, and was expected to take effect April 1, 2018. Future benefits would have accrued at a rate of 1% of contributions, up to a maximum of $50 per year of service.
The benefits suspension proposal from the Southwest Ohio Regional Council, which was submitted on March 30, sought a uniform 17% reduction of the monthly benefit of every participant and beneficiary. It would also have applied a uniform series of steps to recalculate the participant or beneficiary’s accrued benefit. It called for the elimination of any subsidy for those individuals, or their beneficiaries, who retired prior to age 62; and beneficiaries receiving monthly benefits would have had their benefits recalculated to apply the same reduction factors for retirements prior to age 62.
Tags: Pension, Southwest Ohio Regional Council of Carpenters, Teamsters Local 805, US Department of the Treasury