Not Just Another Brick in the Wall
You can expect to hear more and more of this approach from pension plans over the coming years. As mentioned in the Politico clip below, this is the seventh plan to seek permission to cut benefits since 2014. It’s yet another reason why employers don’t want to get tied into multi-employer pensions plans via collective bargaining agreements
Update from Politico Pro Labor:
A Bricklayers and Allied Craftsman pension fund has requested permission from the Treasury Department to cut benefits under the 2014 Kline-Miller Multiemployer Pension Reform Act.
Bricklayers and Allied Craftsmen Local No.7 Pension Plan said its $14.6 million pension fund will go bust by 2025 unless it’s allowed to make cuts.
The Bricklayers fund is the seventh plan to seek permission to cut benefits under the Kline-Miller law.
Of the seven plans that have filed for cuts, two have been rejected by the Treasury Department: the Central States pension plan and the Road Carriers Local 707 pension fund.