On Friday, August 3, 2018, the Department of Treasury approved the Western States Office & Professional Employees Pension Fund’s application for a reduction of benefits under a federal law called the Multiemployer Pension Reform Act of 2014 (MPRA).
As a reminder, our Pension Plan faces very serious financial troubles. It is in “critical and declining" status, and it is expected to run out of money during 2036. The Board of Trustees made the difficult decision to apply for the benefit reduction in order to preserve our Pension Plan. The proposed “Pension Benefit Reduction and Recovery Plan” will stabilize the Pension Plan's finances and allow it to continue to pay benefits to all participants in the future. However, a shared sacrifice is required, as most Plan participants will see benefit reductions. Information regarding the plan is available on the Recovery Plan tab above.
The voting deadline ended Friday, September 7, 2018. We expect to receive notification of the voting results within a couple of weeks following the end of the vote. The results will be posted on this website once we receive notification from the Department of Treasury.
The U.S. Department of Treasury (“Treasury”) mailed voting ballots to all plan participants on Friday, August 17th. Your ballot was mailed by Treasury using first class mail, addressed to your current address on file with the Pension Plan. A sample copy of the mailing envelope is available here.
Note: If your address has changed, please call the Pension Fund Office’s Recovery Plan Call Center at 1-888-999-4089 to update your address. The Call Center is open 9 am to 5 pm Pacific Time, Monday through Friday.
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