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 2035.
There is a path forward, but it will not be easy. The Board has made the difficult decision to apply for financial relief under a federal law called the Multiemployer Pension Reform Act of 2014 (MPRA). This is the last best option for preserving our Pension Plan. If approved, 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.
Since we all have a stake in our Plan, we want to make sure you understand how this action affects you. Several resources are available: