Ironworkers Union Pension Benefit Cuts Approved

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.