How the American Rescue Plan Act is Saving Retirees’ Hard-Earned Pensions and Protecting Businesses

The multiemployer pension system was on the brink of collapse. Hard-working Americans who earned their pensions in demanding industries, such as truck driving and construction, were at risk of losing everything through no fault of their own. And businesses participating in multiemployer plans were also at risk of financial ruin.

In the American Rescue Plan Act, Congressional Democrats and President Biden delivered a historic victory for these workers, retirees, and businesses. The American Rescue Plan Act established a special financial assistance program to protect millions of Americans’ retirement security and save tens of thousands of businesses.

To see the impact of the American Rescue Plan Act in your community, click here

For more information about how eligible pension plans can apply for relief, click here.

 

Multiemployer Plans Approved for Relief

Arizona Bricklayers’ Pension Trust Fund (Arizona Bricklayers Fund)

Retiree Pensions’ Saved: 666

Businesses Protected: 7

The Arizona Bricklayers’ Pension Trust Fund (Arizona Bricklayers Fund), which is based in Phoenix, Arizona, covers 666 participants in the construction industry.  Seven employers contribute to this pension plan.  The plan was projected to become insolvent and run out of money in 2041.  Had that occurred, the Arizona Bricklayers Fund would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 20 percent less than the plan level benefits.  The approval of the Arizona Bricklayers Fund’s application enables the plan to pay retirement benefits without reductions for many years into the future.

CWA/ITU Negotiated Pension Plan (CWA/ITU Plan)

Retiree Pensions’ Saved: 24,288

Businesses Protected: 176

The CWA/ITU Negotiated Pension Plan (CWA/ITU Plan), which is based in Mount Laurel, New Jersey, covers 24,288 participants in the printing industry.   employers contribute to this pension plan.  The plan was projected to become insolvent and run out of money in 2029.  Had that occurred, the CWA/ITU plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than the plan level benefits.  The approval of the CWA/ITU Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

Pension Plan of Local 102 (Teamsters Local 102 Plan)

Retiree Pensions’ Saved: 508

Businesses Protected: 3

The Pension Plan of Local 102 (Teamsters Local 102 Plan), which is based in Cherry Hill, New Jersey, covers 508 participants in the transportation industry. XX employers contribute to this pension plan.  The plan was projected to become insolvent and run out of money in 2030.  Had that occurred, the Teamsters Local 102 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than the plan level benefits.  The approval of the Teamsters Local 102 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

Maryland Race Track Employees Pension Plan (Maryland Race Track PensionPlan)

Retiree Pensions’ Saved: 1,407

Businesses Protected: 2

The Maryland Race Track Employees Pension Plan (Maryland Race Track Pension Plan), which is based in Laurel, Maryland, covers 1,407 participants in the service industry. Two employers contribute to this pension plan. The approval of the Maryland Race Track Pension Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Radio, Television and Recording Arts Pension Plan (Radio, Television and Recording Arts Plan)

Retiree Pensions’ Saved: 516

Businesses Protected: 3

The Radio, Television and Recording Arts Pension Plan (Radio, Television and Recording Arts Plan), which is based in New York City, New York, covers 516 participants in the entertainment industry. Three employers contribute to this pension plan.  The Radio, Television and Recording Arts Plan was projected to become insolvent and run out of money in 2027.  Had that occurred, the Radio, Television and Recording Arts Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 75 percent less than the plan level benefits. The approval of the Radio, Television and Recording Arts Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

UFCW Regional Pension Fund (UFCW Regional Pension Fund)

Retiree Pensions’ Saved: 4,605

Businesses Protected: 9

The UFCW Regional Pension Fund (UFCW Regional Fund), which is based in Mount Laurel, New Jersey, covers 4,605 participants in the service industry across the Mid-Atlantic region, primarily in Delaware, Pennsylvania, and New Jersey. Nine employers contribute to this pension plan. The approval of the UFCW Regional Fund’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Teamsters Union Local No. 73 Pension Plan (Local 73 Plan)

Retiree Pensions’ Saved: 529

Businesses Protected: 2

The Teamsters Union Local No. 73 Pension Plan (Local 73 Plan), which is based in Valley View, Ohio, covers 529 participants in the construction industry. Two employers contribute to this pension plan. The Local 73 Plan was projected to become insolvent and run out of money in 2038.  Had that occurred, the Local 73 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than the plan level benefits. The approval of the Local 73 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan (UFCW Local 152 Plan)

Retiree Pensions’ Saved: 10,252

Businesses Protected: 8

The United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan (UFCW Local 152 Plan), which is based in Mount Laurel, New Jersey, covers 10,252 participants in the service industry. Eight employers contribute to this pension plan. The UFCW Local 152 Plan was projected to become insolvent and run out of money in 2029.  Had that occurred, the UFCW Local 152 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 25 percent less than the plan level benefits.  The approval of Local 73 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Laborers’ International Union of North America Local Union No. 1822 Pension Fund (Laborers’ International Local 1822 Fund)

Retiree Pensions’ Saved: 525

Businesses Protected: 70

The Laborers’ International Union of North America Local Union No. 1822 Pension Fund (Laborers’ International Local 1822 Fund), which is based in Syracuse, New York, covers 525 participants in the construction industry. 70 employers contribute to this pension plan. The approval of Laborers’ International Local 1822 Fund’s application enables the plan to pay retirement benefits for many years into the future.

 

Central New York Laborers’ Pension Plan

Retiree Pensions’ Saved: 1,085 

Businesses Protected: 102

The Central New York Laborers’ Pension Plan which is based in East Syracuse, New York, covers 1,085 participants in the construction industry. 102 employers contribute to this pension plan.  The approval of Central New York Laborers’ Pension Plan’s application enables the plan to pay retirement benefits for many years into the future.

 

Twin Cities Bakery Pension Plan

Retiree Pensions’ Saved: 1,075

Businesses Protected: 6

The Twin Cities Bakery Pension Plan, which is based in Minneapolis, Minnesota, covers 1,075 participants in the transportation industry. 6 employers contribute to this pension plan.  The approval of the Twin Cities Bakery Pension Plan’s application enables the plan to pay retirement benefits for many years into the future.

 

United Association of Plumbers and Pipefitters Local 51 Pension Fund

Retiree Pensions’ Saved: 1,512

Businesses Protected: 63

The United Association of Plumbers and Pipefitters Local 51 Pension Fund, which is based in East Providence, Rhode Island, covers 1,512 participants in the construction industry. 63 employers contribute to this pension plan.  The approval of the United Association of Plumbers and Pipefitters Local 51 Pension Fund’s application enables the plan to pay retirement benefits for many years into the future.

 

Local 210’s Pension Plan (Local 210’s Plan)

Retiree Pensions’ Saved: 3,887

Businesses Protected: 16

Local 210’s Pension Plan (Local 210’s Plan), which is based in New York, New York, covers 3,887 participants in the transportation industry. 16 employers contribute to this pension plan. The plan was projected to run out of money in 2026. Had that occurred, Local 210’s Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 10 percent less than plan level benefits.  The approval of Local 210 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Paper Handlers-Publishers Pension Plan (Paper Handlers-Publishers Plan)

Retiree Pensions’ Saved: 244

Businesses Protected: 3

The Paper Handlers-Publishers Pension Plan (Paper Handlers-Publishers Plan), which is based in New York, New York, covers 244 participants in the printing industry.  3 employers contribute to this pension plan.  The plan was projected to run out of money in 2024. Had that occurred, the Paper Handlers-Publishers Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 45 percent less than plan level benefits.  The approval of the Paper Handlers-Publishers Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Plasters and Cement Masons Local No. 94 Pension Fund (Plasterers and Cement Masons Local 94 Fund)

Retiree Pensions’ Saved:  108

The Plasterers and Cement Masons Local No. 94 Pension Fund (Plasterers and Cement Masons Local 94 Fund), which is based in Camp Hill, Pennsylvania, covers 108 participants in construction industry.  In May 2019, the Plasterers and Cement Masons Local 94 Fund implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 70 plan participants.  On average, their benefits were reduced by 40 percent. The approval of the Plasterers and Cement Masons Local 94 Fund’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Local Union No. 863 I.B. of T. Pension Plan (IBT Local 863 Plan)

Retiree Pensions’ Saved: 2,487

Businesses Protected: 4

The Local Union No. 863 I.B. of T. Pension Plan (IBT Local 863 Plan), which is based in Mountainside, New Jersey, covers 2,487 participants in the transportation industry.  4 employers contribute to this pension plan.  The plan was projected to run out of money in 2024. Had that occurred, the IBT Local 863 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 75 percent less than plan level benefits.  The approval of the IBT Local 863 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Ironworkers Local Union No. 16 Pension Plan (Ironworkers Local 16 Plan)

Retiree Pensions’ Saved: 996

Businesses Protected: 46

The Ironworkers Local Union No. 16 Pension Plan (Ironworkers Local 16 Plan), which is based in Baltimore, Maryland, covers 996 participants in the construction industry. 46 employers contribute to this pension plan.  In October 2018, the Ironworkers Local No. 16 Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 680 plan participants.  On average, their benefits were reduced by 25 percent. The approval of the Local Union No. 16 Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Southern California, Arizona, Colorado and Southern Nevada Glaziers, Architectural Metal and Glass Workers Pension Plan (Southern California Glaziers Plan)

Retiree Pensions’ Saved: 3,606

Businesses Protected: 29

The Southern California, Arizona, Colorado and Southern Nevada Glaziers, Architectural Metal and Glass Workers Pension Plan (Southern California Glaziers Plan), which is based in Covina, California, covers 3,606 participants in the construction industry. 29 employers contribute to this pension plan. The plan became insolvent in 2009 and participants’ benefits were cut roughly 50 percent less the plan level benefits.  The approval of the Southern California Glaziers Plan’s application enables the plan to restore benefit reductions caused by the plan’s insolvency, make payments to retirees to cover prior benefit cuts, and enable the plan to pay retirement benefits without reduction for many years to come.

 

Local 917 Pension Plan (Local 917 Plan)

Retiree Pensions’ Saved: 1,653

Businesses Protected: 11

The Local 917 Pension Plan (Local 917 Plan), which is based in Floral Park, New York, covers 1,653 participants in the transportation industry.  11 employers contribute to this pension plan.  The plan was projected to run out of money in 2025. Had that occurred, the Local 917 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 10 percent less than plan level benefits.  The approval of the Local 917 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Pension Plan for Employees of United Furniture Workers of America and Related Organizations (United Workers Furniture Plan)

Retiree Pensions’ Saved: 95

Businesses Protected: 5

The Pension Plan for Employees of United Furniture Workers of America and Related Organizations (United Workers Furniture Plan), which is based in Nashville, Tennessee, covers 95 participants in the manufacturing industry.  5 employers contribute to this pension plan.  The plan was projected to run out of money in 2023. Had that occurred, the United Workers Furniture Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 55 percent less than plan level benefits.  The approval of the United Workers Furniture Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

New Bedford Fishermen’s Pension Fund (New Bedford Fishermen’s Fund)

Retiree Pensions’ Saved: 445

The New Bedford Fishermen’s Pension Fund (New Bedford Fishermen’s Fund), which is based in New Bedford, Massachusetts, covers 445 participants in the fishing industry. The plan was projected to run out of money in 2024. Had that occurred, the New Bedford Fishermen’s Fund would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 10 percent less than plan level benefits.  The approval of the New Bedford Fishermen’s Fund’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Southwest Ohio Regional Council of Carpenters Pension Plan (Southwest Ohio Carpenters Plan)

Retiree Pensions’ Saved: 5,399

Businesses Protected: 175

The Southwest Ohio Regional Council of Carpenters Pension Plan (Southwest Ohio Carpenters Plan), which is based in Monroe, Ohio, covers 5,399 participants in the construction industry. 175 employers contribute to this pension plan.  In April 2019, the Southwest Ohio Carpenters Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 4,300 plan participants.  On average, their benefits were reduced by 18 percent. The approval of the Southwest Ohio Carpenters Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Retirement Plan of the Retirement Fund of Local 305 CIO’s Pension Fund (Local 305 CIO Fund)

Retiree Pensions’ Saved: 918

Businesses Protected: 4

The Retirement Plan of the Retirement Fund of Local 305 CIO’s Pension Fund (Local 305 CIO Fund), which is based in Mineola, New York, covers 918 participants in the service industry.  4 employers contribute to this pension plan.  The plan was projected to run out of money in 2024. Had that occurred, the Local 305 CIO Fund would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than plan level benefits.  The approval of the Local 305 CIO Fund’s application enables the plan to pay retirement benefits without reductions for many years into the future.  

 

Newspaper Guild International Pension Plan (Newspaper Guild International Plan)

Retiree Pensions’ Saved: 5,824

Businesses Protected: 20

The Newspaper Guild International Pension Plan (Newspaper Guild International Plan), which is based in Washington, D.C., covers 5,824 participants in the printing industry. 20 employers contribute to this pension plan.  The plan was projected to run out of money in 2034. Had that occurred, the Newspaper Guild International Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than plan level benefits.  The approval of the Newspaper Guild International Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

IUE-CWA Pension Plan (IUE-CWA Plan)

Retiree Pensions’ Saved: 13,760

Businesses Protected: 24

The IUE-CWA Pension Plan (IUE-CWA Plan), which is based in Pittsburgh, Pennsylvania, covers 13,760 participants in the manufacturing industry.  24 employers contribute to this pension plan.  The plan was projected to run out of money in 2029. Had that occurred, the IUE-CWA Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than plan level benefits.  The approval of the IUE-CWA Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

UFCW Local One Pension Plan (UFCW Local One Plan)

Retiree Pensions’ Saved: 19,177

Businesses Protected: 13

The UFCW Local One Pension Plan (UFCW Local One Plan), which is based in Oriskany, New York, covers 19,177 participants in the service industry.  13 employers contribute to this pension plan.  The plan was projected to run out of money in 2026. Had that occurred, the UFCW Local One Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than plan level benefits.  The approval of the UFCW Local One Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Retail Clerks Specialty Stores Pension Plan (Retail Clerks Plan)

Retiree Pensions’ Saved: 1,279

Businesses Protected: 3

The Retail Clerks Specialty Stores Pension Plan (Retail Clerks Plan), which is based in Concord, California, covers 1,279 participants in the service industry.  3 employers contribute to this pension plan.  The plan was projected to run out of money in 2024. Had that occurred, the Retail Clerks Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than plan level benefits.  The approval of the Retail Clerks Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Automotive Industries Pension Plan (Automotive Industries Plan)

Retiree Pensions’ Saved: 23,687

Businesses Protected: 91

The Automotive Industries Pension Plan (Automotive Industries Plan), which is based in Dublin, California, covers 23,687 participants in the manufacturing industry. 91 employers contribute to this pension plan.  The plan was projected to run out of money in 2033. Had that occurred, the Automotive Industries Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 50 percent less than plan level benefits.  The approval of the Automotive Industries Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

IBEW Local Union No. 237 Pension Plan (IBEW Local 237 Plan)

Retiree Pensions’ Saved: 430

Businesses Protected: 27

The IBEW Local Union No. 237 Pension Plan (IBEW Local 237 Plan), which is based in Niagara Falls, New York, covers 430 participants in the construction industry. 27 employers contribute to this pension plan.  In July 2020, the IBEW Local 237 Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 330 plan participants.  On average, their benefits were reduced by 25 percent. The approval of the IBEW Local 237 Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Composition Roofers Local 42 Pension Plan (Roofers Local 42 Plan)

Retiree Pensions’ Saved: 495

Businesses Protected: 7

The Composition Roofers Local 42 Pension Plan (Roofers Local 42 Plan), which is based in Cincinnati, Ohio, covers 495 participants in the construction industry. 7 employers contribute to this pension plan.  In April 2020, the Roofers Local 42 Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 400 plan participants.  On average, their benefits were reduced by 35 percent. The approval of the Roofers Local 42 Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

PACE Industry Union-Management Pension Fund (PACE Industry Plan)

Retiree Pensions’ Saved: 64,522

Businesses Protected: 44

The PACE Industry Union-Management Pension Fund (PACE Industry Plan), which is based in Nashville, Tennessee, covers 64,522 participants in the manufacturing industry. 44 employers contribute to this pension plan.  The plan was projected to run out of money in 2034. Had that occurred, the PACE Industry Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 20 percent less than plan level benefits.  The approval of the PACE Industry Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

National Integrated Group Pension Plan (National Integrated Group Plan)

Retiree Pensions’ Saved: 48,254

Businesses Protected: 128

The National Integrated Group Pension Plan (National Integrated Group Plan), which is based in Scranton, Pennsylvania, covers 48,254 participants in the manufacturing industry. 128 employers contribute to this pension plan.  The plan was projected to run out of money in 2034. Had that occurred, the National Integrated Group Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than plan level benefits.  The approval of the National Integrated Group Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Western States Office and Professional Employees Pension Plan (Western States Office Pension Plan)

Retiree Pensions’ Saved: 7,230

Businesses Protected: 124

The Western States Office and Professional Employees Pension Plan (Western States Office Pension Plan), which is based in Portland, Oregon, covers 7,230 participants in the service industry. 124 employers contribute to this pension plan.  In October 2018, the Western States Office Pension Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 6,000 plan participants.  On average, their benefits were reduced by 25 percent. The approval of the Western States Office Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Excavating, Building Material, Construction Drivers and Race Track Employees IBT Local 436 Plan (Building Material Drivers Local 436 Plan)

Retiree Pensions’ Saved: 1,461

Businesses Protected: 29

The Excavating, Building Material, Construction Drivers and Race Track Employees IBT Local 436 Plan (Building Material Drivers Local 436 Plan), which is based in Cleveland, Ohio, covers 1,461 participants in the transportation industry. 29 employers contribute to this pension plan. The plan was projected to run out of money in 2026.  Had that occurred, the Building Material Drivers Local 436 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 35 percent less than plan level benefits.  The approval of the Building Material Drivers Local 436 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.  

 

United Furniture Workers Pension Fund A (United Furniture Workers Fund A)

Retiree Pensions’ Saved: 8,434

Businesses Protected: 18

The United Furniture Workers Pension Fund A (United Furniture Workers Fund A), which is based in Nashville, Tennessee, covers 8,434 participants in the manufacturing industry. 18 employers contribute to this pension plan.  In September 2017, the United Furniture Workers Fund A implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 2,800 plan participants.  On average, their benefits were reduced by 13 percent. The approval of the United Furniture Workers Fund A’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

United Independent Union – Newspaper Guild of Greater Philadelphia Pension Plan (UIU-NPG Pension Plan)

Retiree Pensions’ Saved: 2,566

Businesses Protected: 2

The United Independent Union – Newspaper Guild of Greater Philadelphia Pension Plan (UIU-NPG Pension Plan), which is based in Philadelphia, Pennsylvania, covers 2,566 participants in the printing industry.  Two employers contribute to this pension plan.  The plan was projected to run out of money in 2025.  Had that occurred,  the UIU-NPG Pension Plan would have been required to cut participants’ benefits to the PBGC guarantee levels – which is roughly 50 less than plan level benefits. The approval of the UIU-NPG’s Pension Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Pension Plan of the Bakery Drivers and Salesmen Local 194 and Industry Pension Fund (Bakery Drivers Local 194 Plan)

Retiree Pensions’ Saved: 1,155

Businesses Protected: 2

The Pension Plan of the Bakery Drivers and Salesmen Local 194 and Industry Pension Fund (Bakery Drivers Local 194 Plan), which is based in North Brunswick, New Jersey, covers 1,155 participants in the transportation industry.  Two employers contribute to this pension plan.  The plan was projected to run out of money in 2024.  Had that occurred, the Bakery Drivers Local 194 Plan would have been required to cut participants’ benefits to the PBGC guarantee levels – which is roughly 45 percent less than the plan level benefits.  The approval of the Bakery Drivers Local 194 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

Plasterers Local 82 Pension Fund (Plasterers Local 82 Fund)

Retiree Pensions’ Saved: 317

Businesses Protected: 29

The Plasterers Local 82 Pension Fund (Plasterers Local 82 Fund), which is based in Portland, Oregon, covers 317 participants in the construction industry.  29 employers contribute to this pension plan.  In February 2019, the Plasterers Local 82 Fund implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 250 plan participants.  On average, their benefits were reduced by 25 percent. The approval of the Plasterers Local 82 Fund’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future. 

 

Alaska Ironworkers Pension Plan (Alaska Ironworkers Plan)

Retiree Pensions’ Saved: 744

Businesses Protected: 23

The Alaska Ironworkers Pension Plan (Alaska Ironworkers Plan), which is based in Anchorage, Alaska, covers 744 participants in the construction industry.  23 employers contribute to this pension plan.  In July 2018, the Alaska Ironworkers Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 650 plan participants.  On average, their benefits were reduced by 25 percent. The approval of the Alaska Ironworkers Plan application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Toledo Roofers Local Union No. 134 Pension Plan (Toledo Roofers Local 134 Plan)

Retiree Pensions’ Saved: 431

Businesses Protected: 11

The Toledo Roofers Local No. 134 Pension Plan (Toledo Roofers Local 134 Plan), which is based in Toledo, Ohio, covers 431 participants in the construction industry. 11 employers contribute to this pension plan.  In April 2019, the Toledo Roofers Local 134 Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 200 plan participants.  On average, their benefits were reduced by 45 percent. The approval of the Toledo Roofers Local 134 Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

International Association of Machinists Motor City Pension Plan (Machinists Motor City Plan)

Retiree Pensions’ Saved: 953

Businesses Protected: 4

The International Association of Machinists Motor City Pension Plan (Machinists Motor City Plan), which is based in Troy, Michigan, covers 953 participants in the manufacturing industry.  Four employers contribute to this pension plan.  In January 2018, the Machinists Motor City Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 840 plan participants.  On average, their benefits were reduced by 45 percent. The approval of the Machinists Motor City Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Central States, Southeast, and Southwest Areas Pension Plan (Central States Plan)

Retiree Pensions' Saved: 357,056

Businesses Protected: 1,005

The Central States, Southeast & Southwest Areas Pension Plan (Central States Plan), which is based in Chicago, Illinois, covers more than 350,000 participants in a number of industries, including transportation, construction, food processing, and more. More than 1,000 employers contribute to this pension plan. The Central States, Southeast, and Southwest Areas Pension Plan was projected to run out of money in 2025. Without this assistance, the Central States, Southeast, and Southwest Areas Pension Plan would have had to cut participants' benefits. The Central States, Southeast, and Southwest Areas Pension Plan will now be able to pay retirement benefits without reduction for many years into the future. 

 

Teamsters Local 966 Pension Plan 

Retiree Pensions’ Saved: 2,356

Businesses Protected: 20 

The Teamsters Local 966 Pension Plan, which is based in Cresskill, New Jersey, covers 2,356 participants in the transportation industry.  20 employers contribute to this pension plan.  The Teamsters Local 966 Plan was projected to run out of money in 2023.  Without this assistance, the Teamsters Local 966 Plan would have had to cut participants’ benefits.  The Teamsters Local 966 Plan will now be able to pay retirement benefits without reduction for many years into the future.  

 

Teamsters Local Union No. 52 Pension Plan (Teamsters Local 52 Plan)

Retiree Pensions’ Saved: 769

Businesses Protected: 7

The Teamsters Local Union No. 52 Pension Plan (Teamsters Local 52 Plan), which is based in Valley View, Ohio, covers 769 participants in the transportation industry.  7 employers contribute to this pension plan.  The Teamsters Local 52 Plan was projected to run out of money in 2023.  Without this assistance, the Teamsters Local 52 Plan would have had to cut participants’ benefits.  The Teamsters Local 52 Plan will now be able to pay retirement benefits without reduction for many years into the future.

 

New York State Teamsters Conference Pension and Retirement Plan (NYS Teamsters Conference Plan)

Retiree Pensions’ Saved: 33,643

Businesses Protected: 134

The New York State Teamsters Conference Pension and Retirement Plan (NYS Teamsters Conference Plan), which is based in Syracuse, New York, covers 33,643 participants in the transportation industry.  134 employers contribute to this pension plan.  The NYS Teamsters Conference Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and reduced the benefits of about 25,000 plan participants.  On average, their benefits were reduced by 20 percent.  The approval of NYS Teamsters Conference Plan’s application enables the plan to restore all benefits previously cut under MPRA, make payments to retirees to cover past benefit cuts, and pay retirement benefits without reductions for many years to come.

 

Bricklayers and Allied Craftsmen Local 7 Pension Plan (Bricklayers Local 7 Plan)

Retiree Pensions’ Saved: 397

Businesses Protected: 26

The Bricklayers and Allied Craftsmen Local 7 Pension Plan (Bricklayers Local 7 Plan), which is based in Akron, Ohio, covers 397 participants in the construction industry.  26 employers contribute to this pension plan.  The Bricklayers Local 7 Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and was partitioned into two plans.  About 300 plan participants’ benefits were cut; and, on average, their benefits were reduced by 55 percent.  The approval of the Bricklayers Local 7 Plan’s application enables the plan to restore all the previous benefit cuts under MPRA and make payments to retirees to cover prior benefit cuts. The plan also will be able to pay retirement benefits without reductions for many years into the future.

 

Freight Drivers and Helpers Local Union No. 557 Pension Plan (Freight Drivers Local 557 Plan)

Retiree Pensions’ Saved: 2,273

Businesses Protected: 6

The Freight Drivers and Helpers Local Union No. 557 Pension Plan (Freight Drivers Local 557 Plan), which is based in Baltimore, Maryland, covers 2,273 participants in the transportation industry. 6 employers contribute to this pension plan. The Freight Drivers Local 557 Plan was projected to run out of money in 2023. Without this assistance, the Freight Drivers Local 557 Plan would have had to cut participants’ benefits.  The Freight Drivers Local 557 Plan will now be able to pay retirement benefits without reduction for many years into the future.

 

Sheet Metal Workers Local Pension Plan (Sheet Metal Workers Plan) 

Retiree Pensions’ Saved: 1,649

Businesses Protected: 75

The Sheet Metal Workers Local Pension Plan (Sheet Metal Workers Plan), which is based in Massillon, Ohio, covers 1,649 participants in the construction industry. 75 employers contribute to this pension plan. In 2020, the Sheet Metal Workers Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA). 850 participants’ benefits were reduced, on average, by 24 percent. The approval of the Sheet Metal Workers Plan’s application enables the plan to restore benefits previously cut under the MPRA, make payments to retirees to cover past benefit cuts, and pay retirement benefits without reductions for many years into the future.

 

Gastronomical Workers Union Local 610 and Metropolitan Hotel Association Pension Fund (GWU Local 610 Plan)

Retiree Pensions’ Saved: 2,624

Businesses Protected: 1

The Gastronomical Workers Union Local 610 and Metropolitan Hotel Association Pension Fund (GWU Local 610 Plan), which is based in San Juan, Puerto Rico, covers 2,624 participants in the hospitality industry.  One employer contributes to this pension plan. The GWU Local 610 Plan became insolvent in June 2021.  The approval of the GWU Local 610 Plan’s application enables the plan to pay retirement benefits without reductions for many years to come.

 

Pension Plan of the Printers League – Graphic Communications International Union Local 119B (GCIU Local 119B Plan)

Retiree Pensions’ Saved: 1,213

Businesses Protected: 4

The Pension Plan of the Printers League – Graphic Communications International Union Local 119B (GCIU Local 119B Plan), which is based in East Farmingdale, New York, covers 1,213 participants in the printing industry.  Four employers contribute to this pension plan. The GCIU Local 119B Plan became insolvent in August 2021 and participants’ benefits were cut.  According to the PBGC, the GCIU Local 119B Plan’s were reduced by roughly 31 percent.  The approval of the GCIU Local 119B Plan’s application enables the plan to restore all benefits going forward and make payments to retirees to cover past benefit reductions. The approval of the application also will enable the GCIU Local 119B Plan to pay retirement benefits without reductions for many years to come.

 

Western Pennsylvania Teamsters and Employers Pension Plan (Western Pennsylvania Teamsters Plan) 

Retiree Pensions’ Saved: 21,110 

Businesses Protected: 111 

The Western Pennsylvania Teamsters and Employers Pension Plan (Western Pennsylvania Teamsters Plan), which is based in Pittsburgh, Pennsylvania, covers 21,110 participants in the transportation industry. 111 employers contributes to this pension plan.  The Western Pennsylvania Teamsters Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA). 15,000 participants’ benefits were reduced, on average, by 20 percent. The approval of the Western Pennsylvania Teamsters Plan’s application enables the plan to restore benefits previously cut under the MPRA, make payments to retirees to cover past benefit cuts, and pay retirement benefits without reductions for many years to come.

 

Local Union No. 466 Painters, Decorators and Paperhangers Pension Plan (Painters Local 466 Plan)

Retiree Pensions’ Saved: 45

Businesses Protected: 1

The Local Union No. 466 Painters, Decorators and Paperhangers Pension Plan (Painters Local 466 Plan), which is based in Menands, New York, covers 45 participants in the construction industry.  One employer contributes to this pension plan. The Painters Local 466 Plan became insolvent in November 2020, and participants' benefits were cut. According to the PBGC, the Painters Local 466 Plan’s participants’ benefits were reduced by roughly 45 percent. The approval of the Painters Local 466 Plan’s application enables the plan to restore all benefits going forward and make payments to retirees to cover past benefit reductions. The approval of the application also will enable the Painters Local 466 Plan to pay retirement benefits without reductions for many years to come.

 

Mid-Jersey Trucking Industry and Teamsters Local 701 Pension Plan (Teamsters 701 Plan)

Retiree Pensions’ Saved: 1,623

Businesses Protected: 9

The Mid-Jersey Trucking Industry and Teamsters Local 701 Pension Plan (Teamsters 701 Plan), which is based in North Brunswick, New Jersey, covers 1,623 participants in the transportation industry. 9 employers contribute to this pension plan. In April 2019, the Teamsters 701 Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA). Approximately 500 participants’ benefits were reduced, on average, by 40 percent. The approval of the Teamsters 701 Plan’s application enables the plan to restore benefits previously cut under the MPRA, make payments to retirees to cover past benefit cuts, and pay retirement benefits without reduction for many years to come.

 

Iron Workers Local 17 Pension Fund  

Retiree Pensions’ Saved: 1,900 

Businesses Protected: 108 

The Iron Workers Local 17 Pension Fund, which is based in Cleveland, Ohio, covers 1,900 participants in the construction  industry. 108 employers contribute to this pension plan. The Iron Workers Local 17 Pension Fund implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA). 950 participants’ benefits were reduced, on average, by 30 percent. The approval of Iron Workers Local 17 Pension Fund’s application enables the plan to restore benefits previously cut under the MPRA, make payments to retirees to cover past benefit cuts, and pay retirement benefits without reduction for many years to come.

 

Management-Labor Pension Plan Local 1730 ILA (Longshoremen Local 1730 Plan) 

Retiree Pensions’ Saved: 478

Businesses Protected: 2

The Management-Labor Pension Plan Local 1730 ILA (Longshoremen Local 1730 Plan), which is based in Mastic, New York, covers 478 participants in the transportation industry. Two employers contribute to this pension plan. The Longshoremen Local 1730 Plan became insolvent in November 2020, and participants' benefits were cut. According to the PBGC, the Longshoremen Local 1730 Plan’s participants’ benefits were reduced by roughly 50 percent. The approval of the Longshoremen Local 1730 Plan’s application means that cuts to participants’ benefits will be restored.

 

Carpenters Industrial Council of Eastern Pennsylvania Pension Plan 

Retiree Pensions’ Saved: 242

Businesses Protected: 1

The Carpenters Industrial Council of Eastern Pennsylvania Pension Plan (Carpenters Pension Plan), which is based in Ashland, Pennsylvania, covers 242 participants in the construction industry. One employer contributes to this plan. The Carpenters Pension Plan became insolvent in October 2017, and participants’ benefits were cut.  According to the PBGC, the Carpenters Pension Plan’s participants’ benefits were reduced by roughly 5 percent. The approval of the Carpenters Pension Plan’s application means that cuts to participants’ benefits will be restored and the plan will be able to pay retirement benefits without reductions for many years to come. 

 

Local 365 UAW Pension Fund Pension Plan 

Retiree Pensions’ Saved: 3,736 

Businesses Protected: 3

The Local 365 UAW Pension Fund Pension Plan (Local 365 UAW Plan), which is based in Englewood Cliffs, New Jersey, covers 3,736 participants in the manufacturing industry. 3 employers contributes to this pension plan. The Local 365 UAW Plan became insolvent in December 2020, and participants' benefits were cut. According to the PBGC, the Local 365 UAW Plan’s participants’ benefits were reduced by roughly 20 percent. The approval of the Local 365 UAW Plan’s application means that cuts to participants’ benefits will be restored and the plan will be able to pay retirement benefits without reductions for many years to come. 

 

Local 805 Pension and Retirement Plan (Local 805 Plan)

Retiree Pensions’ Saved: 2,003

The Local 805 Pension and Retirement Plan (Local 805), which is based in New York, New York, covers 2,003 participants in the transportation industry. The Local 805 Plan implemented a benefit cut under the Multiemployer Pension Reform Act (MPRA) and was partitioned into two plans. All of the participants’ benefits were cut, and some were reduced, on average, by 41 percent.  The approval of the Local 805 Plan’s application rescinds the partition (so the plan is one plan again), restores all of the previous benefit cuts, enables the plan to pay retirement benefits without reductions for many years into the future.

 

Cement Masons Local Union 783 Pension Plan (Local 783 Plan)

Retiree Pensions’ Saved: 51

Businesses Protected: 3

The Cement Masons Local Union 783 Pension Plan (Local 783 Plan), which is based in Houston, Texas, covers 51 participants in the construction industry. 3 employers contributes to this pension plan. The Local 783 Plan became insolvent in November 2016, and participants' benefits were cut. According to the PBGC, the Local 783 Plan’s participants’ benefits were reduced by roughly 20 percent. The approval of the Local 783Plan’s application means that cuts to participants’ benefits will be restored.

 

Cement Masons Local Union 681 Pension Plan (Local 681 Plan)

Retiree Pensions’ Saved: 195  

Businesses Protected: 4

The Cement Masons Local Union 681 Pension Plan (Local 681 Plan), which is based in Houston, Texas, covers 195 participants in the construction industry. 4 employers contributes to this pension plan. The Local 681 Plan became insolvent in August 2016, and participants' benefits were cut. According to the PBGC, the Local 681 Plan’s participants’ benefits were reduced by roughly 15 percent. The approval of the Local 681 Plan’s application means that cuts to participants’ benefits will be restored.

 

Trucking Employees of North Jersey Welfare Fund, Inc. Pension Plan 

Retiree Pensions’ Saved: 6,121 

Businesses Protected: 43

The Trucking Employees of North Jersey Welfare Fund, Inc. Pension Plan (Trucking Employees Plan), which is based in Union City, New Jersey, covers 6,121 participants in the transportation industry. 43 employers contributes to this pension plan. The Trucking Employees Plan became insolvent in July 2021, and participants' benefits were cut. According to the PBGC, the Trucking Employees Plan’s participants’ benefits were reduced by roughly 50 percent. The approval of the Trucking Employees Plan’s application means that cuts to participants’ benefits will be restored.

 

Food Employers Labor Relations Association and United Food and Commercial Workers Pension Plan (FELRA Pension Plan) 

Retiree Pensions’ Saved: 51,500  

Businesses Protected: 3

The Food Employers Labor Relations Association and United Food and Commercial Workers Pension Plan (FELRA Pension Plan), which is based in Landover, Maryland, covers 51,500 participants in the service industry. 3 employers contributes to this pension plan. The FELRA Pension Plan was projected to run out of money in 2022. Without this assistance, the FELRA Pension Plan would have had to cut participants’ benefits.

 

Retirement Plan of Local 1482 – Paint and Allied Products Manufacturers Retirement Fund

Retiree Pensions’ Saved: 152

Businesses Protected: 1 

The Retirement Plan of Local 1482 – Paint and Allied Products Manufacturers Retirement Fund (Local 1482 Plan), which is based in the New York Metropolitan area, covers 152participants in the manufacturing industry. One employer contributes to this pension plan. The Local 1482 Plan became insolvent in May 2019, and participants' benefits were cut. According to the PBGC, the Local 1482 Plan’s participants’ benefits were reduced by roughly 35 percent. The approval of the Local 1482 Plan’s application means that cuts to participants’ benefits will be restored.

 

Graphic Communications Conference of the International Brotherhood of Teamsters National Pension Plan 

Retiree Pensions’ Saved: 31,715

Businesses Protected: 80 

The Graphic Communications Conference of the International Brotherhood of Teamsters National Pension Plan (GCC-IBT Plan), which is based in Carol Stream, Illinois, covers 31,715 participants in the printing industry. 80 employers contribute to this pension plan. The GCC-IBT plan was projected to run out of money in 2022. Without this assistance, the GCC-IBT plan would have had to cut participants’ benefits.  

*The number of businesses is based on the latest publicly available Form 5500 data provided by the Pension Benefit Guaranty Corporation (PBGC). Some of those businesses may participate in more than one plan.

 

Graphic Arts Industry Joint Pension Plan  

Retiree Pensions’ Saved: 9,854

Businesses Protected: 44

The Graphic Arts Industry Joint Pension Plan (Graphic Arts Plan), which is based in Washington, DC, covers 9,854 participants in the printing industry. 44 employerscontribute to this pension plan. The Graphic Arts Plan was projected to run out of money in 2022. Without this assistance, the Graphic Arts Plan would have had to cut participants’ benefits.

 

Teamsters Local 617 Pension Plan 

Retiree Pensions’ Saved: 891

Businesses Protected: 4

The Teamsters Local 617 Pension Plan (Local 617 Plan), which is based in Ridgefield, New Jersey, covers 891 participants in the transportation industry. 4 employers contribute to this pension plan. The Local 617 Plan became insolvent in March 2020, and participants' benefits were cut. According to the PBGC, the Local 617 Plan’s participants’ benefits were reduced by roughly 65 percent. The approval of Local 186 Plan’s application means that cuts to participants’ benefits will be restored.

 

Graphic Communications Union Local 2-C Retirement Benefit Plan

Retiree Pensions’ Saved: 535

Businesses Protected: 1

The Graphic Communications Union Local 2-C Retirement Benefit Plan (GCU 2-C Plan), which is based in Warren, Michigan, covers 535 participants in the printing industry. One employer contributes to this pension plan. The GCU 2-C Plan became insolvent in January 2015, and participants' benefits were cut. According to the PBGC, the GCU 2-C Plan’s participants’ benefits were reduced by roughly 60 percent. The approval of the GCU 2-C Plan’s application means that cuts to participants’ benefits will be restored.

 

Retirement Benefit Plan of GCIU Detroit Newspaper Union 13N with Detroit Area Newsaper Publishers

Retiree Pensions’ Saved: 563

Businesses Protected: 1

The Retirement Benefit Plan of GCIU Detroit Newspaper Union 13N with Detroit Area Newspaper Publishers (Detroit Newspaper Union Plan), which is based in Warren, Michigan, covers 563 participants in the printing industry. One employer contributes to this pension plan. The Detroit Newspaper Union Plan became insolvent in April 2019, and participants' benefits were cut. According to the PBGC, the Detroit Newspaper Union Plan’s participants’ benefits were reduced by roughly 35 percent. The approval of the Detroit Newspaper Union Plan’s application means that cuts to participants’ benefits will be restored.

 

San Francisco Lithographers Pension Plan

Retiree Pensions’ Saved: 1,572

Businesses Protected: 9

The San Francisco Lithographers Pension Plan (Lithographers Plan), which is based in San Francisco, CA, covers 1,572 participants in the printing industry. 9 employers contribute to this pension plan. The Lithographers Plan became insolvent in June 2021. According to the PBGC, the Lithographers Plan’s participants’ benefits were reduced by roughly 20 percent. The approval of the Lithographers Plan’s application means that cuts to participants’ benefits will be restored.

 

Laborer's Local 186 Pension Plan

Retiree Pensions’ Saved: 379

Businesses Protected: 52

The Laborers’ Local 16 Pension Plan (Local 186 Plan), which is based in Massena, New York, covers 379 participants in the transportation industry. 52 employers contribute to this pension plan. The Local 186 Plan became insolvent in July 2021, and participants' benefits were cut. According to the PBGC, the Local 186 Plan’s participants’ benefits were reduced by roughly 35 percent. The approval of Local 186 Plan’s application means that cuts to participants’ benefits will be restored.

 

Teamsters Local 641 Pension Plan

Retiree Pensions’ Saved: 3,610

Businesses Protected: 13

The Teamsters Local 641 Pension Plan (Local 641 Plan), which is based in Union, NJ, covers 3,610 participants in the transportation industry. 13 employers contribute to this pension plan. The Local 641 Plan became insolvent in March 2021, and participants' benefits were cut. According to the PBGC, the Local 641 Plan’s participants’ benefits were reduced by roughly 55 percent. The approval of Local 641 Plan’s application means that cuts to participants’ benefits will be restored. 

 

Milk Industry Office Employees Pension Plan

Retiree Pensions’ Saved: 78

Businesses Protected: 1 

The Milk Industry Office Employees Pension Plan (Milk Industry Plan), which is based in New York, New York, covers 78 participants. One employer contributes to this pension plan. The Milk Industry Plan became insolvent in January 2017, and participants’ benefits were cut. According to the PBGC, the Milk Industry Plan’s participants’ benefits were reduced by roughly 20 percent. The approval of the Milk Industry Plan’s application means that cuts to participants’ benefits will be restored. 

 

Local 584 Pension Plan

Retiree Pensions’ Saved: 2,172

Businesses Protected: 10 

The Local 584 Pension Plan (Local 584 Plan), which is based in New York, New York, covers 2,172 participants in the transportation industry. 10 employers contribute to this pension plan. The Local 584 Plan became insolvent in July 2021, and participants’ benefits were cut. According to the PBGC, Local 584 Plan’s participants’ benefits were reduced by roughly 50 percent. The approval of Local 584 Plan’s application means that cuts to participants’ benefits will be restored. 

 

Local 408 International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America Pension Plan

Retiree Pensions’ Saved: 1,058

Businesses Protected: 27

The Local 408 International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America (Local 408) Pension Plan, which is based in Union, NJ, covers 1,058 participants in the transportation industry. 27 employers contribute to this pension plan. Local 408 became insolvent in September 2021, and participants’ benefits were cut. According to the PBGC, Local 408 participants’ benefits were reduced by roughly 60 percent. The approval of Local 408’s application means that cuts to participants’ benefits will be restored. 

 

Road Carriers Local 707 Pension Plan

Retiree Pensions’ Saved: 3,804

Businesses Protected: 8

The Road Carriers Local 707 Pension Plan (Local 707), which is based in Hampstead, NY, covers 3,804 participants in the transportation industry. Eight employers contribute to this pension plan. Local 707 became insolvent in 2017, and 90 percent of participants’ benefits were cut. According to the PBGC, 44 percent of the Local 707 retirees and beneficiaries had benefit reductions of more than 50 percent. The approval of Local 707’s application means that cuts to participants’ benefits will be restored.

 

Bricklayers and Allied Craftworkers Local 5 New York Retirement Fund Pension Plan

Retiree Pensions’ Saved: 821

Businesses Protected: 69 

The Bricklayers and Allied Craftworkers Local 5 New York Retirement Pension Plan (Bricklayers Local 5), which is based in Newburgh, NY, covers 821 participants in the construction industry. 69 employers contribute to this pension plan. Without this assistance, Bricklayers Local 5 was projected to run out of money in 2022 and, once that happened, participants' benefits would have been cut.

 

Idaho Signatory Employers-Laborers Pension Plan

Retiree Pensions’ Saved: 682

Businesses Protected: 59

The Idaho Signatory Employers-Laborers Pension Plan (Idaho-Signatory), which is based in Portland, Oregon, covers 682 participants in the construction industry. 59 employers contribute to this pension plan. Without this assistance, Idaho Signatory was projected to run out of money in 2022 and, once that happened, participants' benefits would have been cut.

 

Local 138 Pension Plan

Retiree Pensions’ Saved: 1,723

Businesses Protected: 7

The Local 138 Pension Plan, which is based in Baldwin, New York, covers 1,723 participants in the transportation industry. Seven employers contribute to this pension plan. Without this assistance, Local 138 was projected to run out of money in 2022 and, once that happened, participants' benefits would have been cut.

 

Teamsters Union Local No. 73 Pension Plan (Local 73 Plan)

Retiree Pensions’ Saved:    529

Businesses Protected:         2

The Teamsters Union Local No. 73 Pension Plan (Local 73 Plan), which is based in Valley View, Ohio, covers 529 participants in the construction industry. Two employers contribute to this pension plan. The Local 73 Plan was projected to become insolvent and run out of money in 2038.  Had that occurred, the Local 73 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 15 percent less than the plan level benefits. The approval of the Local 73 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

 

United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan (UFCW Local 152 Plan)

Retiree Pensions' Saved:    10,252

Businesses Protected:         8

The United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan (UFCW Local 152 Plan), which is based in Mount Laurel, New Jersey, covers 10,252 participants in the service industry. Eight employers contribute to this pension plan. The UFCW Local 152 Plan was projected to become insolvent and run out of money in 2029.  Had that occurred, the UFCW Local 152 Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 25 percent less than the plan level benefits.  The approval of Local 73 Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

UFCW Regional Pension Fund (UFCW Regional Fund)

Retiree Pensions’ Saved:  4,605

Businesses Protected:  9

The UFCW Regional Pension Fund (UFCW Regional Fund), which is based in Mount Laurel, New Jersey, covers 4,605 participants in the service industry across the Mid-Atlantic region, primarily in Delaware, Pennsylvania, and New Jersey. Nine employers contribute to this pension plan. The approval of the UFCW Regional Fund’s application enables the plan to pay retirement benefits without reductions for many years into the future.

UFCW Regional Pension Fund (UFCW Regional Fund)

United Food and Commercial Workers Unions and Employers Midwest Pension Plan (UFCW Midwest Pension Plan)  

Retiree Pensions’ Saved:  35,223

Businesses Protected:  44

The United Food and Commercial Workers Unions and Employers Midwest Pension Plan (UFCW Midwest Pension Plan), which is based in Rosemont, Illinois, covers 35,223 participants in the service industry.  44 employers contribute to this pension plan.  The plan was projected to become insolvent and run out of money in 2029.  Had that occurred, the UFCW Midwest Pension Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 20 percent less than the plan level benefits.  The approval of the UFCW Midwest Pension Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

Retail, Wholesale and Department Store International Union and Industry Pension Plan (Retail, Wholesale and Department Store Union Pension Plan)  

Retiree Pensions’ Saved:  21,079

Businesses Protected:  86

The Retail, Wholesale and Department Store International Union and Industry Pension Plan (Retail, Wholesale and Department Store Union Pension Plan), which is based in Birmingham, Alabama, covers 21,079 participants in the food processing, retail, and manufacturing industries. 86 employers contribute to this pension plan. The approval of the Retail, Wholesale and Department Store Union Pension Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

GCIU-Employer Retirement Benefit Plan (GCIU-Employer Plan)  

Retiree Pensions’ Saved:  40,373

Businesses Protected:  142

The GCIU-Employer Retirement Benefit Plan (GCIU-Employer Plan), which is based in Seattle, Washington, covers 40,373 participants in the service industry. 142 employers contribute to this pension plan.  The plan was projected to become insolvent and run out of money in 2033.  Had that occurred, the GCIU-Employer Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 20 percent less than the plan level benefits.  The approval of the GCIU-Employer Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

Pacific Coast Shipyards Pension Plan (Pacific Coast Shipyards Plan)  

Retiree Pensions’ Saved:  507

The Pacific Coast Shipyards Pension Plan (Pacific Coast Shipyards Plan), which is based in Seattle, Washington, covers 507 participants in the maritime construction industry. The plan was projected to become insolvent and run out of money in 2032.  Had that occurred, the Pacific Coast Shipyards Plan would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 35 percent less than the plan level benefits.  The approval of the Pacific Coast Shipyards Plan’s application enables the plan to pay retirement benefits without reductions for many years into the future.

Bakery and Confectionary Union and Industry International Pension Fund (Bakery and Confectionary Pension Fund)  

Retiree Pensions’ Saved:  103,056

Businesses Protected:  160

The Bakery and Confectionary Union and Industry International Pension Fund (Bakery and Confectionary Pension Fund), which is based in Kensington, Maryland, covers 103,056 participants in the bakery, confectionary, tobacco, and grain milling industries. 160 employers contribute to this pension plan.  The plan was projected to become insolvent and run out of money in 2030.  Had that occurred, the Bakery and Confectionary Pension Fund would have had to cut participants’ benefits to the PBGC guarantee levels – which is roughly 45 percent less than the plan level benefits.  The approval of the Bakery and Confectionary Pension Fund’s application enables the plan to pay retirement benefits without reductions for many years into the future.

Kansas Construction Trades Open End Pension Trust Fund (Kansas Construction Trades Pension Fund)

Retiree Pensions’ Saved:  8,145

Businesses Protected:  67

The Kansas Construction Trades Open End Pension Trust Fund (Kansas Construction Trades Pension Fund), which is based in Topeka, Kansas, covers 8,145 participants in the construction industry. 67 employers contribute to this pension plan. The approval of the Kansas Construction Trades Pension Fund’s application enables the plan to pay retirement benefits without reductions for many years into the future.

More