This fund covers the Detroit area ( southeast Michigan ) Carpenters and Millwights.
Union pension fund to slash benefits to avoid insolvency
https://www.crainsdetroit.com/financ...oid-insolvency
Union pension fund to slash benefits to avoid insolvency
The pension fund for the Michigan Regional Council of Carpenters and Millwrights has filed a plan with the U.S. Treasury Department to reduce retirement payments for up to 19,600 Southeast Michigan union members and retirees in a bid to stave off insolvency.
The Detroit Carpenters' Pension Trust Fund reported a funding level of 34.8 percent on May 1, 2018, as actuaries for the employer-sponsored pension plan have projected it will run out of money by 2034 without a reduction in benefits.
The carpenters' union, whose pension fund has $772 million in assets, is the biggest labor union in Michigan to seek cuts in pension benefits under the Multi-Employer Reform Act. The 2014 federal law requires multi-employer union pension funds to cut benefits if they're projected to be insolvent within 20 years.
The Detroit Carpenters' Pension Trust Fund reported a funding level of 34.8 percent on May 1, 2018, as actuaries for the employer-sponsored pension plan have projected it will run out of money by 2034 without a reduction in benefits.
The carpenters' union, whose pension fund has $772 million in assets, is the biggest labor union in Michigan to seek cuts in pension benefits under the Multi-Employer Reform Act. The 2014 federal law requires multi-employer union pension funds to cut benefits if they're projected to be insolvent within 20 years.
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