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On August 11, 2020, the United States Department of the Treasury (Treasury) officially notified the Local 807 Labor-Management Pension Fund (the Fund) that it had denied our Pension Preservation Plan to rescue the Fund under the Multiemployer Pension Reform Act of 2014 (MPRA). As a result, the proposed benefit reductions necessary to save the Fund from insolvency will not take place. These reductions were explained in the MPRA individualized statements mailed to each participant. Since the application was denied, there will not be a participant vote on the Pension Preservation Plan.
The Trustees are working with the Fund’s actuaries and Legal Counsel to carefully consider the most appropriate next steps.
You can read the notice that was mailed to participants for more information.
We will continue to provide updates on this website. You can also call our dedicated Pension Preservation Plan Call Center at (833) 593-3023.