Sources: U.S. Treasury Department; Iron Workers Local 17, Cleveland; CP staff
The Treasury Department has certified the results of an election in which Iron Workers Local 17 Pension Fund participants approved benefit cuts, effective February 1, to avoid fund insolvency in 2024. Votes were cast 2 to 1 for a plan reducing accrued benefits and eliminating early retirement subsidies plus extra benefit credits.
The Supreme Court has reversed a U.S. Court of Appeals decision for plaintiffs (Funds), led by the Central Pension Fund of the International Union of Operating Engineers, which had pursued additional contributions and reimbursement of litigation expenses from Ray Haluch Gravel Co. Ludlow, Mass.-based Haluch Gravel petitioned for review of technical questions on whether the Funds’ appeal of a U.S. District Court for the District of Massachusetts (Boston) order were timely or untimely under federal rules. According to counsel Mayer Brown: The petition centered on the appealability of federal trial court decisions in cases where a party has requested an award of attorney’s fees. The Supreme Court held that a district court’s decision leaving unresolved a request for contractual attorney’s fees is a final decision subject to immediate appeal.