Multiemployer Pension law frees union local to cut plan benefits, avert fund insolvency

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.

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