Southwest Ohio Carpenters Pension Fund Pension Recovery Plan
Saving Our Pension Fund
Southwest Ohio Regional Council of Carpenters Pension Plan’s Pension Recovery Plan Approved
On March 21, 2019, the U.S. Treasury Department notified the Board of Trustees that our Pension Recovery Plan had been approved by a vote of the Fund’s participants. The vote took place following the Treasury Department’s approval of the Pension Recovery Plan on February 7 of this year. The Treasury Department conducted the vote from February 15 through March 15, 2019.
While we are not happy to make these benefit suspensions, we are relieved that the application process is over. We first submitted an application to the Treasury Department in 2017, but the work on that application and our efforts to fix our Pension Plan began years before that.
With the Pension Recovery Plan was approved by both the Treasury Department and our participants, we can now look to a better future with a Pension Plan that is stabilized and can continue to pay out benefits to current and future participants indefinitely.
The benefit suspensions will go into effect on April 1, 2019. Please refer to the letter you received from the Fund earlier this month for your individual benefit amount.
For more information, you can go to the Treasury Department’s Multiemployer Pension Reform Act of 2014 web page. You can also call our Pension Recovery Plan Call Center at (330) 779-8862 (select Option 3 from the directory when you call).
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The Fund created this website to provide you with the most accurate and up-to-date information about our Pension Recovery Plan. We want to help you understand how the Pension Fund got into this situation, how the Pension Recovery Plan will work, what the alternatives are, and what you need to do to protect your pension and your Pension Fund.
Check back regularly for updates and other important information.
Here are some key points about what our Pension Fund is going through and our strategy for saving the Fund.
- Our Pension Fund faces serious troubles because it is underfunded. If we do not take action now, our Fund will run out of money in 18 years or less. If that happens and we are forced to rely on the shaky Pension Benefit Guaranty Corporation (PBGC), all participants will see drastic cuts to their benefits.
- A combination of external factors—economic crashes, construction depressions, misguided government regulations and changing demographics—caused this situation.
- Our Pension Recovery Plan is far better than the alternatives.
- We need to ORGANIZE! The construction industry has finally turned the corner. We need to increase membership now by organizing more Carpenters and Contractors to help make our Pension Fund stronger for the future.