Southwest Ohio Carpenters Pension Fund Pension Recovery Plan
Saving Our Pension Fund
Revised - Pension Recovery Plan Submitted and Accepted by Treasury Department
On June 29, 2018, the Trustees of the Southwest Ohio Carpenters Pension Fund submitted our revised Pension Recovery Plan application to the U.S. Treasury Department. On July 5, the Treasury Department notified the Board that it had formally accepted our application. The Treasury Department now has 225 days to review and then approve or deny our proposal. That means that it must act by February 13, 2019. The full application will be posted on the Treasury Department's website. You will be able to review the entire application, check on its status, read comments that have been submitted regarding the application, and submit your own comments on the application. It may take the Treasury Department some time to post the application and to turn on the comment link. If it is not there when you visit the site, please check back in a few days.
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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.