On December 16, 2016, the Department of the Treasury approved the application by the Iron Workers Local 17 Pension Fund to suspend benefits under the Multiemployer Pension Reform Act of 2014 (“MPRA”). This application is the first to be approved by Treasury, following denials of four other applications.
Now that the application has been approved by Treasury, the suspension must now proceed to a vote by participants and beneficiaries. The vote will be administered by Treasury.
The Iron Workers Local 17 Pension Fund first submitted its application to suspend benefits on December 23, 2015. It withdrew the original application and resubmitted a revised application on July 29, 2016. Treasury has posted the approval letter to the Fund on its webpage for MPRA applications.
Please contact your Horizon Actuarial consultant for more information on how this decision may affect your pension fund.
Now that the application has been approved by Treasury, the suspension must now proceed to a vote by participants and beneficiaries. The vote will be administered by Treasury.
The Iron Workers Local 17 Pension Fund first submitted its application to suspend benefits on December 23, 2015. It withdrew the original application and resubmitted a revised application on July 29, 2016. Treasury has posted the approval letter to the Fund on its webpage for MPRA applications.
Please contact your Horizon Actuarial consultant for more information on how this decision may affect your pension fund.
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