Trustees of Roofers Local No. 88 propose a 10% reduction in benefits across the board.
The Roofers Local No. 88 Pension Fund of Merrillville, Indiana, has applied to the US Department of the Treasury for permission to enact a 10% across-the-board cut in benefits to stave off impending insolvency.
In their application to the Treasury Department, the trustees of the pension said the fund had a projected funded ratio of 61.4% as of May 1, and the plan is projected to become insolvent by the 2035-2036 plan year. If approved, the suspension would take effect Nov. 1 with no expiration date, and would not affect participants with age-based or disability limitations.