The Alaska Ironworkers Trust Fund was established to provide pension benefits for eligible members and dependents through the collective bargaining process with the Iron Workers Local Union No. 751 Anchorage AK.
Pension Benefit Reduction Passed -
The proposal to reduce benefit in order to save the plan has passed. The results of the vote were:
175 voted to approve
142 voted to reject
507 did not vote
No one is celebrating. None of us want to be in this situation. However, the Board of Trustees are proud of the commitment you have shown to spreading the burden fairly and working together to make if possible to save the plan.
If you are currently receiving a monthly pension benefit, starting July 1, 2018 your benefit will be reduced in line with what was shown on your benefit estimate and in your personalized ballet packet (for some, such as those who 80 or older as of July 1, 2018, that means no reduction).
If you are an active participant, you will see the benefit you earned before July 1, 2016 reduce on your next statement. Benefits earned on and after that date are not reduced
For those not active in the plan, but not yet receiving benefits, your vested benefit is reduced consistent with what was shown on your benefit estimate and in your personalized ballet packet. When you start your benefit, that amount will be adjusted depending on the payment option you choose, etc.
You’ve Given the Plan a Fighting Chance to Recover –
We believe the plan can be saved with this reduction and that it is the fairest approach to solving the problem. The plan is still dependent on investment returns and hours worked, but we now have a better chance of maintaining a strong contribution base, and enough assets to provide meaningful investment earnings – increasing our odds of being able to pay benefits for the long haul – and active participants have a better chance of earning meaningful benefit in the future.