Via Pensions & Investments
By Hazel Bradford
Western Pennsylvania Teamsters and Employers Pension Fund, Pittsburgh, applied for permission to reduce benefits to remain solvent, according to the Treasury Department website listing applications under the Kline-Miller Multiemployer Pension Reform Act of 2014.
As of Jan. 1, 2017, the pension fund had $718.4 million in assets and $2.2 billion in liabilities, according to its most recent Form 5500; it is projected to be insolvent by 2029. The pension fund is seeking to reduce benefits by 30% across the board, except for older retirees protected by the MPRA.