By Hazel Bradford
“The Bricklayers and Allied Craftworkers Local 7 Pension Plan in Austintown, Ohio, has submitted its third Treasury Department application to reduce benefits under the Multiemployer Pension Reform Act of 2014, along with a request for a partition from the Pension Benefit Guaranty Corp.
The plan is in critical and declining status, with $9.53 million in assets as of April 30, 2019. when it was 24% funded and projected to become insolvent by May 2023. At the time of its initial application in 2016, the plan had $14.6 million in assets and was 46.7% funded. There are now 108 terminated vested participants, 87 retirees receiving payments, 19 beneficiaries and no active participants.”