Western States OPEIU Pension

“This is a historic achievement to secure the pension benefits of hardworking union members, and the most substantial policy ever passed to further the solvency of our nation's multiemployer pension plans,” said U.S. Labor Secretary Marty Walsh in a July 9 press statement about newly issued rules implementing a government rescue of failing pension funds. Walsh, pictured above at a June 24 event in Indianapolis, is a former leader of Laborers Local 223 and the Boston Building Trades Council.

As of Oct. 1, pension benefits were cut as much as 30 percent for retired members of Office and Professional Employees International Union in the Western United States.

Without a cut of up to 30 percent of benefits, the pension fund is headed for collapse in 18 years.

Without a 30% pension cut, the fund will be insolvent in 18 years.

The proposed benefit cuts of 29 percent are supposed to save a pension plan that would otherwise run out of money in 2035.