Notice of Critical Status and Reduction of Benefits for the Alaska Ironworkers Pension Plan

This document is about the Alaska Ironworkers Pension Plan being declared in critical status due to investment losses in 2008-2009, which has resulted in a projected funding deficiency. As required by law, the plan has adopted a rehabilitation plan that includes reductions in "adjustable" benefits and future benefit accruals, as well as an increase in employer contributions through a surcharge. The document outlines the specific changes to early retirement factors, disability benefits, lump-sum death benefits, normal retirement age, and other plan provisions, and provides examples to illustrate the impact on participant benefits. It also explains the rights and remedies available to plan participants under ERISA and provides contact information for further inquiries.