Notice of Critical Status for the Asbestos Workers Philadelphia Pension Plan

This document is about the critical status of the Asbestos Workers Philadelphia Pension Plan. The plan's actuary has determined that the plan is in critical status for the plan year beginning July 1, 2020 due to funding or liquidity problems. As a result, the plan is required to adopt a rehabilitation plan to restore its financial health. The notice outlines the plan's critical status, the possibility of benefit reductions, the adjustable benefits that could be reduced, and where to get more information. The document also mentions that the law generally requires contributing employers to pay a surcharge to help correct the financial situation, but this is not applicable to this plan as the bargaining parties have agreed to and implemented the rehabilitation plan developed by the Trustees.