Notice of Critical Status for Ironworkers Local No. 402 Pension Plan

This document is about the Ironworkers Local No. 402 Pension Plan and its critical status as of April 1, 2021. It provides details on the rehabilitation plan adopted by the trustees, including reductions in adjustable benefits and increases in the hourly contribution rate. The document also explains the employer surcharge that would have been applicable if the rehabilitation plan was not adopted quickly. The plan is projected to emerge from critical status by March 31, 2036.