2021 Notice of Critical Status

This document is about the 2021 Notice of Critical Status for the Sheet Metal Workers Local Pension Plan. It outlines that the plan is in critical status due to funding and liquidity problems, and that the Board of Trustees has adopted a Rehabilitation Plan to forestall insolvency, including changes to early retirement, disability, and death benefits as well as a freeze on future accruals and scheduled contribution rate increases. The document also discusses the potential for benefit suspensions under the Multiemployer Pension Reform Act of 2014 and the impact of the American Rescue Plan Act of 2021, which may provide special financial assistance to the plan.