Notice of Critical Status for Sheet Metal Workers Pension Plan of Northern California

This document is about a notice of critical status for the Sheet Metal Workers Pension Plan of Northern California. It informs that the plan is in critical status due to funding or liquidity problems, and that a rehabilitation plan has been adopted to restore the plan's financial health. The document outlines the actions the Trustees have taken as part of the rehabilitation plan, including reducing or eliminating certain adjustable benefits, changing the unreduced retirement age, and implementing a new benefit formula known as a Variable Benefits Accrual Rate (VBAR). The document also explains the employer surcharge that may be applicable for employers who do not pay the required contributions under the collective bargaining agreement.