Notice of Seriously Endangered Status

This document is about a notice from the International Association of Bridge, Structural, Ornamental and Reinforcing Ironworkers Local No. 79 Pension Plan informing participants that the plan has been certified as being in seriously endangered status, as defined by the Pension Protection Act. The notice outlines the reasons for this status, including the plan's funded percentage being less than 80% and a projected accumulated funding deficiency within 7 years. It also explains that the previously announced increase in the early retirement reduction factor will no longer apply to credited service earned prior to July 1, 2008, and that the reduction factor will increase to 0.5% per month for credited service earned on or after that date. The notice discusses the required funding improvement plan and the possibility of future adjustments if assumptions are not met. It also notes that the employer surcharge provision is no longer applicable.