To keep the Cement Masons 94 Plan from running out of money (becoming "insolvent"), some of the Fund's PBGC-guaranteed benefits will be transferred to a "successor plan" that will receive financial assistance from PBGC to pay those benefits. This will relieve some of the financial burden on the Cement Masons 94 Plan and enable it to improve its financial condition.
See Multiemployer Plans and Partition for more general information on how partition works.
Both the original and successor plans will be administered by the Cement Masons 94 Plan.
PBGC will notify participants with benefits in the successor plan by January 3, 2019.
Yes, about 70 people will experience an average benefit reduction of 38% in benefits.
The benefits of about 30 participants will not be reduced because of the statutory protections for benefits of older and disabled participants and for participants whose benefits are equal to or less than 110% of the PBGC guarantee amount.
There is no disadvantage to being in the successor plan. All participants are treated equally.
If you have any questions, contact the Plasters and Cement Masons Local Number 94 Plan office at:
Sponsor Name: Board of Trustees of the Plasterers & Cement Masons Local No. 94 Pension Plan
4785 Linglestown Road, Suite 200
Harrisburg, PA 17112