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Third Multiemployer Plan Files Rescue Proposal
A New Jersey-based Teamsters local pension fund has become the third multiemployer pension plan known to apply for Treasury Department approval of benefit suspensions. In separate notices issued Jan. 26, Treasury indicated that the Teamsters Local 469 Pension Plan in Hazlet, N.J., has joined the Iron Workers Local 17 Pension Fund in Cleveland and the Central States, Southeast and Southwest Areas Pension Fund in seeking to use provisions of a 2014 federal law designed to help financially troubled multiemployer plans avert future insolvency by suspending the accrued benefits of plan participants. The notices were published in the Jan. 27 Federal Register. Thirty-nine employers were part of the Teamsters Local 469 plan in 2014, and it included 1,781 total participants, only 128 of whom were active, the plan said in its 2014 Form 5500 filing. Current assets were $122.6 million and liabilities were $279.9 million, the local reported. The Teamsters fund filed its petition Dec. 28, five days after the Iron Workers filed theirs, although the latter application wasn't received by Treasury until Dec. 28, the department said. Treasury has 225 days in which to approve or reject each application. The massive Central States fund became the first multiemployer plan to file for a rescue under the Multiemployer Pension Reform Act, also known as the Kline-Miller Act, when it filed its application with Treasury in September.
Construction Career Fair In Dayton
Ohio Means Jobs will conduct the 2016 Construction Career Fair on Wednesday, February 10, 2016 from 3:00 to 6:00 p.m. at the Dayton Convention Center, 22 East Fifth Street, Dayton, Ohio. If you are a contractor looking for new construction employees or an individual interested in a construction career, you may want to attend this session. A $75 registration fee includes:
• 6’x8’ booth with 6’ table and 2 chairs
• Assistance loading and unloading company recruitment supplies
• Complimentary parking
For additional information about the event and to register, please click here.
Ohio Operating Engineers Accepting Apprentice Applications
The Ohio Operating Engineers, Local 18 are now accepting applications for their Apprenticeship Program. Applications must be made at one of the District Union Halls or at one of the four Training Centers. Applicants must be 18 years old by May 1st of the year they apply. Applicants must also be able to read and do arithmetic well enough to progress in the classroom training and understand oral/written instruction. Applicants must be eligible to work in the United States. And, finally, applicants must be interested in working outdoors in any type of weather conditions and be able to travel to distant work sites, if required. In order to apply, individuals must bring a $10 cash, non-refundable application fee, a photo ID, a copy of high school diploma/GED or transcripts, and, if a military veteran, a copy of discharge papers (DD214). If you know of someone who may be interested in a rewarding career as a mechanic or equipment operator, please direct them to the following Operating Engineers Website for additional information, application instructions and directions to the application sites. www.local18training.com
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