The U.S. Department of the Treasury has approved benefits reductions for the Mid-Jersey Trucking Industry and Local 701 Pension Fund, and the Toledo Roofers Local No. 134 Pension Fund, Chief Investment Officer reported. They are the 11th and 12th pension plans to receive approval for a reduction in benefits from the Treasury Department since the Kline-Miller Multiemployer Pension Reform Act of 2014 (MPRA) was enacted into law. Meanwhile, the New York-based Local 807 Labor-Management Pension Fund has withdrawn its application for benefits cuts, but said it reserves the right to resubmit a revised application with additional information in the future. For the Mid-Jersey Trucking and Toledo Roofers pension plans, the Treasury Department said it has determined that both are eligible to reduce benefits under the MPRA, and that their applications satisfied the requirements of the Internal Revenue Code as added by the MPRA.
