Western States Office &
Professional Employees
Pension Fund

Timeline

 

Action

Date

Pension Benefit Reduction and Recovery Plan application submitted to the U.S. Treasury Department

August 24, 2017

Personalized benefit estimates mailed to Plan participants

August 30, 2017

Pension Benefit Reduction and Recovery Plan application accepted by U.S. Treasury for review

August 28, 2017

Treasury review period

Up to 225 days (by April 6, 2018)

Participant voting period (if the Pension Benefit Reduction and Recovery Plan is approved by Treasury)

Within 30 days of Treasury approval (the voting period runs for 21 days)

Benefit reductions effective (if the Pension Benefit Reduction and Recovery Plan is approved by participants)

As soon as possible following the vote

Reminder, if the Pension Benefit Reduction and Recovery Plan is not approved, the Plan is projected to run out of money during 2034. At that point, the PBGC will provide financial assistance to the Plan and all participants—including those who are disabled and those over age 75—will see benefit cuts.