Graphic Communications Conference of the International Brotherhood of Teamsters
National Pension Fund
As previously announced, a Notice of Fund's Critical Status Certification was mailed to all affected individuals on September 12, 2007, with additional explanations having been released since then. The GCC/IBT-NPF and many other pension funds continue to deal with the challenges posed by the Pension Protection Act of 2006 ("PPA").
Upon the Notice of Critical Status being submitted, the Board of Trustees of the GCC/IBT-NPF immediately issued a Rehabilitation Plan as called for under the PPA.
99% of the Fund's Participating Employers and Local Unions agreed to the Preferred Schedule of the Fund's Rehabilitation Plan. Information regarding the changes resulting from the Rehabilitation Plan effective May 1, 2008 has been provided to all affected parties.
Amended Rehabilitation Plan
Participating Employers and Local Unions are urged to accept the Preferred Schedule of the Fund's Amended Rehabilitation Plan prior to the April 30, 2011 deadline or face the harsher Default Schedule.