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Retirement

Treasury rejects Ironworkers union application to cut retiree benefits

Treasury rejects Ironworkers union application to cut retiree benefits

The U.S. Department of the Treasury has denied an application by Ironworkers Local 16, which represents 1,100 Baltimore-area retirees and workers, to cut pension benefits to retirees to extend the life of the fund, which is in danger of running out of money by 2032.

Under a 2014 law, union pensions deemed to be in the worst financial condition may apply for permission from the federal government to cut benefits to retirees — long considered taboo for unions — if they can prove the cuts will keep the pension funded for at least 30 years.

But in a decision Nov. 3, federal regulators said the union had not proved that its proposed cuts would be enough to shore up...

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