Detroit Carpenters’ Pension Plan Pension Recovery Program
Rescuing Our Pension Plan
Our Pension Plan has been in the Red Zone since 2006 and was certified to be in Critical and Declining status in 2018. The Plan is expected to run out of money in about 15 years—unless we take action now.
The Plan created this website to provide you with the most accurate and up-to-date information about our Pension Recovery Program. We want to help you understand how the Pension Plan got into this situation, how the Pension Recovery Program will work, what the alternatives are, and what you need to do to protect your pension and your Pension Plan.
Check back regularly for updates and other important information.
Here are some key points about what our Pension Fund is going through and our strategy for saving the Plan.
- Our Pension Plan faces serious troubles because it is underfunded. If we do not take action now, our Plan will run out of money in about 15 years. If that happens and we are forced to rely on the shaky Pension Benefit Guaranty Corporation (PBGC), all participants will see drastic cuts to their benefits.
A combination of forces largely beyond our control—investment losses due to the 2000 and 2008 stock market crashes, bad government regulations, job losses and declining hours, and an unsustainable ratio of 2.4 retirees and deferred vested participants to every one active participant—has battered the Plan’s finances and now threatens the Plan’s survival.
- Our Pension Recovery Program is far better than the alternatives.