A multi employer pension plan reduced accrued benefits for 5 years,with a promise to the contributors that there would

Question

be a “ look back” to reinstate some or all of the reduction in the future.We, the employees ,continued to work and contribute at the same rate ,with the knowledge of the lesser rate of return. The Plan was 91% funded for those years 2010-2014.In 2021 the Plan made an amendment for 2021,then subsequently made an amendment to the amendment in Nov. of 2021,increasing the benefits for 2010-2014. The Pension criteria for the collection of the increase stated you must have worked 1 hour on 2020. This caveat carved out a large segment of the contributors so we did not receive the increase. 
Our contention is we had a verbal contract as to the look back, that the two coinciding amendments are one in  where it directly or indirectly effects our group, and that these are protected benefits entitling us to the increase. 
The Pension is 90-92% funded through the years 2009-2022 E file 5500’s. 
We are a group of 400? that were carved out. 
The EBSA reviewed Plan documents and okayed Trustees action

James L. Arrasmith · Answer

In situations like yours, where a multi-employer pension plan undergoes changes that affect accrued benefits, understanding the legal and contractual framework is key. The promise of a "look back" to potentially reinstate reduced benefits, followed by amendments that restrict benefit increases to a subset of contributors, can indeed create significant concerns among those affected. When the plan's amendments require contributors to have worked at least one hour in 2020 to qualify for the increase, it understandably leaves out those who were unable to meet this criterion, despite their previous contributions and expectations set by verbal agreements. 
 
Your group's contention rests on the belief in a verbal agreement regarding the "look back" and the interpretation of subsequent amendments as a singular action affecting your rights to increased benefits. The complexity of pension law and the specific terms of pension agreements mean that these situations can be nuanced. The fact that the Employee Benefits Security Administration (EBSA) reviewed the plan documents and approved the trustees' action indicates that the process followed the legal requirements, at least from a regulatory standpoint. 
 
Given these circumstances, seeking legal advice from professionals experienced in pension law and employee benefits might be your next step. They can offer guidance on whether there are grounds for challenging the trustees' actions based on the verbal promises made and the specifics of your pension plan's amendments. While navigating these issues can be challenging, understanding your rights and exploring all possible avenues is crucial in pursuing any benefits you believe are rightfully yours.

Q: A multi employer pension plan reduced accrued benefits for 5 years,with a promise to the contributors that there would