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2020 Investment Losses Due to AllianzGI Failure
In the Spring of 2020, the overall value of your two retirement plan investments declined sharply due to investments with a management firm called Allianz Global Investors (AllianzGI). Although there has been good recovery since March 2020, the losses we incurred are completely unacceptable. Carpenters Trusts is taking all available steps to recover lost funds. This includes severing all ties with AllianzGI and filing a lawsuit against AllianzGI seeking to recover investment losses on your behalf. Other pension plans across the country have also filed similar lawsuits.
In addition to retirement plan investments, Carpenters Health & Security Trust also held an investment with AllianzGI, but the loss will not impact the medical benefits you receive.
To find out more about the situation, what happened and how the AllianzGI losses impacted the Carpenters Individual Account Pension Plan and the Carpenters Retirement Plan, please visit the detailed information we have posted. You will be receiving a letter in the mail with information about the situation as well.
If you have questions please contact us at (206) 441-6514 or (800) 552-0635 from 8:00 a.m. to 5:00 p.m. PST, Monday through Friday; or email firstname.lastname@example.org.
While this news is extremely disappointing, the loss from the AllianzGI funds has not jeopardized the long-term health of the two retirement trusts. The Carpenters Retirement Trust will be certified as a "Green Zone Plan" for the 2021 Plan Year and is expected to remain in the Green Zone in future years.
We will continue to provide information about the lawsuit and related issues, and we encourage you to reach out with questions.