Ironworker retirees are next on the chopping block to see their pensions reduced. On December 16, the Treasury Department approved cuts to the Ironworkers Local 17 Pension Fund. There are 2,000 members represented in this fund. On average, benefits will be reduced by about 20 percent. But some members could take more severe cuts. Pension administrators argue these cuts are the only way to keep the fund afloat.