Revised New York Teamsters Pension Proposal Calls for Slightly Smaller Cuts
Proposed pension benefits cuts for some active and retired Teamsters, including about 5,200 in western New York, are back on the table.
The New York State Teamsters Conference Pension and Retirement Fund, which has about 34,000 participants, submitted a revised plan to the U.S. Department of Treasury for permission to implement the cuts. The reductions could take effect Oct. 1.
The revised cuts are slightly less than in a proposal the Syracuse-based fund submitted earlier this year. The fund's board withdrew the original version in April, expecting the Treasury Department would reject it. Fund officials say benefit reductions are necessary to keep the fund from running out of money.
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In the new version, active participants' monthly benefits would be cut by 18%, instead of 20% as previously proposed. Retirees' benefits would be cut by 29%, instead of 31% as initially proposed.
The proposed cuts are slightly lower because of the fund's investment earnings since the last application was submitted, according to a website for the fund.
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Participants 80 or older would see no reduction, and benefits for those ages 75 to 79 would be cut by lesser amounts, depending on their age. Participants receiving a disability benefit from the fund also would not see a reduction.
