April 15, 2017
By Steven Wishnia and Neal Tepel
Buffalo, NY – Impending pension cuts for 34,000 active and retired Teamsters in New York State have been delayed at least until September.
The New York State Teamsters Conference Pension and Retirement Fund has withdrawn its application to the U.S. Treasury Department for permission to reduce monthly payments to retirees by up to 31%, possibly as soon as July 1.
The Syracuse-based fund says it will be insolvent within 10 years without those cuts, because the number of active workers paying into it has been shrinking. But the Treasury Department indicated that the application would be denied, Tom Baum, the fund’s retiree representative, wrote in a letter to participants. However, he added, “the fund is planning to submit a new application as soon as possible,” and those cuts could take effect Sept. 1. The fund covers workers from nine Teamsters locals, with about 15% of the participants from Local 449 in Buffalo and Local 264 in the suburb of Cheektowaga. Read more