The New York State Teamsters Conference Pension and Retirement Fund has withdrawn the MPRA application for benefit cuts as a result of concerns raised by U.S. Treasury.
According to a notice from the Fund, Treasury would prefer the Fund use a different mortality table and has asked that Fund actuaries better explain the use of lower investment assumptions. The Fund reports that actuaries and attorneys are working with Treasury on the issues.
The notice reports the Fund plans to resubmit an application calling for benefit reductions as of September 1, 2017. That application will be subject to similar notice and comment requirements.
Active and retired Teamsters continue to monitor the efforts to make cuts and have organized independent efforts to challenge the benefit cuts. See their website for more info.