NY State Teamsters Targeted for Pension Cuts

The New York State Teamsters Pension Plan has issued a letter to 35,000 members and retirees that it plans to slash benefits. 

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The fund covers Teamsters in most of New York State, but not New York City and is the second-largest Teamster fund to target members and retirees with cuts under the Multi-Employer Pension Reform Act of 2014.

Teamsters across the state were blindsided by the announcement that came in this letter from the Fund.

John Bolgaro, the President of Teamsters Local 294 in Albany, is the Union Co-Chair of the plan. But not one word was said about the pension cut threat at the last Local 294 membership meeting even though the letter was already in the mail.

The fund’s letter is a warning shot. The next step by the Fund will be an application to the Department of Treasury outlining the plan’s proposed benefit cuts.

Individualized statements will be sent to every plan participant outlining the proposed cut to their pension.

Teamsters in the Central States fund are going through this process now—and they are fighting back with organizing meetings, outreach to elected officials, rallies and coordinated days of action.

New York State Teamsters and retirees can do the same.

Join the Fight to Save Our Pensions Campaign here.


Showing 18 reactions

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  • commented 2017-03-16 06:34:54 -0400
    Stick your cuts up where you know where,I paid 462$ a week out of my earnings at ups now where is my god dam money, never let someone else manage your money, the temptation to steal it is always there.
  • commented 2017-03-02 05:30:00 -0500
    If you think this all they will cut,think again,the teamsters will cut our pensions every year.this is what they have planned,once they have Thier foot in the door for cuts,they will send us letters every year for 3 percent,4 percent,6 percent,maybe 1 percent believe me this is just what Hoffa and bogaro have planned,and I guarantee you the trustees will never take a cut or salary reduction.they will continue to get raises and bonuses,vacations all on our money.while uswho gave 30,20,25 years of our lives in to ups file bankruptcies,go on public assistance,will suffer.
  • commented 2017-02-28 05:40:13 -0500
    Take your cuts and shove them where the sun doesn’t shine,I did my part paid dues and money taken from my pay went into the pension fund.we were promised x amount of money for our retirement.And now you want to cut what we worked for.i know I paid in enough to last me until I died,if you people mis managed it that’s your problem not ours.you give yourselves big salaries , bonuses and money when you retire.you helped your selves to our money whenever you wanted,untill some of you got caught.and giving millions to election campaigns,that’s not your money to give and why aren’t you people taking a pension cut.the government needs to step in and take over its the only way to stop the looting and these high salaries and bonuses,in 10 years I never received a cost of living adjustment,while other unions people’s have.
  • commented 2017-02-28 05:28:16 -0500
    These union leaders mishandled our money and the person they chose to represent us was a farce,Tom Baum has done nothing to help protect our pensions,he wrote a letter to the Treasury dept to approve the cuts.let the fund run dry,we don’t deserve to have to take cuts of any kind,we did our time and paid into our pensions.let them keep paying us untill the pot is empty,at least this will hurt the leaders who did this to us because other wise,they still get Thier big salaries and big pensions without any cuts and a Lum pay out at retirement.why should the ones who did the work a d paid into the fund suffer and not them.
  • commented 2017-02-25 08:40:05 -0500
    These union leaders mishandled our money and the person they chose to represent us was a farce,Tom Baum has done nothing to help protect our pensions,he wrote a letter to the Treasury dept to approve the cuts.let the fund run dry,we don’t deserve to have to take cuts of any kind,we did our time and paid into our pensions.let them keep paying us untill the pot is empty,at least this will hurt the leaders who did this to us because other wise,they still get Thier big salaries and big pensions without any cuts and a Lum pay out at retirement.why should the ones who did the work a d paid into the fund suffer and not them.
  • commented 2017-01-12 23:52:33 -0500
    All the money I paid into my pension for 20 years should be returned to each person that paid into it,that is Thier money not the teamsters,you want to cut ,before you do pay us all back we worked for that money not the teamsters,perhaps we should get lawyers and sue to get what belongs to us back.but then we here would Hoffa and his officers get the money to pay themselves 3-4 hundred thousand dollars a year.i worked for that money and I want it it back
  • followed this page 2016-10-12 09:51:55 -0400
  • commented 2016-05-16 11:16:11 -0400
    why is nothing mentioned in the news about this? I have tweeted cnn and abc to look into this , still nothing on the news about nys teamsters pension cuts.
  • commented 2016-05-11 07:54:40 -0400
    we must fight this like teamsters did with central states fund
  • commented 2016-05-09 09:50:49 -0400
    I agree. I too worked 20 years at yps driving those ovens they call package cars and no heat in the winter no defrosters. I worked to hard to have them just cut my pension and i dont even get any medical.the treasury denied the central states from cutting pensions lets hope he does the same for us.and i scratched every single day i was never paid over.let hoffa and all his officers take 70% pay cuts and pension cuts and no million dollar buy out when they retire and see how they like it.they should be the first to take any kind of cut.
  • commented 2016-05-09 08:27:47 -0400
    This is so wrong, I counted on my pension to retire since I do not have a big social security to count on, this will leave me with nothing. Thanks to Obama signing the bill to allow them to reduce pensions to people all ready retired. We did not have 401 k when I was young all we had were pensions. Congress must repel this stupid bill.
  • commented 2016-04-21 18:48:12 -0400
    Why dont we hear anything about this in the news.the government bailed out car companies and wall st with our tax money why wont they help us they are the ones like obama that signed that stupid law that protected people all ready recieving pensions that our pensions could not be touched because of the erisa laws but he signed it anyway so let them bail us out.and get new management overseeing our money.i know i worked to dam hard at ups to have what little i get reduced.just seems to me mr hoffa does not care about us.
  • commented 2016-02-28 04:10:20 -0500
    I think this is bull crap.our pension was part of our benefit package with ups.working all those years paying dues so the people retired could have thier pension, now its our turn and we are getting blown to the wind.all the years puting up with those brown ovens in the summer,no heat in winter.all the harassment.i only get 1000 dollars a month no medical no nothing no cost of living and they want to take that away.20 years of my life.my body wore out from thier non sence 150 lb weight limit.had to have knee replacement now other knee is shot.ill have to file bankruptcy.i cant make it as it is.what about all these reps we have that make 3-4 hundred thousand a year are thier pensions going to be cut or suspended.then that no good president we have signs a law saying we can have this done to us.he should be impeached and sent to prison.and we had to join the teamsters at ups and pay dues where did it get us .in poverty is where.thanks alot teamsters, give more of our money to the mafia like hoffa and fitzimmons did.
  • posted about this on Facebook 2016-02-28 03:50:53 -0500
    NY State Teamsters Targeted for Pension Cuts
  • @david780a tweeted link to this page. 2016-02-28 03:50:51 -0500
  • commented 2016-02-11 12:12:12 -0500
    Since the passage of MPRA the flood gates are now open for every mismanaged multi-employer pension fund to make changes to benefits. And this can be attributed to the greed of wall street and the politics of union leaders.
  • commented 2016-02-11 07:58:42 -0500
    THIS IS JUST NOT FAIR. my husband was a car hauler for 30 plus years that took him away from his family just to make a living. he earned that pension and so did every one else. dont keep what is not yours. they paid into this for years. then give them back the money they put into retirement…
  • commented 2016-02-10 17:51:21 -0500
    The 2015 numbers on contributions and benefits paid were not contained in the most recent newsletter that was mailed to participants. Those numbers along with the ones published could be argued are the best in about 8 years and may be showing a trend over the last 5 years of better results ahead. The gap between contributions and benefits paid for 2015 that only became available today has narrowed and it shows the smallest difference in 8 years. The number of participants in the fund continue to drop as do the number of retirees with 2014 numbers, and works out to about 3 working participants for every 4 current retirees or a ratio of aproximately 0.73. There are good arguments against drastic cuts as changes made over the last few years seem to be playing out as can reasonably be expected. If last years market performance were only average instead of down, I question if the fund would even be in “critical and declining” status which is the status required in order to qualify for cuts. I would hope and expect that any resonable trustee would see if the numbers continue to move in the right direction for at least another year before they destroy the lives of retirees.
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