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