Thursday, September 14, 2017

Upstate Teamsters Hit with 29 Percent Pension Cut

Albany - An estimated 16,000 retired Teamsters across upstate New York will be hit with 29 percent pension cuts on Oct. 1 as the union representing truckers and others in the shipping industry grapples with declining membership and a growing number of retirees.

Another 21,000 active, or currently employed Teamsters will see their pensions drop 18 percent below what they previously counted on for retirement.

The cuts are for members of Teamsters Local 294, also known as the Upstate Teamsters. Many of the members work for UPS, a major freight and delivery service.

The pensions are known as multi-employer plans, which are union-administered programs for workers such as truck drivers who may work for a variety of employers during their careers.

Click here for the full article. 

Source: timesunion.com (via The Empire Report) 

No comments: