Corning, NY- Congressman Tom Reed is encouraging members of the Teamsters union to make their voice heard in regards to the current pension reduction proposal that was recently approved by the Department of Treasury.
Union members have until September 6 to accept or reject the plan. If accepted, cuts would begin October 1, 2017. Lack of a vote is by default a “yes” vote to approve the proposal. Members can vote online, by phone, or by mail. If they cast a vote by mail it must be received on or before September 6.
“It is not fair to these hardworking individuals that their benefits could be cut. There are thousands of retirees who paid into that fund believing their investments would be there for their retirement. It is critically important Teamsters know they must cast an actual vote, as an absent vote will be counted as being in support of the cuts in retirement benefits. Therefore, I encourage all Teamsters to vote by Wednesday’s deadline to ensure their voice is heard,” said Reed.
In May, the Teamsters submitted their pension reduction proposal to the Department of Treasury. Under the plan, active members would receive an 18 percent reduction and retirees would receive a 29 percent reduction in their monthly pension. The plan was approved by Treasury in August.
There are roughly 35,000 total participants who would be impacted by this decision. Retired Teamsters expressed concern at a recent town hall meeting Reed hosted.
Attached is a timeline on how this issue has progressed since discussions of a pension reduction began.
