Teamster members face unprecedented cuts as drastically underfunded pension fund scrambling to save itself gets U.S. Treasury approval.
Beginning in October, present and future Teamster retirees who are participants in the New York State Teamsters Conference Pension and Retirement Fund will be seeing their pensions cut by an average of 30%.
The cuts were made necessary by a lack of funds to cover all the pension’s current and future retirees and is, according to Reuters, only the third pension in the nation to make such cuts.
The approval, according to the Teamsters for a Democratic Union, came despite a majority of Teamster voters having voted against the pension cuts.
By law, the Department of Treasury was required to conduct a vote of pension fund participants prior to finalizing a decision.
Ballots were mailed to 34,755 participants: 9,788 voted no and 4,081 voted yes. But under the rigged voting rules, Treasury is allowed to count all non-votes as yes votes.
So despite the overwhelming opposition by 70% of the voters, the cuts have been approved.
Union members on social media were vocal in their disappointment.
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