New York Teamsters approve slashing benefits to retired members

New York Teamsters approve slashing benefits to retired members:
"WILMINGTON, Del. (Reuters) - Retired members of the Teamsters union in New York will have their benefits cut by around 30 percent starting in October after the 34,000 participants in the pension approved a plan aimed at extending the life of the cash-strapped fund.
Monthly pensions for retired teamsters from nine New York local unions who have 30 years' service will be cut on average to $3,550 from $5,000, according to plan trustees.
Members who are working would also have benefits cut.
The vote by participants in the New York State Teamsters Conference Pension and Retirement Fund sparked an outcry on social media, in part because defeating the proposal required a majority "no" vote by eligible voters.
Votes against the cuts topped votes for the cuts 9,788 to 4,081, but 20,767 eligible participants did not vote, so the cuts were approved, according to the U.S. Treasury..."
Read on!