NY teamsters weigh pension cuts in groundbreaking vote

Roughly 34,000 union members who work for United Parcel Service Inc and other logistics companies in New York will decide on Wednesday whether to accept deep pension cuts in what could be the start of a wave of benefit reductions to shore up union retirement plans. If approved, pensions for retired teamsters from nine New York local unions will be cut 29 percent, which the plan's trustees have said will lower the typical monthly benefit for a retiree with 30 years service to $3,550 from $5,000. The vote by New York teamsters comes as the Trump administration has appeared more willing to allow cuts to retiree payments to deal with a looming crisis facing millions of unionized workers, according to pension lawyers and consultants.