The Teamsters’ pension fund is running out of assets, putting hundreds of thousands of workers at risk of taking huge cuts to save it – including some union members in Central New York.

The devastating outlook could impact thousands of members of the Teamsters Union. They could see cuts to their pensions as early as next year and retirees are part of the bailout plan. 

Union members met Sunday in Jamesville to discuss a 31% pension cut for retirees and a 20% pension cut for current workers.

“If this application is accepted by the treasury, there are individuals that are retired that will be looking at a 31% cut in their income,” said William King, a union member.

The bill aims to cut current and future pensions to make all retiree benefits about the same. If the bill goes through, current retirees who make about $5,000 a month, will be given just under $3,500.

 Future retirees would see 20% cuts, so even 30 years from now, a worker who was supposed to earn $5,000 a month at retirement, would be dropped to about $3,500, despite inflation.

 Current retirees are nervous; some say their days of working long hours of manual labor are behind them and these cuts could throw a wrench in their financial planning.

 “31% for me will be devastating, I based my whole life on that number that was given to me and promised me,” said Debbie Catania, a retired UPS worker.

Financial experts warn that delays in cutting pensions could lead to even bigger cuts down the road.