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Pension Funds

Teamsters Local 805 benefit reduction approved by Treasury Department

An application by Local 805 of the International Brotherhood of Teamsters Pension & Retirement Fund, New York, to reduce benefits under a restructuring plan was provisionally approved by the Treasury Department.

The proposed changes will not go into effect until a vote by plan participants. Only a rejection by a majority of eligible voters would stop the changes.

It is the second application for the local. At the time of the original application in March 2017, Local 805 had $51.7 million in assets and 2,065 participants, and was projected to be insolvent within six years. At the time, trustees reserved the right to resubmit an application "with additional information as may be advisable or recommended by the Department of Treasury," trustees Michael Smith and Leonard Schwartz said in a Sept. 21 withdrawal letter.