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capitalbuilding2 120Tom Reed is demanding the United States Treasury Secretary reject cuts which would harm area retirees.

"We care about the hardworking men and women of our region that have earned these benefits. They have to know that a promise made is a promise kept and everyone should be held to that standard," said Reed. "It's only right that we stand with them and protect retirees from unfair cuts and ensure they get access to the benefits they deserve."

The push comes as the New York State Teamsters Conference submitted a Pension Preservation Plan to the United States Treasury Secretary Jack Lew which would drastically cut benefits next year for current pensioners and all active participants in the New York State Teamsters fund. The cuts range from 20 to 31 percent.

"It's not right that benefits are being cut. They are taking money away from retirees who paid into that fund believing the benefits would be there for their retirement. These are people living on a fixed income that have no way of offsetting those costs. They rely on that pension for necessities, including utilities, medications and housing," said Reed.

Reed's has reached out to Secretary Lew, insisting the plan be rejected as the investment losses are unfairly balanced on the backs of workers.  In addition, Reed's office has called for an investigation into the investment practices with the Employee Benefits Security administration.

"This is about holding Wall Street accountable for shoddy investment practices. Transparency on this issue is critical. We must ensure that workers were not over promised payouts, only to see losses while investment managers enriched themselves," said Reed.

The Treasury Department has until mid April to approve or hopefully reject the pension plan.

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