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Pension cuts have hit many retirees within the Northland Teamster’s Union.
The retirees learned their pensions will be drastically cut within the next year.
The pension fund is running out of money for a variety of reasons, aging workers, declining union rolls and poor returns from Wall Street.
With that fund getting low ,many Northland retirees are getting hit hard with cuts.
In the coming year, teamsters members will see their pensions shrink, and with half of their income gone, some are now facing an unknown financial future.
“We expected that money for all those, until we died you know? They always said you never have to worry about it, it’s invested, well it’s not,” said Stan Wolf, a retired UPS Driver.
The Teamsters held an informational meeting for their members Tuesday morning in Duluth to try and rally support against the cuts.
Letters urging action addressed to Senators and Congressmen were being signed by members after the meeting.
“These letters are being addressed to the Washington D.C. address and hopefully the members will sign them and get them there. We have to put pressure on our political officials to jump on board, which they are doing, they said they are,” said Roderick Alstad, Secretary Treasure for Teamsters Union Local 336.
The Teamsters will meet again next month to continue their really against the cuts.