The New York State Teamsters Conference Pension and Retirement Fund

Application for Suspension of Benefits under MPRA

DB1/ 88552986.1

APPENDIX A
Notice 1 

Nc'v Vorl< State Teatnsters Conference 

Pension and H.etir ement Fund 

1\l:lilin!l :\ollt<'ss: 

PO Box •19:!S 

Syrmt~c. NY 13221-~'J28 

T<!k•plnut.::.' 15.·155.CJ7<JO 

1'01~ : .115.-155.12.17 

F~nwi : hct~cl s~tn ttitml.o rg 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31, 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund ("Plan") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type of 

benefit reduction is allowed by the Federal law called the Multlemployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. The 

end of this notice describes the proposed reduction of your monthly payments.~ 

This notice will also answer the following questions for you1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4. What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estim ated that, unless benefits are reduced, the Plan will not have 

enough money to pay benefits in the year 2026. This estimate is based on how much 

money the actuary expects the Plan to receive and to pay out each year. The Plan's 

actuary estimated that, with the reduction of benefits that the Board of Trustees has 

proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") will be paid. You 

can find the amount of your benefit that is guaranteed by PBGC at the end of this 

notice. 

*A version of this notice that docs not include the estimate oft he effect on your benefit is being sent to 

Teamster local unions that represent l'lan panicipants and to all contributing employers. 

OBl/ 88753702.11 

BOARD OF 

TRUSTEES 

Employer 

Rep rcscu tati vcs 

i\lich:tcl S. Scal1.o, Sr. 

Co-Chairman 

llroad flrook, CT 

Hobert L . .Schacfrcr 

Ocrnvillc, r ,, 

Daniel W. Schmidt 

Lebanon. I' A 

Tom J. Ventura 

Overland Park, KS 

Lai.Jo1· 

Rcprcscnlnti"cs 

J ohn :\. Bolgaro 

Co-Chait"nt3n 

All.>.'lny, NY 

Brian K. ll:uumourt 

Potsdam, NY 

l'aul A. Marl;wit7. 

Rochcsto:r, NY 

l\1:trk D. 1\l:ly 

Syracuse, NY 

PARTICil~ATING 

TEAMSTER 

LOCALS 

II& Rochester, NY 

264 Chccklowug;t, NY 

294 Alb3tty, NY 

317 Syracuse, NY 

-1-19 Buffalo, NY 

Sl9 Elotir:l, NY 

560 Union City, NJ 

687 Potsdam. NY 

Rl2 Grc:u Neck, NY 

I 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reductiona The total reduction in everybody's benefits must be estimated to be large enough to keep tt1e 

Plan from running out of money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the 

amount guaranteed by PBGC . 

., Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their beneficiaries 

cannot be reduced. 

• The benefits of people who are at least 75 years old on July 31, 2017 and their beneficiaries are 

partially protected, and the closer the person is to age 80 the less the benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

• Accelerating employer withdrawals from the Plan and increasing the risk of additional benefit 

reductions for participants in and out of pay status; 

o Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely to 

withdraw support for the Application; 

o History of benefit reductions for Active Participants; 

o Amount of benefit; 

• Discrepancies/relative benefits as between Active Participants and Non~Active Participants, 

including subsidized benefits; and 

o Differences in historical employer contribution rates/increases as between Active Participants 

and Non~Active Participants. 

2 

DBl/ 88753782.4 
4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants {as defined 

below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All Non-Active 

Participants (as defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 

31%. 

An Active Participant is an individual who (1) has not retired and entered pay status as of July 1, 2017 and 

(2) had at least 500 hours of employer contributions submitted to the Plan on their bel1alf in the 2015 Plan 

Year, in the 2016 Plan Year, or in the 2017 Plan Year prior to July 1, 2017. All other Plan participants 

who do not meet the definition of Active Participant on July 1, 2017, including retirees, beneficiaries, and 

terminated vested participants, are considered Non~Active Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is based on 

the 20% reduction percentage being applied to each Active Participant's accrued monthly benefit as of 

June 30, 2017. For example, an Active Participant who has an accrued monthly benefit as of June 30, 

2017 equal to a $3,500 monthly benefit at retirement, would have their $3,500 benefit multiplied by the 

reduction percentage, which is 20%. The amount of reduction ($700) is subtracted from $3,500, as 

follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active Participants is 

based on the 31% reduction percentage being applied to each Non-Active Participant's accrued monthly 

benefit as of June 30, 2017. For example, a Non-Active Participant, such as a retiree, who is receiving an 

accrued monthly benefit of $2,000 per month as of June 30, 2017, would have their $2,000 monthly 

benefit multiplied by the reduction percentage, which is 31%. The amount of reduction ($620) is 

subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$2,000 

31% 

$620 

$1,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phase-in. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, unless the 

proposed reductions take effect. Insolvency of the Plan could result in benefits lower than benefits paid 

under the proposed reductions. The proposed reductions are projected to avoid the Plan's insolvency. 

3 

OBl/ 88753782.4 
5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Department is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will 

have until April 13, 2017 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department 

receives it. The application includes more information about the proposed reduction, including 

details about: 1) the Plan actuary's certification that the Plan will run out of money (that is, that the 

Plan is in "critical and declining status"); 2) how the proposed reduction would satisfy the 

requirement that it be large enough so that the Plan is estimated not to run out of money, while not 

being larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the Plan from running out of money. In addition, the application explains 

why the Board of Trustees believes that the proposed reduction is spread fairly among the people 

who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room 1001 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasurv.gov/mpra. Comments may 

also be mailed to the Department of the Treasury, at the address listed above. All interested 

parties can make comments, and the comments will be publicly available. 

4 

081/ 88753782.4 
Retiree Representative 

If a plan has 10,000 or more participants, its board of trustees must select a retiree representative 

to advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of 

this process. A plan is required to pay the reasonable expenses of the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree representative. 

He is a retiree currently receiving benefits under the Plan and is not a member of the Board of 

Trustees. Participants and beneficiaries may contact Tom Baum at his website at: 

http:/lnysteamstersfundretireerep.com or at his e-mail address at: info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, 

then you will have the opportunity to vote on the proposed reduction. Unless a majority of all 

participants and beneficiaries of the Plan vote to reject the reduction, the Treasury Department 

must allow the reduction of benefits to take effect. This means that not voting counts the same as a 

vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal Jaw requires the 

Treasury Department to allow the proposed benefit reduction (or a modified version) to take effect 

if the cost to PBGC to provide guaranteed benefits is particularly large. This rule applies if the 

value of payments from PBGC (if the plan runs out of money) is expected to be more than $1 

billion. Before the Treasury Department permits a reduction in this circumstance, PBGC's 

Participant and Plan Sponsor Advocate may recommend possible modifications to the proposed 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit 

Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington 

DC 20005; by telephone at 202.326.4448; or by e-mail at advocate@PBGC.gov. 

5 

DBI/ 88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed 

reduction to your benefits. The Plan administrator must respond to your request for the following 

documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective bargaining 

agreements or participation agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to 

the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be taken 

and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

Tl1e Plan administrator may charge you the cost per page to the Plan for the cheapest way of 

copying documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 

Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worksite or union hall. 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to submit 

a claim to the Plan to have the calculation corrected. However, you should wait to contact the Plan 

until Treasury approves the Plan's application and any approved proposed reductions go into 

effect. The Plan's summary plan description ("SPD") tells you how to submit a claim. The SPD also 

describes your right to have a court review the Plan's final decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, 

please contact the Plan office at 877.698.3863, P.O. Box 4928 Syracuse, NY 13221 or at 

benefits@nytfu nd. or g. 

6 

DBl/ 88753782.4 
r:r.t~::: 

~ 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Your current monthly benefit is $2,91 9. 73. Under the proposed reduction your monthly benefit will be 

reduced to $2,014.61 beginning on July 1, 2017. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a final 

benefit calculation. This was done assuming that the proposed benefit reduction starts on July 1, 2017. If 

the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

• You have 30.00 years of credited service under the Plan.* 

o You will be 57 years and 10 month(s) old as of July 31 , 2017. ** 

• The portion of your benefit that is based on disability is $0.00. 

*If you are a Beneficiary or an Alternate Payee under a Qualified Domestic Relations Order, the 

credited service reflects the Participant's credited service. 

**If you are an Alternate Payee under a Shared Payment Qualified Domestic Relations Order, the 

age reflects the Participant's age as of July 31, 2017. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay be.nefits, your monthly benefit would be no larger than the amount 

guaranteed by PBGC. The amount of your monthly bene lit guaranteed by PBGC is estimated to be $1 ,072.50. 

7 

DBl/ 88753782.4 
Notice 2 

!\!atlmg Addm~ 

POBo;~: 491S 

Ne"' York State Teaxusters Confet·ence 

Pension and Retirentent Fund 

Syr~us:t . :-,•y I 3~~i-t9~S 

TtltphoM 315 -lSS0~90 

Fa;~: H $ ~H 104~ 

E.·~ I btn.tbts@nyttund 011: 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31 , 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund ("Plan") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type 

of benefit reduction is allowed by the Federal law called the Multiemployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. 

The end of this notice describes the proposed reduction of your monthly 

payments.* This notice will also answer the following questions for you1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4. What are the proposed reductions in benefits? 

5. What cornes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not 

have enough money to pay benefits in the year 2026. This estimate ,is based on 

how much money the actuary expects the Plan to receive and to pay out each year. 

The Plan's actuary estimated that, with the reduction of benefits that the Board of 

Trustees has proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") wi ll be paid. 

You can find the amount of your benefit that is guaranteed by PBGC at the end of 

this notice. 

*A version of this notice that does not include the estimate of the effect on your benefit is being 

sent to Teamster local unions that represent Plan participants and to all contributing employers. 

DBl/ 88753782.4 

BOARD OF 

TRUSTEES 

Employtr 

Repr~senta tiHs 

!\.!.i(batl S. Sullo, Sr. 

Co· Ch.a irm a.n 

Brood Brook. CT 

Robtrl L. Schatfftr Bemvtl! . PA 

Du~l W. Sc.h.midt 

~b.100n. PA 

Tom J. Yenlun 

0\"ti!and PMl.:. KS 

Lo~~bor 

Ropnuat:ativt: 

.}Qba A. Bu~aro 

Co·Cluin:un . .Ub..\ny. NY 

Bruu K.. Hammond ol~<bru. }I.'Y 

Paul A. ~ht\.."Wih 

RochtUtr. ~y 

~1.ark D.l.Jav S)"J,\{U~. ~'); 

P:\.RTl ClP.\ TI:-iG 

n: . .U.tSTER 

LOCALS 

IIS~~. NY 

26~ (1\ffi.:tow~, ~y 

29-4 A..I'Nny. ~\' 

Jl7 Syr4<U~. NY 

.U9 Butf~lo. NY 

~29 Elmira. ~"\' 

~() Unton C1ty. NJ 

68'1 Po<\d.W. ~y 

812 Cirt.U Ntd. NY 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed 

reduction-

• The total reduction in everybody's benefits must be estimated to be large enough to keep 

the Plan from running out of money but not larger than needed to do that. 

·Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of 

the amount guaranteed by PBGC. 

• Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their 

beneficiaries cannot be reduced. 

• Tile benefits of people who are at least 75 years old on July 31, 2017 and their 

beneficiaries are partially protected, and the closer the person is to age 80 the less the 

benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension 

benefit under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into 

account the following: 

o Accelerating employer withdrawals from the Plan and increasing the risk of additional 

benefit reductions for participants in and out of pay status; 

• Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely 

to withdraw support for the Application; 

• History of benefit reductions for Active Participants; 

• Amount of benefit; 

o Discrepancies/relative benefits as between Active Participants and Non-Active 

Participants, including subsidized benefits; and 

• Differences in historical employer contribution rates/increases as between Active 

Participants and Non-Active Participants. 

2 

OBl/ 88753782.4 
4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants (as 

defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All 

Non-Active Participants (as defined below) will have their accrued monthly benefits as of June 30, 

2017 reduced by 31%. 

An Active Participant is an individual who (1) has not retired and entered pay status as of July 1, 

2017 and (2) had at least 500 hours of employer contributions submitted to the Plan on their behalf 

in the 2015 Plan Year, in the 2016 Plan Year, or in the 2017 Plan Year prior to July 1, 2017. All 

other Plan participants who do not meet the definition of Active Participant on July 1, 2017, 

including retirees, beneficiaries, and terminated vested participants, are considered Non-Active 

Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is 

based on the 20% reduction percentage being applied to each Active Participant's accrued 

monthly benefit as of June 30, 2017. For example, an Active Participant who has an accrued 

monthly benefit as of June 30, 2017 equal to a $3,500 monthly benefit at retirement, would have 

their $3,500 benefit multiplied by the reduction percentage, which is 20%. The amount of reduction 

($700) is subtracted from $3,500, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post"Reduction Benefit (A- C): 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active 

Participants is based on the 31% reduction percentage being applied to each Non-Active 

Participant's accrued monthly benefit as of June 30, 2017. For example, a Non-Active Participant, 

such as a retiree, who is receiving an accrued monthly benefit of $2,000 per month as of June 30, 

2017, would have their $2,000 monthly benefit multiplied by the reduction percentage, which is 

31%. The amount of reduction ($620) is subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$2,000 

31% 

$620 

$1,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phasein. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, 

unless the proposed reductions take effect. Insolvency of the Plan could result in benefits lower 

than benefits paid under the proposed reductions. The proposed reductions are projected to avoid 

the Plan's insolvency. 

3 

DBl/ 88753782.4 
5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the 

Treasury Department is required to approve the application. If the application does not meet 

the legal requirements, the Treasury Department will deny the application. The Treasury 

Department will have until April 13, 2017 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is 

available at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury 

Department receives it. The application includes more information about the proposed 

reduction, including details about: 1) the Plan actuary's certification that the Plan will run out 

of money (that is, that the Plan is in "critical and declining status"); 2) how the proposed 

reduction would satisfy the requirement that it be large enough so that the Plan is estimated 

not to run out of money, while not being larger than needed; and 3) the sensitivity of these 

estimates to the assumptions used. 

The application describes the steps the Board of Trustees llas already taken to keep the 

Plan from running out of money and why the Board of Trustees believes that a benefit 

reduction is the only remaining option to keep the Plan from running out of money. In 

addition, the application explains why the Board of Trustees believes that the proposed 

reduction is spread fairly among the people who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, 

such as whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room 100·1 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. 

Comments may also be mailed to the Department of the Treasury; at the address listed 

above. All interested parties can make comments, and the comments will be publicly 

available. 

4 

081/ 88753782.4 
Retiree Representative 

If a plan has 10,000 or more participants, its board of trustees must select a retiree 

representative to advocate for the interests of retirees, beneficiaries, and deferred vested 

participants as part of this process. A plan is required to pay the reasonable expenses of 

the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree 

representative. He is a retiree currently receiving benefits under the Plan and is not a 

member of the Board of Trustees. Participants and beneficiaries may contact Tom Baum at 

his website at: http:l/nysteamstersfundretireerep.com or at his e-mail address at: 

info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury 

Department, then you will have the opportunity to vote on the proposed reduction. Unless a 

majority of all participants and beneficiaries of the Plan vote to reject the reduction, the 

Treasury Department must allow the reduction of benefits to take effect. This means that 

not voting counts the same as a vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal law requires 

the Treasury Department to allow the proposed benefit reduction (or a modified version) to 

take effect if the cost to PBGC to provide guaranteed benefits is particularly large. This rule 

applies if the value of payments from PBGC (if the plan runs out of money) is expected to 

be more than $1 billion. Before the Treasury Department permits a reduction in this 

circumstance, PBGC's Participant and Plan Sponsor Advocate may recommend possible 

modifications to tt1e proposed reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension 

Benefit Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., 

NW, Washington DC 20005; by telephone at 202.326.4448; or by eMmail at 

advocate@PBGC.gov. 

5 

DBl/ 88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the 

proposed reduction to your benefits. The Plan administrator must respond to your request 

for the following documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction 

of benefits), trust agreement, and other documents governing the Plan (such as collective 

bargaining agreements or participation agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any 

summary of material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the 

U.S. Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, 

furnished to the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan~ 

sponsor determinations that all reasonable measures to avoid running out of money 

continue to be taken and that the Plan would run out of money if there were no benefit 

reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an 

investment manager, fiduciary or other advisor and furnished to the Plan within the last six 

years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way 

of copying documents, but cannot charge more than 25 cents per page. The Plan's Form 

5500 Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for 

examination, without charge, at the Plan administrator's office, your worksite or union hall. 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to 

submit a claim to the Plan to have the calculation corrected. However, you should wait to 

contact the Plan until Treasury approves the Plan's application and any approved proposed 

reductions go into effect. The Plan's summary plan description ("SPD") tells you how to 

submit a claim. The SPD also describes your right to have a court review the Plan's final 

decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is 

wrong, please contact the Plan office at 877.698.3863, P.O. Box 4928 Syracuse, NY 13221 

or at benefits@nytfund.org. 

6 

DBl/ 88753782.4 
HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Your current monthly benefit is $2,056.86. Under the proposed reduction your monthly benefit will 

be reduced to $1,419.23 beginning on July 1, 2017. Under the Social Security Leveling option you 

elected, your current monthly benefit would be $1,010.86 effective September 1, 2018. Under the 

proposed reduction your monthly benefit will be reduced to$ 918.36 effective September 1, 2018. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a 

final benefit calculation. This was done assuming that the proposed benefit reduction starts on July 

1. 2017. If the benefit reduction starts later, the effect of the proposed reduction on your benefit 

might be different. 

This estimate is based on the following information from Plan records: 

· You have 27.90 years of credited service under the Plan.* 

· You will be 60 years and 11 month(s) old as of July 31, 2017. ** 

• The portion of your benefit that is based on disability is $ 0.00. 

*If you are a Beneficiary or an Alternate Payee under a Qualified Domestic Relations Order. 

the credited service reflects the Participant's credited service. 

Hlf you are an Alternate Payee under a Shared Payment Qualified Domestic Relations 

Order, the age reflects the Participant's age as of July 31, 2017. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be$ 997.43. 

DB II :i6~5 1 7 

··- ----- -·-·- --- -- - --- -------- --- ------ ------__] 
Notice 3 

Nc\v Vorl{ State Teamsters Conference 

Pension and Retire1nent Fund 

i\l:aili11g AJalr~~).: 

l'l) nnx 4'>2S 

S)•rJeusc. NY IJ22 1- 4')~ R 

Tdcphu11c:.\ I ;1..155.C)"J<J(I 

~x: .H 5.-155.12.n 

E-mail: l>.:llelil~ 1{nytliand org 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31, 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund ("Plan") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type of 

benefit reduction is allowed by the Federal law called the Multiemployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. The 

end of this notice describes the proposed reduction of your monthly payments.* 

This notice will also answer the following questions for you -

1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4. What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not have 

enough money to pay benefits in the year 2026. This estimate is based on how much 

money the actuary expects the Plan to receive and to pay out each year. The Plan's 

actuary estimated that, with the reduction of benefits that the Board of Trustees has 

proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") will be paid. You 

can find the amount of your benefit that is guaranteed by PBGC at the end of this 

notice. 

I!< 1\ version of' this notice that docs not include the estimate of the cftcct on your benefit is being sent to 

Teamster local unions that represent Plan p:u-ticipants and m all contributing employers. 

081/ 887537132.4 

BOARD OF 

TRUSTEES 

Employer 

Rcjl t•cscni:ltivcs 

i\flchacl S. Scalzo, Sa·. 

Co-Ch it m:~n 

Brond Orook . Cl" 

HolH!rl L. Scllacrrer· 

Ocrll\·illc, PA 

Daniel W. Schmid! 

Lebanon. I' A 

Tom J. Ventura 

Overland Park, KS 

Labor 

Rcprcscnt:llivcs 

John A. llulga ro 

Cu-Chair m :ua 

Albany, NY 

Bl'ian I<. H:uumoud 

Potsdam, NY 

Paul ,\. i\1 arlmit'l. 

Rnchcstcr. NY 

Mark n. i\lay 

S>•racusc. NY 

PARTICIPATING 

TEAMSTER 

LOCALS 

118 Rochester. NY 

264 Cheektowaga, NV 

294 Alb:my. NY 

317 Syracuse. NY 

-1-19 Buff:~lo. NY 

529 Elmira, NY 

560 Union City, NJ 

812 Great Neck, NY 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction-

• The total reduction in everybody's benefits must be estimated to be large enough to keep the 

Plan from running out of money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the 

amount guaranteed by PBGC. 

• Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their beneficiaries 

cannot be reduced. 

·The benefits of people who are at least 75 years old on July 31, 2017 and their beneficiaries are 

partially protected, and the closer the person is to age 80 the less the benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

a Accelerating employer withdrawals from the Plan and increasing the risk of additional benefit 

reductions for participants in and out of pay status; 

" Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely to 

withdraw support for the Application; 

~ History of benefit reductions for Active Participants; 

• Amount of benefit; 

o Discrepancies/relative benefits as between Active Participants and NonwActive Participants, 

including subsidized benefits; and 

o Differences in historical employer contribution rates/increases as between Active Participants 

and Non-Active Participants. 

2 

DB1/ 88753782.4 
4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants (as defined 

below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All Non-Active 

Participants (as defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 

31%. 

An Active Participant is an individual who (1) has not retired and entered pay status as of July 1, 2017 and 

(2) had at least 500 t1ours of employer contributions submitted to the Plan on their behalf in the 2015 Plan 

Year, in the 2016 Plan Year, or in the 2017 Plan Year prior to July 1, 2017. All other Plan participants 

who do not meet the definition of Active Participant on July 1, 2017, including retirees, beneficiaries, and 

terminated vested participants, are considered Non-Active Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is based on 

the 20% reduction percentage being applied to each Active Participant's accrued monthly benefit as of 

June 30, 2017. For example, an Active Participant who has an accrued monthly benefit as of June 30, 

2017 equal to a $3,500 monthly benefit at retirement, would have their $3,500 benefit multiplied by the 

reduction percentage, which is 20%. The amount of reduction ($700) is subtracted from $3,500, as 

follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (A x B): 

D. Final Post·Reduction Benefit {A- C}: 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active Participants is 

based on the 31% reduction percentage being applied to each Non-Active Participant's accrued monthly 

benefit as of June 30, 2017. For example, a Non-Active Participant, such as a retiree, who is receiving an 

accrued monthly benefit of $2,000 per month as of June 30, 2017, would have their $2,000 monthly 

benefit multiplied by the reduction percentage, which is 31%. The amount of reduction ($620) is 

subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$2,000 

31% 

$620 

$1,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phase-in. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, unless the 

proposed reductions take effect. Insolvency of the Plan could result in benefits lower than benefits paid 

under the proposed reductions. The proposed reductions are projected to avoid the Plan's insolvency. 

3 

081/ 88753782.4 
5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Depatiment is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will 

have until April 13, 2017 to make a decision. 

You can aet information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department 

receives it. The application includes more information about the proposed reduction, including 

details about: 1) the Plan actuary's certification that the Plan will run out of money (that is, that the 

Plan is in "critical and declining status"); 2) how the proposed reduction would satisfy the 

requirement that it be large enough so that the Plan is estimated not to run out of money, while not 

being larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the Plan from running out of money. In addition, the application explains 

why the Board of Trustees believes that the proposed reduction is spread fairly among the people 

who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room 1001 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. Comments may 

also be mailed to the Department of the Treasury, at the address listed above. All interested 

parties can make comments, and the comments will be publicly available. 

4 

DBl/ 88753782.4 
f;i~~!.i 

~ 

Retiree Representative 

If a plan has 10,000 or more participants, its board of trustees must select a retiree representative 

to advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of 

this process. A plan is required to pay the reasonable expenses of the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree representative. 

He is a retiree currently receiving benefits under the Plan and is not a member of the Board of 

Trustees. Participants and beneficiaries may contact Tom Baum at his website at: 

http://nysteamstersfundretireerep.com or at his e-mail address at: info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, 

then you will have the opportunity to vote on the proposed reduction. Unless a majority of all 

participants and beneficiaries of the Plan vote to reject the reduction, the Treasury Department 

must allow the reduction of benefits to take effect. This means that not voting counts the same as a 

vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal law requires the 

Treasury Department to allow the proposed benefit reduction (or a modified version) to take effect 

if the cost to PBGC to provide guaranteed benefits is particularly large. This rule applies if the 

value of payments from PBGC (if the plan runs out of money) is expected to be more than $1 

billion. Before the Treasury Department permits a reduction in this circumstance, PBGC's 

Participant and Plan Sponsor Advocate may recommend possible modifications to the proposed 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit 

Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington 

DC 20005; by telephone at 202.326.4448; or by e-mail at advocate@PBGC.gov. 

5 

DBI/88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed 

reduction to your benefits. The Plan administrator must respond to your request for the following 

documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective bargaining 

agreements or participation agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to 

the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be taken 

and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of 

copying documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 

Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.htm!. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worksite or union hall. 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to submit 

a claim to the Plan to have the calculation corrected. However, you should wait to contact the Plan 

until Treasury approves the Plan's application and any approved proposed reductions go into 

effect. The Plan's summary plan description ("SPD") tells you how to submit a claim. The SPD also 

describes your right to have a court review the Plan's final decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, 

please contact the Plan office at 877.698.3863, P.O. Box 4928 Syracuse, NY 13221 or at 

benefits@nytfund.org. 

6 

DBl/ 88753782.4 
f.~t~ 

~ 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of tile effect of the proposed reduction of benefits has been prepared for: 

If you start receiving your benefit on 12/1/2047 in the form of a Life Annuity, your monthly benefit without 

the proposed reduction would be $2,207.93. Under the proposed reduction your monthly benefit in the 

same form would be reduced to $1,766.34.1' 

The proposed red uction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a final 

benefit calculation. This was done assuming that the proposed benefit reduction starts on July 1, 2017. If 

the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

o You have 14.90 years of credited service under the Plan.** 

.• You will be 34 years and 8 month(s) old as of July 31, 2017.*** 

o The portion of your benefit that is based on disability is $0.00. 

'*If you are a Participant, the monthly benefit estimates reflects an offset for any amounts due an 

Alternate Payee under a Qualified Domestic Relations Order on file with the Plan. 

'**If you are a Beneficiary or an Alternate Payee under a Qualified Domestic Relations Order, the 

Credited Service reflects the Participant's Credited Service. 

mlf you are an Alternate Payee entitled to benefits under a Shared Payment Qualified Domestic 

Relations Order, the age reflects the Participant's age as of July 31, 2017. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $532.68. 

, These numbers are just estimates. The actual amount you receive will depend on things like how long you work and 

when you begin receiving payments. For more information, see your SPD. 

7 

DBl/ 86753782.4 
Notice 4 

~%1'.;.'1 

~ 

New York State Tcatnsters Conference 

Pen sion and H..etiren1ent Fund 

:O.biliug,\dtlr<'S>: 

I'() ll(lX 492~ 

Sy acu~c. NY IJ22 1-4928 

Tckphunc:J 15.45:'.'179(1 

r;L~ : J I 5..155.1 :?J 7 

E-nmil: llcnclil ~(~ ny lhn org 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31, 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund ("Plan") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type of 

benefit reduction is allowed by the Federal law called the Mulllemployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. The 

end of this notice describes the proposed reduction of your monthly payments.* 

This notice will also answer the following questions for you -

1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4. What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not have 

enough money to pay benefits in the year 2026. This estimate is based on how much 

money the actuary expects the Plan to receive and to pay out each year. The Plan's 

actuary estimated that, with the reduction of benefits that the Board of Trustees has 

proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") will be paid. You 

can find the amount of your benefit that is guaranteed by PBGC at the end of this 

notice. 

*A version of this oti~·e that docs not include the estimate of the cnc~:t on your benefit is being sent to 

Teamster loealunions that represent Plan panicip:mts and to all contributing employers. 

DBl/88753782.4 

BOARD OF 

TR USTl~ S 

Emplo yet· 

Representatives 

1\lich:!CI S. Sc:~tto, Sr. 

Cu-Chainnnr1 

Broad Brook. CT 

l~ubcrt L. Schacffc•· 

Bernville, PA 

Daniel W. Schmidt 

Lebanun.I'A 

Tom J. Ventura 

Overland Park, KS 

Lubor 

Represen tatives 

John A. Bulgaro 

::~i man 

Alba ny, NY 

Brian K. ll:muuoud 

Potsd:~m, NY 

Paul A.l\l:trl;witz 

Rochester, NY 

i\lark D. ;\lay 

Syracuse, NY 

PARTICIPATING 

TEAMS'I'ER 

LOCALS 

I 18 Rochester, NY 

264 Ch~:cklownga, NY 

294 1\lba•tY, NY 

317 Syracuse, NY 

449 Guffalu, NY 

529 Elmira, NY 

560 Union City, NJ 

687 t~darn , NY 

812 Great Neck, NY 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction-

• The total reduction in everybody's benefits must be estimated to be large enough to keep the 

Plan from running out of money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the 

amount guaranteed by PBGC. 

o Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their beneficiaries 

cannot be reduced. 

• The benefits of people who are at least 75 years old on July 31, 2017 and their beneficiaries are 

partially protected, and the closer the person is to age 80 the less the benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

o Accelerating employer withdrawals from the Plan and increasing the risk of additional benefit 

reductions for participants in and out of pay status; 

• Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely to 

withdraw support for the Application; 

Q History of benefit reductions for Active Participants; 

.a Amount of benefit; 

o Discrepancies/relative benefits as between Active Participants and Non-Active Participants, 

including subsidized benefits; and 

" Differences in historical employer contribution rates/increases as between Active Participants 

and Non-Active Participants. 

2 

DB1/ 88753782.4 
4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants (as defined 

below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All Non-Active 

Participants (as defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 

31%. 

An Active Participant is an individual who (1) has not retired and entered pay status as of July 1, 2017 and 

(2) had at least 500 llours of employer contributions submitted to the Plan on their behalf in the 2015 Plan 

Year, in the 2016 Plan Year, or in the 2017 Plan Year prior to July 1, 2017. All other Plan participants 

who do not meet the definition of Active Participant on July 1, 2017, including retirees, beneficiaries, and 

terminated vested participants, are considered Non-Active Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is based on 

the 20% reduction percentage being applied to each Active Participant's accrued monthly benefit as of 

June 30, 2017. For example, an Active Participant who has an accrued monthly benefit as of June 30, 

2017 equal to a $3,500 monthly benefit at retirement, would have their $3,500 benefit multiplied by the 

reduction percentage, which is 20%. The amount of reduction ($700) is subtracted from $3,500, as 

follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active Participants is 

based on the 31% reduction percentage being applied to each Non-Active Participant's accrued monthly 

benefit as of June 30, 2017. For example, a Non-Active Participant, such as a retiree, who is receiving an 

accrued monthly benefit of $2,000 per month as of June 30, 2017, would have their $2,000 monthly 

benefit multiplied by the reduction percentage, which is 31%. The amount of reduction ($620) is 

subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit {A- C): 

$2,000 

31% 

$620 

$1,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phase-in. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, unless tile 

proposed reductions take effect. Insolvency of the Plan could result in benefits lower than benefits paid 

under the proposed reductions. Tile proposed reductions are projected to avoid the Plan's insolvency. 

3 

DBl/88753782.4 
5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Department is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will 

have until April 13, 2017 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department 

receives it. The application includes more information about the proposed reduction, including 

details about: 1) the Plan actuary's certification that the Plan will run out of money (that is, that the 

Plan is in "critical and declining status"); 2) how the proposed reduction would satisfy the 

requirement that it be large enough so that the Plan is estimated not to run out of money, while not 

being larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the Plan from running out of money. In addition, the application explains 

why the Board of Trustees believes that the proposed reduction is spread fairly among the people 

who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room i 001 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. Comments may 

also be mailed to the Department of the Treasury, at the address listed above. All interested 

parties can make comments, and the comments will be publicly available. 

4 

DBl/88753782.4 
Retiree Representative 

If a plan has 10,000 or more participants, its board of trustees must select a retiree representative 

to advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of 

this process. A plan is required to pay the reasonable expenses of the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree representative. 

He is a retiree currently receiving benefits under the Plan and is not a member of the Board of 

Trustees. Participants and beneficiaries may contact Tom Baum at his website at: 

http://nysteamstersfundretireerep.com or at his e-mail address at: info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, 

then you will have the opportunity to vote on the proposed reduction. Unless a majority of all 

participants and beneficiaries of the Plan vote to reject the reduction, the Treasury Department 

must allow the reduction of benefits to take effect. This means that not voting counts the same as a 

vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal law requires the 

Treasury Department to allow the proposed benefit reduction (or a modified version) to take effect 

if the cost to PBGC to provide guaranteed benefits is particularly large. This rule applies if the 

value of payments from PBGC (if the plan runs out of money) is expected to be more than $1 

billion. Before the Treasury Department permits a reduction in this circumstance, PBGC's 

Participant and Plan Sponsor Advocate may recommend possible modifications to the proposed 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit 

Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington 

DC 20005; by telephone at 202.326.4448; or by e-mail at advocate@PBGC.gov. 

5 

081/ 88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed 

reduction to your benefits. The Plan administrator must respond to your request for the following 

documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective bargaining 

agreements or participation agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to 

the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be taken 

and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of 

copying documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 

Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worksite or union hall. 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to submit 

a claim to the Plan to have the calculation corrected. However, you should wait to contact the Plan 

until Treasury approves the Plan's application and any approved proposed reductions go into 

effect. The Plan's summary plan description ("SPD") tells you how to submit a claim. The SPD also 

describes your right to have a court review the Plan's final decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, 

please contact the Plan office at 877.698.3863, P.O. Box 4928 Syracuse, NY 13221 or at 

benefits@nytfund.org. 

6 

DBl/ 88753782.4 
HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Your benefit without the proposed reduction as of July 1, 2017 in the form of a Life Annuity is $1,150.46. 

Under the proposed reduction your monthly benefit in the same form will be reduced to $793.82. 1• 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a final 

benefit calculation. This was done assuming that the proposed benefit reduction starts on July 1, 2017. If 

the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

• You have 10.30 years of credited service under the Plan.** 

• You will be 65 years and 7 month(s) old as of July 31, 2017.m 

• The portion of your benefit that is based on disability is $0.00. 

*If you are a Participant, the monthly benefit estimates reflect an offset for any amounts due an 

Alternate Payee under a Qualified Domestic Relations Order on file with the Plan. 

**If you are a Beneficiary or an Alternate Payee under a Qualified Domestic Relations Order, the 

§ credited service reflects the Participant's credited service. 

~ 

~ ***lf you are an Alternate Payee entitled to benefits under a Shared Payment Qual.ified Don1estic 

~ Relations Order, the age reflects the Participant's age as of July 31,2017. ~ 

.., 

l(l PBGC Guaranteed Benefits 

~ [ If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the 

?I amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC Is estimated to 

be $368.23. 

1 These amoums will be different if you take your benefit in a different form. For example, if you arc eligible for and clcet a five-year 

ccrwin annuity, your reduced monthly bene lit will be S772. 70. 

7 

081/ 88753782.4 
Notice 5 

NcV\' York State Teatnsters Conference 

Pension and Retirement Fund 

M:tilm!! \udr~s~: 

PO llox 492S 

Syr:tcuK ~Y l.l221··1'l2S 

'li:lc)lhunc:.' 15.45:'.<l7'JO 

Fa.x: J 15..155.1 :!J 7 

E·mail: ocnelit~ i£ ytlimt org 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31, 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund ("Plan") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type of 

benefit reduction is allowed by t11e Federal law called the Multiemployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. The 

end of this notice describes the proposed reduction of your monthly payments.* 

This notice will also answer the following questions for you1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4. What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not have 

enough money to pay benefits in the year 2026. This estimate is based on how much 

money the actuary expects the Plan to receive and to pay out each year. The Plan's 

actuary estimated that, with the reduction of benefits that the Board of Trustees has 

proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") will be paid. You 

can find the amount of your benefit that is guaranteed by PBGC at the end of this 

notice. 

*A version of this notice tha t docs no! include the estimate of the effect on your bene lit is being sent to 

Teamster local unions that represent Plan p:u-ticipants and to all contributing employers. 

DBl/ 08753782.4 

1JOARD OF 

TRUST EES 

Employer 

Represe ntatives 

l\liclm l S. Sc:1lzo, Sr. 

Co·Chairman 

Oroad Drook, C'T 

~ob~ 1 1, Sch:1dCc•· 

lkrnvillc, P1\ 

lhnicl W. Schlllidt 

Lcban~m. I' t\ 

Tom J. Vcuru.-:1 

Overland Park, KS 

Labor 

Representatives 

J ohn.-\. BulJ!aro 

Co-Chairman 

Alb3ny, NV 

Brian K. lhnunond 

Potsdam, NY 

Paul A. i\l:t.-liwilz 

Rochester, NY 

l\l:u·k 1), i\1:1)· 

Syr:JCUSC, N y 

PARTICIPATING 

TEAMSTER 

LOCALS 

lt 8 llochcstcr. NY 

264 Chrckwwaga, NY 

2?-l Albany, NY 

317 Syracuse, NY 

f~ 9 Buffalo. NY 

529 mir:~ . NV 

560 Union City, NJ 

687 Potsdam, NY 

812 Great Neck, NY 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction-

• The total reduction in everybody's benefits must be estimated to be large enough to keep the 

Plan from running out of money but not larger than needed to do that. 

~ Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the 

amount guaranteed by PBGC. 

" Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their beneficiaries 

cannot be reduced. 

• The benefits of people who are at least 75 years old on July 31, 2017 and their beneficiaries are 

partially protected, and the closer the person is to age 80 the less the benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

o Accelerating employer withdrawals from the Plan and increasing the risk of additional benefit 

reductions for participants in and out of pay status; 

" Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely to 

withdraw support for the Application; 

o History of benefit reductions for Active Participants; 

.. Amount of benefit; 

o Discrepancies/relative benefits as between Active Participants and Non-Active Participants, 

including subsidized benefits; and 

~ Differences in historical employer contribution rates/increases as between Active Participants 

and Non-Active Participants. 

2 

DBl/ 88753782.4 
4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants (as defined 

below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All Non-Active 

Participants (as defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 

31%. 

An Active Participant is an individual who (1) has not retired and entered pay status as of July 1, 2017 and 

(2) had at least 500 hours of employer contributions submitted to the Plan on their behalf in the 2015 Plan 

Year, in the 2016 Plan Year, or in the 2017 Plan Year prior to July 1, 2017. All other Plan participants 

who do not meet the definition of Active Participant on July 1, 2017, including retirees, beneficiaries, and 

terminated vested participants, are considered Non-Active Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is based on 

the 20% reduction percentage being applied to each Active Participant's accrued monthly benefit as of 

June 30, 2017. For example, an Active Participant who has an accrued monthly benefit as of June 30, 

2017 equal to a $3,500 monthly benefit at retirement, would have their $3,500 benefit multiplied by the 

reduction percentage, which is 20%. The amount of reduction ($700) is subtracted from $3,500, as 

follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (A x B): 

D. Final Post-Reduction Benefit {A - C): 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active Participants is 

based on the 31% reduction percentage being applied to each Non-Active Participant's accrued monthly 

benefit as of June 30, 2017. For example, a Non-Active Participant, such as a retiree, who is receiving an 

accrued monthly benefit of $2,000 per month as of June 30, 2017, would have their $2,000 monthly 

benefit multiplied by the reduction percentage, which is 31%. The amount of reduction ($620) is 

subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (A x B): 

D. Final Post-Reduction Benefit (A- C): 

$2,000 

31% 

$620 

$1,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phase-in. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, unless the 

proposed reductions take effect. Insolvency of the Plan could result in benefits lower than benefits paid 

under the proposed reductions. The proposed reductions are projected to avoid the Plan's insolvency. 

3 

061/88753782.4 
5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Department is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will 

have until April 13, 2017 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department 

receives it. The application includes more information about the proposed reduction, including 

details about: 1) the Plan actuary's certification that the Plan will run out of money (that is, that the 

Plan is in "critical and declining status"); 2) how the proposed reduction would satisfy the 

requirement that it be large enough so that the Plan is estimated not to run out of money, while not 

being larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the Plan from running out of money. In addition, the application explains 

why the Board of Trustees believes that the proposed reduction is spread fairly among the people 

who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room 1001 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. Comments may 

also be mailed to the Department of the Treasury, at the address listed above. All interested 

parties can make comments, and the comments will be publicly available. 

4 

DB1/ 88753782.4 
Retiree Representativ~ 

If a plan has 1 0,000 or more participants, its board of trustees must select a retiree representative 

to advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of 

this process. A plan is required to pay the reasonable expenses of the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree representative. 

He is a retiree currently receiving benefits under the Plan and is not a member of the Board of 

Trustees. Participants and beneficiaries may contact Tom Baum at his website at: 

http://nysteamstersfun_gretireerep.com or at his e-mail address at: info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, 

then you will have the opportunity to vote on the proposed reduction. Unless a majority of all 

participants and beneficiaries of the Plan vote to reject the reduction, the Treasury Department 

must allow the reduction of benefits to take effect. This means that not voting counts the same as a 

vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal law requires the 

Treasury Department to allow the proposed benefit reduction (or a modified version) to take effect 

if the cost to PBGC to provide guaranteed benefits is particularly large. This rule applies if the 

value of payments from PBGC (if the plan runs out of money) Is expected to be more than $1 

billion. Before the Treasury Department permits a reduction in this circumstance, PBGC's 

Participant and Plan Sponsor Advocate may recommend possible modifications to the proposed 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit 

Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington 

DC 20005; by telephone at 202.326.4448; or by e-mail at advocate@PBGC.gov. 

5 

DBl/ 88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed 

reduction to your benefits. The Plan administrator must respond to your request for the following 

documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective bargaining 

agreements or participation agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to 

the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be taken 

and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of 

copying documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 

Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worksite or union hall. 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to submit 

a claim to the Plan to have the calculation corrected. However, you should wait to contact the Plan 

until Treasury approves the Plan's application and any approved proposed reductions go into 

effect. The Plan's summary plan description ("SPD") tells you how to submit a claim. The SPD also 

describes your right to have a court review the Plan's final decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, 

please contact the Plan office at 877.698.3863, P.O. Box 4928 Syracuse, NY 13221 or at 

benefits@nytfu nd. or g. 

6 

081/ 88753782.4 
HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Your monthly benefit would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a 

final benefit calculation. This was done assuming that the proposed benefit reduction starts on July 

1, 2017. If the benefit reduction starts later. the effect of the proposed reduction on your benefit 

might be different. 

This estimate is based on the following information from Plan records: 

• You have 11.00 years of credited service under the Plan. 

• You will be 73 years and 1 month(s) old as of July 31, 2017. 

c The portion of your benefit that is based on disability is $0.00. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits. your monthly benefit would be no larger thrut the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to be 

$112.31. 

7 

DBl/ 88753782.4 
Notice 6 

Nc"v Yod{ State Teamsters Conference 

Pension and Retiretnent Fund 

Mailing ,\Jtln:s.': 

1'0 nox ·192l\ 

.)yrm:use. NY 1.\22 1-4 92~ 

Tdcphlnlc:315.'1.15.CJ7iJO 

Fa:-:: .\ 15..155.1 ~.17 

E-rmil: bcnclilsi~ "J" I"uml.org 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31, 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund ("Plan") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type of 

benefit reduction is allowed by the Federal law called the Multiemployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. The 

end of this notice describes the proposed reduction of your monthly payments.* 

This notice will also answer the following questions for you -

1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4. What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not have 

enough money to pay benefits in the year 2026. This estimate is based on how much 

money the actuary expects the Plan to receive and to pay out each year. The Plan's 

actuary estimated that, with the reduction of benefits that the Board of Trustees has 

proposed, the Plan should not run out of money. 

2. What will happe n if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") will be paid. You 

can find the amount of your benefit that is guaranteed by PBGC at the end of this 

notice. 

* 1\ \'Crsion of this noti~:c that docs not include the estimate of the effect on your benefit is being sent to 

Teamster local unions that represent Plan participants and to all COIJtributing employers. 

OBl/ 88753782.-<t 

llOAlU> OF 

T RUSTEES 

.Employu 

Rep rcscntativcs 

Miclwcl S. Sc:ll~o. St·. 

Co-Chainnan 

llrond Brook, CT 

Robert L. Sch:t~ff~t· 

Bernville, PA 

Dan iel W. Schmidt 

Lebanon. PA 

Tom J. Ventura 

Ovcrlnud P~rk, KS 

Labor 

Rcp•·cscntntivcs 

Joll.n A. Dulgaru 

-Ch:~innnn 

Alb~ny, NY 

Bri·an K. !Iammond 

1\llsdam. NY 

l':ml A. Markwit1. 

Rochcslcr, NY 

Marl• 1>. i\hty 

Syrncusc, NY 

I> ARTICIPATING 

T EAMSTER 

LOCALS 

11 8 Rochcs1cr, NY 

26-1 Cheektowaga, NY 

294 Albany. NY 

317 Syracuse. NY 

449 Bu!f~lo. NY 

529 Elmir:~, NV 

560 Union Ci1y, NJ 

687 Pnlsd::un, NV 

8 12 Great Neck, NY 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction-

" The total reduction in everybody's benefits must be estimated to be large enough to keep the 

Plan from running out of money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the 

amount guaranteed by PBGC. 

• Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their beneficiaries 

cannot be reduced. 

• The benefits of people who are at least 75 years old on July 31, 2017 and their beneficiaries are 

partially protected, and the closer the person is to age 80 the less the benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

o Accelerating employer withdrawals from the Plan and increasing the risk of additional benefit 

reductions for participants in and out of pay status; 

o Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely to 

withdraw support for the Application; 

c History of benefit reductions for Active Participants; 

o Amount of benefit; 

., Discrepancies/relative benefits as between Active Participants and Non-Active Participants, 

including subsidized benefits; and 

o Differences in historical employer contribution rates/increases as between Active Participants 

and Non-Active Participants. 

2 

DBl/ 88753782.4 
4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants (as defined 

below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All Non-Active 

Participants (as defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 

31%. 

An Active Participant is an individual who (1) has not retired and entered pay status as of July 1, 2017 and 

(2) had at least 500 hours of employer contributions submitted to the Plan on their bel1alf in the 2015 Plan 

Year, in the 2016 Plan Year, or in the 2017 Plan Year prior to July 1, 2017. All other Plan participants 

who do not meet the definition of Active Participant on July 1, 2017, including retirees, beneficiaries, and 

terminated vested participants, are considered Non-Active Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is based on 

the 20% reduction percentage being applied to each Active Participant's accrued monthly benefit as of 

June 30, 2017. For example, an Active Participant who has an accrued monthly benefit as of June 30, 

2017 equal to a $3,500 monthly benefit at retirement, would have their $3,500 benefit multiplied by the 

reduction percentage, which is 20%. The amount of reduction ($700) is subtracted from $3,500, as 

follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active Participants is 

based on the 31% reduction percentage being applied to each Non-Active Participant's accrued monthly 

benefit as of June 30, 2017. For example, a Non"Active Participant, such as a retiree, who is receiving an 

accrued monthly benefit of $2,000 per month as of June 30, 2017, would have their $2,000 monthly 

benefit multiplied by the reduction percentage, which is 31%. The amount of reduction ($620) is 

subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (A x 8): 

D. Final Post-Reduction Benefit (A- C): 

$2,000 

31% 

$620 

$1,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phase-in. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, unless the 

proposed reductions take effect. Insolvency of the Plan could result in benefits lower than benefits paid 

under the proposed reductions. The proposed reductions are projected to avoid the Plan's insolvency. 

3 

DBl/ 88753782.4 
5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Department is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will 

have until April 13, 2017 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department 

receives it. The application includes more information about the proposed reduction, including 

details about: 1) the Plan actuary's certification that the Plan will run out of money (that is, that the 

Plan is in "critical and declining status"); 2) how the proposed reduction would satisfy the 

requirement that it be large enough so that the Plan is estimated not to run out of money, while not 

being larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the Plan from running out of money. In addition, the application explains 

why the Board of Trustees believes that the proposed reduction is spread fairly among the people 

who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room 1 oo·J 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. Comments may 

also be mailed to the Department of the Treasury, at the address listed above. All interested 

parties can make comments, and the comments will be publicly available. 

4 

DBl/ 88753782.4 
Retiree Representative 

If a plan has 10,000 or more participants, its board of trustees must select a retiree representative 

to advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of 

this process. A plan is required to pay the reasonable expenses of the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree representative. 

He is a retiree currently receiving benefits under the Plan and is not a member of the Board of 

Trustees. Participants and beneficiaries may contact Tom Baum at his website at: 

http://nysteamstersfundretireerep.com or at his e-mail address at: info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, 

then you will have the opportunity to vote on the proposed reduction. Unless a majority of all 

participants and beneficiaries of the Plan vote to reject the reduction, the Treasury Department 

must allow the reduction of benefits to take effect. This means that not voting counts the same as a 

vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal law requires the 

Treasury Department to allow the proposed benefit reduction (or a modified version) to take effect 

if the cost to PBGC to provide guaranteed benefits is particularly large. This rule applies if the 

value of payments from PBGC (if the plan runs out of money) is expected to be more than $1 

billion. Before the Treasury Department permits a reduction in this circumstance, PBGC's 

Participant and Plan Sponsor Advocate may recommend possible modifications to the proposed 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit 

Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington 

DC 20005; by telephone at 202.326.4448; or by e-mail at advocate@PBGC.gov. 

5 

081/ 88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed 

reduction to your benefits. The Plan administrator must respond to your request for t11e following 

documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective bargaining 

agreements or participation agreements). 

~ The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by tl1e Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to 

the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be taken 

and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of 

copying documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 

Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worksite or union haiL 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to submit 

a claim to the Plan to have the calculation corrected. However, you should wait to contact the Plan 

until Treasury approves the Plan's application and any approved proposed reductions go into 

effect. The Plan's summary plan description ("SPD") tells you how to submit a claim. The SPD also 

describes your right to have a court review the Plan's final decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, 

please contact the Plan office at 877.698.3863, P.O. Box 4928 Syracuse, NY 13221 or at 

benefits@nytfund.org. 

6 

DBl/ 88753782.4 
HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Your monthly benefit would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a 

final benefit calculation. This was done assuming that the proposed benefit reduction starts on July 

1, 2017. If the benefit reduction starts later, the effect of the proposed reduction on your benefit 

might be different. 

This estimate is based on the following information from Plan records: 

• You will be 85 years and 11 month(s) old as of July 31, 2017. 

• The portion of your benefit that is based on disability is $0.00. 

PBGC Guaranteed Benefits 

If the Plan docs not have enough money to pay bcnclits, your monthly benefit would be no larger than the 

amount guaranteed by PBGC. 

7 

DBl/ 88753782.4 
Notice 7 

New York State Tea1nsters Conference 

Pension and! ·Retirement Fund 

Mailing t\ddrc~~: 

PO nox 492R 

Syrocu>c.I"Y 13221-4928 

Tckphnnc:315.45S.<l7'J0 

Fax: :; 15.455 I ~.n 

E-111ail: bcnciils;?i;nytlitnd.org 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31, 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund ("Plan") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type of 

benefit reduction is allowed by the Federal law called the Multiernployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. The 

end of this notice describes the proposed reduction of your monthly payments.* 

This notice will also answer the following questions for you1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4. What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not have 

enough money to pay benefits in the year 2026. This estimate is based on how much 

money the actuary expects the Plan to receive and to pay out each year. The Plan's 

actuary estimated that, with the reduction of benefits that the Board of Trustees has 

proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") will be paid. You 

can find the amount of your benefit that is guaranteed by PBGC at the end of this 

notice. 

*A version of this noii<.:c that docs not include the estimate of the effect on your benefit is being sent to 

Teamster local unions that represent Plan panicipams and to all contributing employers. 

DB1/ 68753782.1 

UOARD OF 

T RUSTEES 

7 

Employer 

Rcprcscu tativcs 

l\lichnct S. Scalzo, Sr. 

Co-Chairman 

Broad Brook. CT 

Ito bert L. Sch!lcffcr 

Ocrnvillc, PA 

Daniel W. Schmidt 

lebanon, I' A 

Tom J. Vclttltra 

Overland Park, KS 

La boa· 

Representatives 

John,\, Uu ~aro 

Co-Ch:.irm:m 

Alblny, NY 

Urian K. IltlllliUOnti 

Potsd~m. NY 

1':1111 A. Mnrl1wic·l 

Roch~s cr, NY 

l\l:lrk n. i\l :ty 

Syracuse, NY 

PARTICIPATING 

TEAMSTER 

LOCALS 

l Ill Rochester, NY 

26.t Chccktow~ga, NY 

294 Alba,ly, NY 

3l7 Syracuse, NY 

449 Buffalo, NY 

529 Elmira, NY 

560 llniM Cicy, NJ 

687 Potsdam, NY 

812 Grcal Neck, NY 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction-

" The total reduction in everybody's benefits must be estimated to be large enough to keep the 

Plan from running out of money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the 

amount guaranteed by PBGC. 

" Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their beneficiaries 

cannot be reduced. 

• The benefits of people who are at least 75 years old on July 31, 2017 and their beneficiaries are 

partially protected, and the closer the person is to age 80 the less the benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

e Accelerating employer withdrawals from the Plan and increasing the risl< of additional benefit 

reductions for participants in and out of pay status; 

~ Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely to 

withdraw support for the Application; 

~ History of benefit reductions for Active Participants; 

o Amount of benefit; 

o Discrepancies/relative benefits as between Active Participants and Non-Active Participants, 

including subsidized benefits; and 

o Differences in historical employer contribution rates/increases as between Active Participants 

and Non-Active Participants. 

2 

DBl/ 88753782.4 
r='~t-~ 

~ 

4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants (as defined 

below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All Non-Active 

Participants (as defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 

31%. 

An Active Participant is an individual who {1) has not retired and entered pay status as of July 1, 2017 and 

(2) had at least 500 hours of employer contributions submitted to the Plan on their behalf in the 2015 Plan 

Year, in the 2016 Plan Year, or in the 2017 Plan Year prior to July 1, 2017. All other Plan participants 

wl1o do not meet the definition of Active Participant on July 1, 2017, including retirees, beneficiaries, and 

terminated vested participants, are considered Non-Active Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is based on 

the 20% reduction percentage being applied to each Active Participant's accrued monthly benefit as of 

June 30, 2017. For example, an Active Participant who has an accrued monthly benefit as of June 30, 

2017 equal to a $3,500 monthly benefit at retirement, would have their $3,500 benefit multiplied by the 

reduction percentage, which is 20%. The amount of reduction ($700) is subtracted from $3,500, as 

follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active Participants is 

based on the 31% reduction percentage being applied to each Non-Active Participant's accrued monthly 

benefit as of June 30, 2017. For example, a Non-Active Participant, such as a retiree, who is receiving an 

accrued monthly benefit of $2,000 per month as of June 30, 2017, would have their $2,000 monthly 

benefit multiplied by the reduction percentage, which is 31%. The amount of reduction ($620) is 

subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$2,000 

31% 

$620 

$1,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phase-in. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, unless the 

proposed reductions take effect. Insolvency of the Plan could result in benefits lower than benefits paid 

under the proposed reductions. The proposed reductions are projected to avoid the Plan's insolvency. 

3 

DBl/ 88753782.4 
5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Department is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will 

have until April13, 2017 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department 

receives it. The application includes more information about the proposed reduction, including 

details about: 1) the Plan actuary's certification that the Plan will run out of money (that is, that the 

Plan is in "critical and declining status"); 2) how the proposed reduction would satisfy the 

requirement that it be large enough so that the Plan is estimated not to run out of money, while not 

being larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the Plan from running out of money. In addition, the application explains 

why the Board of Trustees believes that the proposed reduction is spread fairly among the people 

who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room 1001 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. Comments may 

also be mailed to the Department of the Treasury, at the address listed above. All interested 

parties can make comments, and the comments will be publicly available. 

4 

DBl/ 88753782.4 
Retiree Representative 

If a plan has 10,000 or more participants, its board of trustees must select a retiree representative 

to advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of 

this process. A plan is required to pay the reasonable expenses of the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree representative. 

He is a retiree currently receiving benefits under the Plan and is not a member of the Board of 

Trustees. Participants and beneficiaries may contact Tom Baum at his website at: 

http://nysteamstersfundretireerep.cQm or at his e-mail address at: info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, 

then you will have the opportunity to vote on the proposed reduction. Unless a majority of all 

participants and beneficiaries of the Plan vote to reject the reduction, the Treasury Department 

must allow the reduction of benefits to take effect. This means that not voting counts the same as a 

vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal law requires the 

Treasury Department to allow the proposed benefit reduction (or a modified version) to take effect 

if the cost to PBGC to provide guaranteed benefits is particularly large. This rule applies if the 

value of payments from PBGC (if the plan runs out of money) is expected to be more than $1 

billion. Before the Treasury Department permits a reduction in this circumstance, PBGC's 

Participant and Plan Sponsor Advocate may recommend possible modifications to the proposed 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit 

Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington 

DC 20005; by telephone at 202.326.4448; or by e-mail at advocate@PBGC.gay. 

5 

DBl/ 88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed 

reduction to your benefits. The Plan administrator must respond to your request for the following 

documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective bargaining 

agreements or participation agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to 

the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be taken 

and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of 

copying documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 

Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worl<site or union hall. 

Your right to challenge incorrect calculations 

If you think the Pian miscalculated the reduction to your benefits, then you have the right to submit 

a claim to the Plan to have the calculation corrected. However, you should wait to contact the Plan 

until Treasury approves the Plan's application and any approved proposed reductions go into 

effect. The Plan's summary plan description {"SPD") tells you how to submit a claim. The SPD also 

describes your right to have a court review the Plan's final decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, 

please contact the Plan office at 877.698.3863, P .0. Box 4928 Syracuse, NY 13221 or at 

benefits@nytfund.org. 

6 

DBl/ 88753782.4 
~~~ 

~ 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Your monthly benefit would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a 

final benefit calculation. This was done assuming that the proposed benefit reduction starts on July 

1, 2017. If the benefit reduction starts later, the effect of the proposed reduction on your benefit 

might be different. 

This estimate is based on the following information from Plan records: 

• You have 22.80 years of credited service under t11e Plan. 

"You will be 76 years and 9 month(s) old as of July 31, 2017. 

• The portion of your benefit that is based on disability is $1,667.00. 

PBGC Guaranteed Benefits 

If the Plan docs not have enough money to pay benefits, your monthly benefit would be no larger thon the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to be 

S815. 10. 

7 

DBl/88753782.1 

7 
Notice 8 

Mailin!J Auuc ~~s: 

l'O nox ·11)2:\ 

Ne"' York State Teamsters Conference 

Pension and Retire1nent Fund 

SyrlcU~C. XY 1)221 ·l'l X 

'kl~phnn.::.\ l5.J55. •)7•)0 

F~x: .ll5.455. t.::.n 

E-mail: bcnctil •:c! nytlimu.or~ 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On August 31, 2016, the Board of Trustees of the New York State Teamsters 

Conference Pension and Retirement Fund rPian") submitted an application to the 

U.S. Treasury Department for approval to reduce benefits under the Plan. This type of 

benefit reduction is allowed by t11e Federal law called the Multiemployer Pension 

Reform Act of 2014. 

You are getting t11is notice because you have a pension benefit under the Plan. The 

end of this notice describes the proposed reduction of your monthly payments.* 

This notice will also answer the following questions for you1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how 

much? 

4 . What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not have 

enough money to pay benefits in the year 2026. This estimate is based on how much 

money the actuary expects the Plan to receive and to pay out each year. The Plan's 

actuary estimated that, with the reduction of benefits that the Board of Trustees has 

proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount 

guaranteed by the Pension Benefit Guaranty Corporation ("PBGC") will be paid. You 

can find the amount of your benefit that is guaranteed by PBGC at the end of this 

notice. 

*A version ol'th ~ notic:e thnt docs not include the estimate of the effect on your benefit is being sent to 

Teamster local unions that represent Plan participants and to all contributing cmployctS. 

DBl/88753782.4 

flO,\RD O F 

T RUSTEES 

l::mploycr 

Rcpt·cscn ta ti vcs 

i\lich:1cl S. Scuho, Sr. 

Co-Ch:linn:m 

Dwad Orook. CT 

~nbct· t L. Sch:1cffcr 

Dcrnvillc, PA 

Daniel \V, Schmidt 

Lebanon, l'A 

Tom J. Ventura 

01•crland Park, KS 

La bot· 

Representatives 

John A. Bulga ro 

Co-Chait·m:m 

Allllny, NY 

t>ri:tn K. ll:unmond 

Potsd~m, NY 

P~ul A. i\l:trlm·itz 

Rochcs1cr. NY 

i\f::trk ll. i\1: · 

Syracuse, NY 

PARTICIPATING 

TEAMSTER 

LOCALS 

118 Rochester. NY 

264 Chcck1uwasa. NY 

294 Alllany. NY 

317 SyraCU$C, NY 

-l-19 Auffah>. NY 

529 Elmira, NY 

560 Union City, NJ 

687 l'(llsdam, NY 

812 Grc:at Neck, NY 

8 
3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction-

" The total reduction in everybody's benefits must be estimated to be large enough to keep the 

Plan from running out of money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110°/o of the 

amount guaranteed by PBGC . 

., Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on July 31, 2017 and their beneficiaries 

cannot be reduced. 

• The benefits of people who are at least 75 years old on July 31, 2017 and their beneficiaries are 

partially protected, and the closer the person is to age 80 the less the benefits can be reduced. 

o The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the Plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

o Accelerating employer withdrawals from the Plan and increasing the risk of additional benefit 

reductions for participants in and out of pay status; 

• Negative reaction by Active Participants that would further prompt withdrawals of Active 

Participant groups and contributing employers, and Active Participants reasonably likely to 

withdraw support for the Application; 

o History of benefit reductions for Active Participants; 

o Amount of benefit; 

o Discrepancies/relative benefits as between Active Participants and Non-Active Participants, 

including subsidized benefits; and 

o Differences in historical employer contribution rates/increases as between Active Participants 

and Non~Actlve Participants. 

2 

DBl/ 88753782.4 
4. What are the proposed reductions in benefits? 

The Board of Trustees proposes the following reduction of benefits. All Active Participants (as defined 

below) will have their accrued monthly benefits as of June 30, 2017 reduced by 20%. All Non-Active 

Participants (as defined below) will have their accrued monthly benefits as of June 30, 2017 reduced by 

31%. 

An Active Participant is an individual who (1) has not retired and entered pay status as of July 1, 2017 and 

(2) had at least 500 hours of employer contributions submitted to the Plan on their behalf in the 2015 Plan 

Year, in the 2016 Plan Year, QL in the 2017 Plan Year prior to July 1, 2017. All other Plan participants 

who do not meet the definition of Active Participant on July 1, 2017, including retirees, beneficiaries, and 

terminated vested participants, are considered Non-Active Participants. 

The formula used to determine the amount of the proposed reduction for Active Participants is based on 

the 20% reduction percentage being applied to each Active Participant's accrued monthly benefit as of 

June 30, 2017. For example, an Active Participant who has an accrued monthly benefit as of June 30, 

2017 equal to a $3,500 monthly benefit at retirement, would have their $3,500 benefit multiplied by the 

reduction percentage, which is 20%. The amount of reduction ($700) is subtracted from $3,500, as 

follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

D. Final Post-Reduction Benefit (A- C): 

$3,500 

20% 

$700 

$2,800 

The formula used to determine the amount of the proposed reduction for all Non-Active Participants is 

based on the 31% reduction percentage being applied to each Non-Active Participant's accrued monthly 

benefit as of June 30, 2017. For example, a Non-Active Participant, such as a retiree, who is receiving an 

accrued monthly benefit of $2,000 per month as of June 30, 2017, would have their $2,000 monthly 

benefit multiplied by the reduction percentage, which is 31%. The amount of reduction ($620) is 

subtracted from $2,000, as follows: 

A. Projected Pre-Reduction Accrued Monthly Benefit: 

B. Reduction Percentage: 

C. Amount of Reduction (Ax B): 

0 . Final Post-Reduction Benefit (A- C): 

$2,000 

31% 

$620 

$1 ,380 

The proposed reduction will remain in effect indefinitely and will become effective without a phase-in. 

The Board of Trustees has determined the Plan will become insolvent in the 2026 Plan Year, unless the 

proposed reductions take effect Insolvency of the Plan could result in benefits lower than benefits paid 

under the proposed reductions. The proposed reductions are projected to avoid the Plan's insolvency. 

3 

DBl/ 88753782.4 
5. What comes next? 

Agproval or denial of the agplication by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Department is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will 

have until April 13, 2017 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department 

receives it. The application includes more information about the proposed reduction, including 

details about: 1) the Plan actuary's certification that the Plan will run out of money (that is, that the 

Plan is in "critical and declining status"); 2) how the proposed reduction would satisfy the 

requirement that it be large enough so that the Plan is estimated not to run out of money, while not 

being larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the Plan from running out of money. In addition, the application explains 

why the Board of Trustees believes that the proposed reduction is spread fairly among the people 

who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the 

following address: 

Department of the Treasury 

Attn: MPRA Office, Room 1001 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. Comments may 

also be mailed to the Department of the Treasury, at the address listed above. All interested 

parties can make comments, and the comments will be publicly available. 

4 

061/ 88753782.4 
Retiree Representative 

If a plan has 10,000 or more participants, its board of trustees must select a retiree representative 

to advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of 

this process. A plan is required to pay the reasonable expenses of the retiree representative. 

On January 18, 2016, the Board of Trustees selected Tom Baum to be the retiree representative. 

He is a retiree currently receiving benefits under the Plan and is not a member of the Board of 

Trustees. Participants and beneficiaries may contact Tom Baum at his website at: 

http://nystearnstersfundretireerep.com or at his e-mail address at: info@nystfretireereptbaum.com. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, 

then you will have the opportunity to vote on the proposed reduction. Unless a majority of all 

participants and beneficiaries of the Plan vote to reject the reduction, the Treasury Department 

must allow the reduction of benefits to take effect. This means that not voting counts the same as a 

vote to approve the reduction. 

Even if a majority votes to reject the proposed reduction of benefits, Federal law requires the 

Treasury Department to allow the proposed benefit reduction (or a modified version) to take effect 

if the cost to PBGC to provide guaranteed benefits is particularly large. This rule applies if the 

value of payments from PBGC (if the plan runs out of money) is expected to be more than $1 

billion. Before the Treasury Department permits a reduction in this circumstance, PBGC's 

Participant and Plan Sponsor Advocate may recommend possible modifications to the proposed 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit 

Guaranty Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington 

DC 20005; by telephone at 202.326.4448; or by e-mail at advocate@PBGC.gov. 

5 

061/ 88753782.4 
Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed 

reduction to your benefits. The Plan administrator must respond to your request for the following 

documents within 30 days: 

~ The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective bargaining 

agreements or participation agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to 

the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be taken 

and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of 

copying documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 

Annual Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worksite or union hall. 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to submit 

a claim to the Plan to have the calculation corrected. However, you should wait to contact the Plan 

until Treasury approves the Plan's application and any approved proposed reductions go into 

effect. The Plan's summary plan description ("SPD") tells you how to submit a claim. The SPD also 

describes your right to have a court review the Plan's final decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, 

please contact the Plan office at 877.698.3863, P.O. Box 4928 Syracuse, NY 13221 or at 

benefits@nytfund .org. 

6 

DBl/ 88753782.4 
HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Your current monthly benefit is $711.18. Under the proposed reduction your monthly benefit wil! be 

reduced to $605.61 beginning on July 1, 2017. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not a final 

benefit calculation. This was done assuming that the proposed benefit reduction starts on July 1, 2017. If 

the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

• You have 15.40 years of credited service under the Plan.* 

• You will be 75 years and 0 month(s) old as of July 31, 2017.** 

o The portion of your benefit that is based on disability is $0.00. 

*If you are a Beneficiary or an Alternate Payee under a Qualified Domestic Relations Order, the 

credited service reflects the Participant's credited service. 

**If you are an Alternate Payee under a Shared Payment Qualified Domestic Relations Order, the 

age reflects the Participant's age as of July 31, 2017. 

PBGC Guaranteed Benefits 

Ifthc Plan does not have enough money to pay benefits, youl' monthly benefit would be no larger than the amount 

guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to be $550.55. 

7 

DBl/ 88753782.4 
DB1/ 88552986.1

The New York State Teamsters Conference Pension and Retirement Fund

Application for Suspension of Benefits under MPRA

APPENDIX B
POWER OF ATTORNEY AND DECLARATION OF REPRESENTATIVES BEFORE 

THE DEPARTMENT OF THE TREASURY FOR THE NEW YORK STATE 

TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

Applicant 

The Board ofTrustees of the New York State Teamsters Conference Pension and Retirement 

Fund 

P.O. Box 4928 

Syracuse, NY 13221 

Contact Name: Ken Stilwell 

T: 315.455.9790 

F: 315.234.1047 

E: benefits@nytfund.org 

Plan Number: 074 

Plan EIN: 16-6063585 

Applicant hereby appoints the following representatives as attorneys-in-fact to represent the 

taxpayer before the Department of the Treasury and perform acts related to the attached 

application dated August 31,2016 for suspension ofbenefits under§ 432(e)(9) ofthe Internal 

Revenue Code of 1986, as amended. 

Representatives' Information: 

John F. Ring 

David P. Ofenloch 

Morgan, Lewis & Bockius LLP 

1111 Pennsylvania Avenue, NW 

Washington, DC 20004 

T: (202) 739-5096 IT: (202) 739-5892 

Fax: (202) 739-3001 

E: john.ring@morganlewis.com 

E: david.ofenloch@morganlewis.com 

Licensing Jurisdictions: District of Columbia I 

New York and District of Columbia 

J. Ring DC Bar No.: 429392 

D.Ofenloch NY Bar No.: 4603395 

EIN: 23-0891050 

Bernard T. King 

Jonathan M. Cerrito 

Blitman & King LLP 

Franklin Center, Suite 300 

443 N. Franklin Street 

Syracuse, NY 13204 

T: (315) 422-7111 IT: (212) 643-2672 

Fax: (315) 471-2623 IF: (315) 471-2623 

E: btking@bklawyers.com 

E: jmcerrito@bklawyers.com 

Licensing Jurisdictions: New York 

B. King Bar No.: 103143 

J. Cerrito Bar No.: 642079 

EIN: 16-1047304 

Send copies of notices and communications to representative: YES. 

With the exception of the acts described below, I authorize my representative(s) to receive and 

inspect my confidential tax information and to perform acts that I can perform with respect to the 

attached application dated August 31, 2016 for suspension ofbenefits under§ 432(e)(9). For 

example, my representative(s) shall have the authority to sign any agreements, consents, or 

similar documents. 

Specific acts not authorized: NONE. 

DB1/ 88552998.1 
S\.· •· ••• ··- · Redacted by the U.S. Department of the 

~ 

Treasury 

~Redacted by the U.S. Department ofthe 

• : ! 1 Treasury 

Declaration of ..... 

Under penalties of pe1jury, by my signature below I declare that: 

i-61.1~ 

~- 31 .t? 

• I am not currently suspended or disbarred from practice before the Internal Revenue 

Service; 

• I am authorized to represent the Applicant for the matter(s) specified in this Power of 

Attorney and Declaration of Representative; and 

I am one of the following: 

a Attorney- a member in good standing of the bar of the highest court of the 

jurisdiction shown below. 

b Certified Public Accountant-duly qualified to practice as a certified public 

accountant in the jurisdiction shown below. 

c Enrolled Agent 

d Officer- a bona fide officer of the Applicant. 

e Full-Time Employee-a full-time employee of the Applicant. 

f Enrolled Actuary- emolled as an actuary by the Joint Board for the Enrollment of 

Actuaries under 29 U.S.C. 1242 (the authority to practice before the Internal 

Revenue Service is limited by section 10.3(d) of Circular 230). 

g Enrolled Retirement Plan Agent 

Required information for Representative: A. See information presented above. 

Attorney Representatives 

DBl/ 88552998.1 2