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ALBANY, N.Y. — October is the first month thousands of retired upstate New York Teamsters will feel the hit from a 29% cut in their monthly pension checks.

A pair of reports on the health of the multiemployer pension system are shedding light on healthy plans and how a proposal to bail out those in grave danger of collapsing would financially hit taxpayers.

The Pension Benefit Guaranty Corp.’s multiemployer pension insurance program will run out of money by the end of 2025, according to a new report from the government agency in charge of taking over troubled plans such as the Central States Pension Fund.