Key Advantages
The Western Conference of Teamsters Pension Plan provides flexibility and security both for retirement and other times in the participant's life. Here are some of the Plan’s key advantages:
All Contributions Made by the Employer
Each month, your participating employer makes collectively bargained basic contributions for your covered employment. Most employers also make separate PEER contributions to help pay for enhanced benefits through the Program for Enhanced Early Retirement (PEER).
Benefits Grow Based on Covered Employment
The longer you stay in covered employment, the more dollars are contributed and the higher your benefits will be. Today, benefits are based on a percentage of contributions paid into the Plan on behalf of covered Teamsters.
Benefits Are Portable
Covered employment can be with any participating employer.
Plan Allows Flexibility
Participants can retire as early as age 55 – or sooner if they qualify under the Rule of 84 or PEER. Or they can retire later and build a higher benefit.
Choice of Payment Options
When participants retire, they have several choices on how benefits are paid that allow flexibility based on the participant's age and marital status.
Disability Retirement Benefits
If participants are vested with recent coverage and leave covered employment due to total and permanent disability, they can receive disability retirement benefits.
Death and Survivor Benefits
If a Plan participant dies before or after retirement, their family or beneficiary may be eligible to receive Plan benefits.