Plan Advantages
This Pension Plan is strong and secure because it adheres to certain fundamental truths.
The Plan is a multiemployer defined benefit pension plan. This means that many different employers contribute to the Pension Trust on behalf of their covered workers. It is a qualified plan under federal tax law.
Both by law and intent, the Plan is for the exclusive benefit of Plan participants, retirees and beneficiaries. Plan decisions must be agreed to by an independent Board of Trustees, made up of 14 Trustees from labor and 14 Trustees from management.
The Plan provides more than just lifetime retirement benefits. It protects those who become totally and permanently disabled before retirement. When a participant dies before or after retirement, the Plan can provide monthly income security to the surviving spouse and minor children and substantial lump sum death benefits to the designated beneficiary.
The Plan is administered by independent, third party organizations, whose only obligations are to Plan participants. All information about Plan benefits is kept strictly confidential.
The Plan's broad representation allows participants to continue coverage under the Plan even though they may change from one participating employer or local union to another participating employer or local union. Pension benefits are completely portable for those who work for an employer who contributes to the Plan. Reciprocity agreements with many Teamster plans throughout the country add further protection.