Plan Facts and Advantages
Plan Facts
The Western Conference of Teamsters Pension Plan was established in 1955 through collective bargaining between labor and management. Today your Plan is the largest area-wide multiemployer pension plan in the United States. It covers more than 230,000 active participants through pension agreements negotiated by local unions with about 5,200 employers in 13 Western states.
Your Plan provides more than just lifetime retirement benefits. It protects you if you become totally and permanently disabled before retirement. Whether you die before or after retirement, your Plan can provide monthly income security to your surviving spouse and minor children and substantial lump sum death benefits to your designated beneficiary.
Your Plan’s broad geographic coverage allows you to continue coverage under the Plan even though you may change from one participating employer or participating 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.
Your 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, your 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.
Your Plan is administered by independent, third-party organizations whose only obligations are to you and your fellow participants. All information about your benefits is kept strictly confidential.
Your Plan’s Key Advantages
The Western Conference of Teamsters Pension Plan provides flexibility and security both for retirement and other times in your life. Here are some of your Plan’s key advantages:
All Contributions Made by Your Employer
Each month, your 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.
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 your behalf.
Benefits Are Portable
Your covered employment
can be with any participating employer.
Plan Allows Flexibility
You can retire as
early as age 55—
or sooner if you qualify under the Rule of
84 or PEER.
Or you can retire later and build a higher
benefit.
Choice of Payment Options
When you retire,
you have
several choices on how benefits are paid
that allow
flexibility based on your age and marital
status.
Disability Retirement Benefits
If you are
vested with
recent coverage and leave covered employment
due to total and
permanent disability, you may receive disability
retirement benefits.
Death and Survivor Benefits
Whether you
die before or after retirement,
your family or beneficiary may be eligible
to receive Plan benefits.