The Western Conference of Teamsters Pension Trust

The Program for Enhanced Early Retirement (PEER) allows long-service participants to retire before age 62 with benefits that are not reduced for early retirement. There are three PEER levels (PEER/84, PEER/82 and PEER/80), each with its own lowered age and service requirements.

To participate in one of these levels, your covered unit must negotiate a supplemental PEER contribution paid by your covered employer in addition to the basic contribution rate.

ELIGIBILITY
Just because you may work under a PEER agreement now or later does not mean you qualify for enhanced early retirement benefits. To qualify for early retirement benefits under PEER, you must satisfy all of the following PEER requirements:

There are three PEER levels, each with its own lowered age and service requirements for early retirement. Remember, there are other eligibility requirements as well.

PEER/84: You can retire with unreduced benefits when your combined age plus years of contributory service add up to 84 or more. For example, if you are age 52 at retirement and have 32 years of contributory service, you meet the age and contributory service requirement for PEER/84.

PEER/82: You can retire with unreduced benefits when your combined age plus years of contributory service add up to 82 or more. For example, if you are age 52 at retirement and have 30 years of contributory service, you meet the age and contributory service requirement for PEER/82.

PEER/80: You can retire with unreduced benefits when your combined age plus years of contributory service add up to 80 or more. For example, if you are age 52 at retirement and have 28 years of contributory service, you meet the age and contributory service requirement for PEER/80.

Benefit Amount
Your early retirement benefit under PEER is equal to 100% of your normal retirement benefit no matter what age you decide to retire.

This amount assumes that you choose the life only pension. If you choose a form of payment other than the life only pension, your benefit amount is different. Click here for information about payment options.

How PEER Eligibility Can be Lost
Even if you are covered under a PEER pension agreement and meet all PEER requirements, be careful not to lose your PEER eligibility. If too much time goes by between the last day you work under a PEER pension agreement and your pension effective date, you cannot qualify for early retirement benefits under PEER (unless you have already ‘locked in’ your PEER coverage at an earlier date).

Before you decide to retire, make sure you have the required 1,000 covered hours under your PEER pension agreement during the 24-month period ending just before your desired pension effective date (unless you have already "locked in" your PEER coverage at an earlier date). You can find out if you meet this and the other PEER requirements by contacting your Area Administrative Office.

PEER LOCK-IN PROTECTION
Your Plan added a "lock-in" feature that helps protect your eligibility under the Program for Enhanced Early Retirement (PEER). With this feature, you can lock in your PEER coverage once you have 25 or more years of contributory service.

If you can complete 25 years of contributory service, you can lock in your PEER coverage by working at least 1,000 covered hours under your PEER pension agreement during any 24-month period that ends on or after your 25th year of contributory service.

The lock-in protection means that even if your covered employment stops for any reason, you can take PEER retirement once you have the required PEER points to retire under your PEER level.

Many of your Plan’s retirement and after-retirement death benefits are only available if you have recent coverage at retirement. There are three ways you can have recent coverage at retirement. Once you meet any one of them, your recent coverage is locked in and cannot be lost.

25 Years of Contributory Service
You have 1,500 covered hours in any 60-month period ending after you complete 25 years of contributory service.

Your Earliest Retirement Date
You have 1,500 covered hours in the 60-month period ending just before your earliest retirement date.

Your Pension Effective Date
You have 1,500 covered hours in the 60-month period ending just before your pension effective date.

You can find out whether you are working under a PEER pension agreement (and, if so, at which PEER level) by contacting your Area Administrative Office.

Earliest Retirement Date
Usually, your earliest retirement date is your 55th birthday. However, if you are not vested when you reach age 55, your earliest retirement date is postponed until the end of the month in which you vest. Under the Rule of 84 and PEER, your earliest retirement date can be before age 55.

A different date may apply if you become totally and permanently disabled before your earliest retirement date.

You earn one year of contributory service for each calendar year in which you complete at least 500 covered hours. You can only earn one year of contributory service for each calendar year. Past employment and hours of service that are not covered hours (for example, hours of non-covered employment) do not count toward your years of contributory service.

Click here to see how the age and contributory service rules work under each PEER level, based on your age in completed years on your pension effective date.

If you have less than 25 years of contributory service, you must work at least 1,000 covered hours under your PEER pension agreement in the 24-month period ending just before your pension effective date.

A special rule applies if your bargaining unit negotiates into a higher PEER level. You only meet the 1,000-Hour Requirement for that higher level when you earn at least 1,000 PEER hours at the higher PEER level in the 24-month period just before your pension effective date. (Unless you have already ‘locked in’ your PEER coverage at an earlier date.)

Any covered hours you complete under a PEER pension agreement that are not within the 24-month period just before your pension effective date do not count toward meeting the 1,000-Hour Requirement. Covered hours that you work on or after your pension effective date do not count toward the 1,000-Hour Requirement.

PEER/84: You meet the 1,000-Hour Requirement for PEER/84 if you work at least 1,000 PEER/84 hours under a PEER pension agreement in the 24-month period ending just before your pension effective date. PEER/84 hours are covered hours for which your employer is required to make supplemental PEER contributions at the PEER/84 rate. Now you can "lock in" your PEER coverage once you have 25 or more years of contributory service.

PEER/82: You meet the 1,000-Hour Requirement for PEER/82 if you work at least 1,000 PEER/82 hours under a PEER pension agreement in the 24-month period ending just before your pension effective date. PEER/82 hours are covered hours for which your employer is required to make supplemental PEER contributions at the PEER/82 rate. Now you can "lock in" your PEER coverage once you have 25 or more years of contributory service.

PEER/80: You meet the 1,000-Hour Requirement for PEER/80 if you work at least 1,000 PEER/80 hours under a PEER pension agreement in the 24-month period ending just before your pension effective date. PEER/80 hours are covered hours for which your employer is required to make supplemental PEER contributions at the PEER/80 rate. Now you can "lock in" your PEER coverage once you have 25 or more years of contributory service.

You can choose to have your early retirement benefit under PEER start on the first of any month when you meet all PEER requirements. Keep in mind that under PEER you must meet the 1,000-Hour Requirement in the 24 months ending just before your pension effective date (unless you have already locked-in your PEER coverage at an earlier date).

Your pension cannot begin until you stop all work for covered employers and former covered employers, including non-covered employment. Click here for more information. Also see the rules about choosing your pension effective date.