Important News – Read More below!
Bonus Accrual Rate Extended for Years 2024 – 2025!
Child Survivor Benefit Expanded! • We are Still a Green Zone Plan!
The Western Conference of Teamsters (WCT) 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 223,000 active participants through pension agreements negotiated by local unions with more than 1,400 employers nationwide. Find answers to common questions about the WCT Pension Plan for prospective participants and employers.
Our Latest Actuarial and Financial Reports are Available Now!
Major Benefit Improvements Approved for 2024 and 2025
Building on the strong investment results of 2023, the Trustees of the Western Conference of Teamsters Pension Trust approved major benefit improvements at their January 2024 Board meeting.
NEW Bonus Accrual Rate Extended Through 2025
Effective January 1, 2024, the WCTPT Trustees approved an extension of the 1.6% bonus accrual rate through December 31, 2025. This accrual rate applies to all participants regardless of the years of service the participant has earned. The accrual rate will return to 1.2% as of January 1, 2026. The accrual rate for earning non-contributory service remains at 1.2%.
Click here to see the Buying Power of Bonus Accruals for work in 2021 – 2025 using a comparison of 1.2% vs. 1.6% for common contribution rates.
NEW The Child Survivor Benefit Was Recently Expanded
Effective July 1, 2024, the WCTPT Trustees will extend the survivor benefit to include dependent children up to age 22. Currently the survivor benefit is payable to dependents up to age 18.
Also, the child survivor benefit is being expanded to cover units at a basic contribution rate of $0.10 or higher so that the Teamster family of an eligible participant with an average contribution rate from $0.10 through $0.99 can qualify for a benefit of $1,000 per month.
For units at an average contribution rate of $1.00 or higher, an eligible participant’s family can qualify for a child survivor benefit of $2,000, double the current maximum monthly amount per family.
These changes all apply to families of participants who die on or after July 1, 2024.
Enrolled Actuary's 2023 Letter on Plan Funding Status
This Actuarial Certification with Explanation and 2023 Funding Certification (required by the Pension Protection Act) states that the WCT Pension Plan remains in the "green zone" for 2023.
Letters from the Trust Chairmen
NEW Letter from Employer Chairman
In a letter to Contributing Employers dated May 6, 2024, the Employer Chairman announces that the Trust has established a $31.9 billion dedicated bond portfolio designed ensure retirement security for more than 240,000 retirees and beneficiaries through 2053. Strong investment returns in 2023 along with prudent financial management allowed the Trustees to make this strategic decision as well as benefit improvements for current participants.
NEW Letter from Union Chairman
In a letter to Participating Local Unions dated May 1, 2024, the Union Chairman outlines the challenges faced by the Trust in 2023 as well as the solutions implemented by the Trustees and service providers. Financial gains in 2023 offset losses in 2022, and the Trust’s strong financial position allowed the Trustees to improve benefits for current members and provide additional retirement security for more than 240,000 current retirees and beneficiaries.
Website for Retirees and Beneficiaries
Retirees and beneficiaries can log in to their WCT Prudential accounts for 24-hour access to benefit payments. At this site, they can update direct deposit and tax elections, view and print tax documents and more.
Go Paperless! By opting-in for electronic communications through the Plan Member portal, you can reduce clutter around your home and help the Plan save money on rising postage and paper costs. Once logged in to the portal, click on the Preferences tab to make your opt-in election.