Q:

What is the pension for a member of the Teamsters union?

A:

Quick Answer

Members of the Teamsters have multiple options when it comes to choosing their pensions, as the Teamsters website explains. Among the options available to retiring Teamsters are multi-employer, single-employer, 401(k) and defined contribution plans.

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Full Answer

In a Teamsters multi-employer pension plan, all contributions are made by the employer, and the ultimate benefit increases the longer the union member continues to work, according to the Teamsters. A single-employer plan is a traditional pension typically chosen by a Teamster who has worked for one company for a very long time. Typically considered an addendum to a more traditional employer-sponsored plan, a 401(k) plan involves contributions from both the employer and employee. In a defined contribution plan, an employer routes a defined amount of money from each employee paycheck to the pension plan, then provides some matching funds.

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