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


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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