To qualify for a pension from the Western Conference of Teamsters, an individual must work for an organization that contributes to the plan. Collective bargaining agreements determine if an employee is eligible for coverage by a contributing employer.Continue Reading
The Western Conference of Teamsters Pension Plan is a large multi-employer pension plan, but it is not available to all teamsters. Another retirement option is the Teamsters National 401(K). To qualify for this plan, a teamster must be working regular hours for an employer that has agreed to participate in the plan.
Employees who are already employed by an organization that signs a participation agreement are eligible to participate in the 401(K) immediately. New hires to the organization are eligible after 30 days of employment. This plan is managed by Prudential, and eligibility information is listed under "plan highlights" of the Teamsters National 401(K) page on the Prudential website.
Teamsters may also qualify for retirement plans from the company that they work for or may be covered under a defined contribution plan. An example of the latter is offered by United Parcel Service. Full-time employees may contribute up to 13 percent of their gross income on up to 45 hours of work per week to the fund, and UPS matches the first 3 percent of pre-tax contributions.Learn more about Financial Planning