Q:

Who qualifies for Teamsters pensions?

A:

Quick Answer

As Teamsters is a trade union, an individual must be a member of the union in order to qualify for one of the many pension plans that are on offer. Once an individual is a Teamsters member, they are eligible to join any number of the existing plans in place as well as receive the standard benefits that come with joining the union.

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Full Answer

Teamsters pension plans are varied, ranging from single employer to multi-employer plans, each with different benefits.

Multi-employer plans include thousands of participants, and are negotiated by the union with a large amount of employers, which provides retirement cover for all union members across a variety of states and organizations.

Single employer plans cover all union members working for one employer in particular, usually a large company that has many union members as employees.

Being a member of the union, and having access to the Teamsters pension and retirement schemes has a number of advantages. Firstly, the union is often able to get better schemes for employees as a result of it's collective bargaining power. Secondly, even if a member chooses to leave the union and join another, any existing IAM scheme the individual joined while in the Teamsters remains viable in the future.

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