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.Continue Reading
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.Learn more about Financial Planning