Retirement benefits from UFCW are Taft-Hartley trust fund payments made to vested United Food and Commercial Workers labor union members. Employers pay into the UFCW pension plan, and monthly payments are given to workers upon reaching age 65. Plan participants younger than 65 may receive UFCW retirement benefits, provided they are disabled and meet certain requirements, according to the UFCW National Pension Fund.Continue Reading
Paid through the National Pension Fund, UFCW retirement payments are higher before a retiree receives Social Security benefits. Individual UFCW benefits are calculated according to a formula that considers current age and the age at which Social Security benefits may begin. UFCW pension plans do not pay survivor benefits, states the UFCW National Pension Plan.
The Taft-Hartley Act, also known as the Labor Management Relations Act of 1947, imposes procedural standards upon unionized employees and the employers who pay into UFCW and other union retirement funds, according to the National Labor Relations Board.
The United Food and Commercial Workers International Union represents more than one million workers in the United States and Canada. Workers protected by the union include health care workers, meat packers, food processors, agriculture workers and workers in the textile industry. As of August 2013, the UFCW is affiliated with the American Federation of Labor and Congress of Industrial Organizations trade union, says the National Labor Relations Board.Learn more about Financial Planning