Teamsters' pension plans are investment funds that allow employees to receive a pension check when they retire after working for a particular number of years based on certain vesting requirements, explains the Teamsters Union. Those who choose multiple pension plans are eligible to obtain a check from each pension plan.Continue Reading
As of 2015, members of the Teamsters Union may select from hundreds of pension plans and retirement benefits, notes its website. After members determine the appropriate pension programs that meet their retirement needs, the next step is to reach an agreement with employers.
The Teamsters Union offers multi-employer pension plans, such as the Western Conference of Teamsters Pension Plan, which involves coverage contributions from employers and features increasing benefits correlating to the years of service of participants under covered employment, states its website. With more than 230,000 participants and up to 5,200 employers, the Teamsters Union provides the biggest multi-employer pension program in the United States.
The single-employer plan involves contributions from only one employer per participant, while the 401(k) savings plan requires an employer's agreement to participate before members can join, according to the Teamsters Union. The defined contribution plan enables a company to put 13 percent of an employee's total weekly income into a Fidelity Investment-run individual account. The Teamsters Union has pension analysts who assist employees in selecting the best pension program.Learn more about Financial Planning