United Food and Commercial Workers pension plans consist of the UFCW National Pension Fund located in Frankfort, Illinois; the UFCW Consolidated Pension Fund located in Atlanta, Georgia; and the UFCW Midwest Health and Pension Fund located in Rosemont, Illinois. These funds provide pension benefits to workers who belong to the United Food and Commercial Workers International Union. Over 60,000 retired pensioners and their beneficiaries receive benefits from the national fund alone, notes the UFCW National Pension Fund.Continue Reading
The UFCW pension funds are employer-funded defined benefit plans. The funding of these plans has been contingent upon the collective bargaining agreements made between the union and the participating employers. As of December 2015, in addition to the pensioners and their beneficiaries, there are over 100,000 active participants. More than 60 local unions participate in the plan, and there are more than 500 contributing employers in the national plan, explains the UFCW National Pension Fund.
A participant in these plans makes no contributions, thus he can make no withdrawals from the plans. The participant has no individual pension fund account. His rights consist of an entitlement to receive a pension provided he achieves the age eligibility requirement and the years of service requirement. Service in any of the UFCW plans can be combined with another UFCW plan if reciprocal agreements are in place, as described in the UFCW Summary Plan Description.Learn more about Financial Planning