The United Food & Commercial Workers International Union Industry Pension Fund administers a national retirement plan that provides benefits for members of 60 local unions working for 500 contributing employers. Plan options include full retirement at age 65 or early retirement with reduced benefits for workers who are at least 55 years of age and have 10 years of vested service, according to the UFCW Pension website.Continue Reading
The UCFW National Pension Fund allows members to choose between a regular retirement benefit and the Level Income Option, which offers increased benefits at the beginning of retirement and a lower amount once the retiree begins receiving Social Security benefits. It is designed to provide a minimum monthly benefit when both sources are taken into account, according to the National Pension Fund. Exact details of the plan depend on age at retirement, projected age when Social Security benefits begin, and plan balance. The Level Income Option does not provide a survivor benefit.
Workers employed at UCFW union stores that don't participate in the National Pension Fund may be able to combine or transfer service to the National Pension Fund under reciprocal arrangements with the local union, according to the National Pension Fund. Find details at Ufcwnpf.org.Learn more about Financial Planning