Pension Fund Overview
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The New England Teamsters Pension Fund was established in 1958 to provide income in retirement to eligible participants. An eight-member Board of Trustees manages the Fund; four Trustees represent Labor and four Trustees represent Management. The Fund Office staff, located in Burlington, MA administers the Fund under the direction of the Executive Director Edward Groden and the Fund Manager Charles Langone. The Fund is qualified under ERISA and is a multi-employer plan.
|Union Trustees||Employer Trustees|
|David W. Laughton, Co-Chairman||Frank Keller, Co-Chairman|
|Sean M. O'Brien||Dennis McGuire|
|Dave Lucas||Robert Schaeffer|
The Fund is an Employer-Financed Plan. It accepts contributions from Contributing Employers on behalf of their employees covered under collective bargaining agreements. No contributions from employees are allowed. The contribution rates are negotiated and determine the level of benefit earned.
You earn Contributory Credit for hours worked in covered employment during the contribution period. Working at least 1,800 hours in a calendar year earns 12 months of pension credit. Working less than 1,800 hours earns months of Pension Credit according to the Table 14 in the Tables section of this Website. Generally, Pension Credit is capped at 25 years in determining a participant's benefit amount. However, for eligible participants who have been working under contribution rates that have progressed from $2.66 to $3.76 per hour since 1994, the amount of Credit is capped at 33 years.
One year of Vesting Credit is earned for each calendar year you work at least 750 hours. You become fully vested in a pension after earning 5 years of Vesting Credit provided you were a Participant in the fund as of January 1, 1990 or later. If you were not a Participant in the Fund as of January 1, 1990 or later, you must earn 10 years of Vesting Credit to be fully vested.
Normal Retirement Age means age 64 or, if later, the age of the Participant on the fifth anniversary of the time the Participant commenced participation in the Plan.
Based on a 2003 Plan amendment, the early retirement age for an active members is age 55 with at least 15 years of Pension Credit. The amount of monthly pension benefit will be your normal age 64 value reduced by a certain percentage as described in Table 2, Table 3 and Table 4, in the Tables section of this Website.
Note: Effective 7/31/2005 benefit accruals were frozen at your contribution rate in effect as of 7/31/2005. Each year of accural will be frozen at that value until further notice. You earn a benefit accrual for Pension Credit earned at a contribution rate . Table 17 in the Tables section of this Website shows the monthly benefit accrual earned for each year of Pension Credit at contribution rates starting with 0.15¢ per hour. These benefit accruals are payable in full at age 64 or at a reduced amount upon early retirement.
Benefit Example #1
10 years of Pension Credit at the $1.24 contribution rate (Benefit Accrual $61.80)
10 years of Pension Credit at the $1.76 contribution rate (Benefit Accrual $100.15):
10 years x $ 61.80 Benefit Accrual = $618.00 10 years x $100.15 Benefit Accrual = + $1,001.50
Payable at age 64 =
Benefit Example #2
5 years of Pension Credit at the $1.24 contribution rate (Benefit Accrual $61.80)
5 years of Pension Credit at the $1.76 contribution rate (Benefit Accrual $100.15)
15 years of Pension Credit at the $2.26 contribution rate (Benefit Accrual $144.50):
5 years x $ 61.80 Benefit Accrual = $309.00 5 years x $100.15 Benefit Accrual = + $500.75 15 years x $144.50 Benefit Accrual = + $2,167.50
Payable at age 64 =
You may receive Past Service Credit for your period of employment prior to the date your employer became a Contributing Employer to the Fund. For each year of Contributory Credit earned during the contribution period, you will receive two years of Past Service Credit. The benefit accrual earned for each year of Past Service Credit will be based on the initial contribution rate(s) negotiated in the first contract requiring contributions to the Fund. The benefit accrual for each year is subject to a minimum of $19 per month and a maximum of $37 per month.
A higher level of pensions is available at higher levels of contributions for active members. For example, Plan C Special Service Pensions pay a monthly benefit of $2,000 at any retirement age with 25 years of Contributory Credit and a monthly benefit of $3,000 at any age with 30 years of Contributory Credit. Plan C Special Service Pensions increase with additional age and Contributory Credit to a maximum benefit of $4,200 per month.
In retirement the Fund pays monthly benefits to pensioners for their lifetime. Each pensioner has the option to receive an adjusted monthly pension to provide a pension to a spouse in the event the pensioner dies before his/her spouse. The pensioner can elect a continuation percentage of 50%, 75% or 100%. This option is also available with a pop-up feature that restores the original pension amount in the event that the spouse dies before the pensioner. Another pension payment election guarantees that 120 months of pension payments would be made.
If you become disabled, as certified by the Social Security Administration, you qualify for a disability pension as long as you have earned at least 10 years of Pension Credit and are considered actively working in covered employment at the onset of your disability. The amount of your disability pension is your vested benefit accrual at the time of your disability adjusted for early commencement.
If you are married and die before retirement after becoming eligible for a vested benefit, your qualified surviving spouse will be eligible for a pension. The surviving spouse pension will begin either at the same time you would have been able to collect a pension or immediately following your death if certain service requirements are met. If you are considered actively engaged in covered employment at the time of death, your surviving spouse will automatically receive the same benefit amount that you would have received had you elected the 100% Husband and Wife Form of payment.
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England Teamsters & Trucking Industry Pension Fund
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