Five-Year Average Contribution Rate for  

Social Security Supplement Effective 10/1/2010

As an incentive for Participants to remain in Covered Employment until at least age 62, a temporary Social Security Supplement will be paid to eligible Participants, as set forth below.

Eligibility

A Participant is eligible to receive a Social Security Supplement under section 6.11 of the Rules and Regulations if he:

(i) meets the General Eligibility Requirements of Section 6.01 of the Rules and Regulations; 

(ii) has at least 30 years of Contributory Pension Credit;

(iii) earned at least one Hour of Service in each of the twelve (12) months preceding his Effective Date or earned at least 1,800 Hours of Service during the twelve (12) months preceding his Effective Date;

(iv) has a five-year average Contribution Rate of at least $5.00 at the time of his application for a pension on September 30, 2010; the required five-year average Contribution Rate will increase by 10% for each Calendar Year after 2010 (See Chart Below);

(v) worked under a Collective Bargaining Agreement that conforms to the Maintenance of Benefits Requirements and Section 6.09(d), if applicable;

(vi) has not elected a Disability Pension under Article VII;

(vii) has attained age 62, but has not attained Normal Retirement Age.

The chart below sets forth the minimum average contribution rates for each year of retirement from 2010 thru 2019. All hours of service in a calendar year are used in determining the average contribution rate for that year. In general, the five test years are the last year in which the participant works in Covered Employment and the four preceding years in which he has earned pension credit. 


Social Security Supplement Effective 10/1/2010 5-Year Average 

Rate 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Average $5.00 $5.50 $6.05 $6.66 $7.33 $8.06 $8.87 $9.76 $10.74 $11.81

 

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United We Stand

2005 New England Teamsters & Trucking Industry Pension Fund
1 Wall Street, Burlington MA, 01803-4768

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