Retirement2018-08-13T05:09:11+00:00
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Retirement

Medical Benefits
Grievances
Dues
Retirement

Pension:

Many Teamster Local 665 Members, are provided a Retirement benefit with what is known as a Defined Benefit Pension Plan. Through negotiations, Local 665 members (If provided in the Labor Agreement between the Union and your Employer) are eligible to receive a retirement benefit when they reach retirement age. This defined benefit pension is administered by:

Western Conference of Teamsters Pension Trust Fund (WCTPT)

The Western Conference of Teamsters Pension Trust (WCTPT) was established in 1955 through Contract negotiations between Labor and Management. This Plan is currently the largest multi-employer pension plan in the United States. It covers 200,000 active participants through pension agreements negotiated by Teamster Local Unions with more than 1,400 employers predominantly in 13 Western states.

In most cases (through Teamster Union negotiations) Pension contribution rates are provided in the terms of your Labor Agreement. Under a defined benefit pension, your Employer is contractually obligated to contribute into your pension account, the negotiated rate for all regular hours worked up to an annual maximum of 2080 hours per year.

You should consult your Labor Agreement to determine if you have Western Conference of Teamsters Pension Trust contributions being made on your behalf by your employer.

To access these benefits and to determine contributions, contact the pension office at:

The Western Conference of Teamsters Pension Trust

Northern California Area Administrative Office

1000 Marina Boulevard, Suite 400

Brisbane, CA 94005-1841

(650) 570-7300 or toll-free (800) 845-4162

You May also access the Pension Office at:

http://www.wctpension.org

SIP 401K:

Some Labor Agreements provide a Supplemental Income Plan 401K

A 401K is a defined contribution plan offered by a Employers to employees, which allows you the member to set aside tax-deferred income for retirement (Your money from your paycheck put into your personal 401k plan account). and in some cases employers will match their contribution as negotiated through the Union/Employer Contract. In most cases you are permitted to access funds from your account, before a specified age of retirement. Taking funds before retirement age will trigger a penalty tax. You may generally borrow (usually up to one half 1/2) funds from this account and pay back these funds to your account with interest.

To contact the Teamster SIP 401k to enroll and to determine benefits,

SIP – Plan Representatives (800) 477-3829

Online Services: www.sip.jhrps.com

Participant Service Center 1 800-560-3242

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