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Important News – Read More below!
33% Pension Bonus Granted for Service in Years 2021 – 2023!
We are Still a Green Zone Plan!
Personal Benefit Statements for 2022 hours were mailed in late May.
The Western Conference of Teamsters (WCT) Pension Plan was established in 1955 through collective bargaining between labor and management. Today your Plan is the largest area-wide multiemployer pension plan in the United States. It covers 223,000 active participants through pension agreements negotiated by local unions with more than 1,400 employers nationwide. Find answers to common questions about the WCT Pension Plan for prospective participants and employers.
This Actuarial Certification with Explanation and 2023 Funding Certification (required by the Pension Protection Act) states that the WCT Pension Plan remains in the "green zone" for 2023.
Letters from the Trust Chairmen
In his letter dated October 31, 2022, the new Employer Trustee Chairman introduces himself to the WCTPT contributing employer community.
In a letter to Contributing Employers dated May 25, 2023, the Employer Chairman reports that the Plan continued to thrive in 2022, as Plan funding levels continued to improve, and unfunded vested benefit liability remains eliminated during 2023. Plan metrics improved in numerous other areas, and the Trust is very well positioned for further success in the future.
In a letter to Participating Local Unions dated April 28, 2023, the Union Chairman explains that despite negative capital markets in 2022, the Plan continues in the Green Zone and has done remarkably well. It has attained new highs in benefits paid, employer contributions, and PPA Funded Percentage. In addition, the Plan has no unfunded vested benefit liability as of December 31, 2022 – the Plan is effectively fully funded for 2023. Active Plan participants grew for the 9th consecutive year, while the Plan remains positioned for continued strong future growth.
33% Pension Bonus Granted for Service in Years 2021 – 2023
The Trustees have granted a special three-year 33% pension bonus under the Plan’s contribution account benefit formula for each of the years 2021, 2022, and 2023, increasing the benefit percentage from 1.2% to 1.6% of contributions for those three years. Therefore, Plan participants will earn a higher pension for every hour of covered work for 2021, 2022, and 2023. This is on top of the 25% pension bonus granted for covered work in 2020 at the accrual rate of 1.5% of contributions. The Trustees were pleased to grant this additional bonus in light of the Plan’s continued funding improvements and accelerated path toward its funding targets.
- Click here to see the specific benefit percentages that apply to each year of covered employment from 1987 forward.
- Click here to see the Buying Power of Bonus Accruals for work in 2021 – 2023 using a comparison of 1.2% vs. 1.6% for common contribution rates.
- Click here to see the Cover Letter from the Trust Co-Chairmen reflecting on the past year and introducing the package of information sent to all Plan members in April 2021, including recent Plan improvements.
Personal Benefit Statements are mailed in late May to the homes of participants who worked 250 or more covered hours in the previous year and have a current address on file. If you do not receive one, contact your Administrative Office and verify your mailing address. Click here to see a sample statement.
A new actuarial study commissioned by the largest multiemployer plan in the country, the Western Conference of Teamsters Pension Plan, found that the GROW Act would harm workers, retirees, and the Pension Benefit Guaranty Corporation (PBGC). Read the full press release.
Retirees and beneficiaries can log in to their WCT Prudential accounts for 24-hour access to benefit payments. At this site, they can update direct deposit and tax elections, view and print tax documents and more.