25% Pension Bonus Granted for Service in 2020! – See News Below.
We are Still a Green Zone Plan!
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 215,000 active participants through pension agreements negotiated by local unions with more than 1,400 employers nationwide. Read more about the Trust.
NEW 25% Pension Bonus Granted for Service in 2020
The Trustees have granted a special one-year 25% pension bonus under the Plan's contribution account benefit formula for the year 2020, increasing the benefit percentage from 1.2% to 1.5% of contributions for that year. Therefore, Plan participants will earn a higher pension for every hour of covered work for 2020. The Trustees were pleased to grant this bonus in light of the Plan’s recent funding improvements and accelerated path toward its funding targets.
NEW Letters from the Trust Co-Chairmen
In a letter to Participating Local Unions dated January 23, 2020, the Union Chairman announces the steps taken by the Plan Trustees and professional staff to make the Plan stronger and more secure in the decades ahead, while at the same time increasing Plan participants’ retirement benefits for work performed in 2020 and providing greater choices for retired participants.
In a letter to Contributing Employers dated January 17, 2020, the Employer Chairman announces several actions taken by the Trustees and professional staff to ensure the Plan’s standing as the paramount program of its type by improving funding security, increasing benefits for work performed by employees in 2020, and adding flexibility to post-retirement work rules.
This Actuarial Certification with Explanation and 2019 Funding Certification (required by the Pension Protection Act) states that the WCT Pension Plan remains in the "green zone" for 2019.
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.
Now 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.