Important News – Read More below!
33% Pension Bonus Granted for Service in Years 2021 – 2023!
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 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.
NEW 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.
This Actuarial Certification with Explanation and 2021 Funding Certification (required by the Pension Protection Act) states that the WCT Pension Plan remains in the "green zone" for 2021.
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.
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.
UPDATED IMPORTANT MESSAGE ABOUT COVID-19
Due to the COVID-19 outbreak, our local union offices and WCTPT Administrative Offices remain closed to in-person interviews with participants. WCTPT representatives are available over the phone Monday-Friday, 8:00 a.m.-5:00 p.m. PDT at 1-800-531-1489 to answer any questions or to schedule an interview over the phone, by video streaming services, or email. Regular benefit processing continues to be performed. Watch this site for news about office reopening dates when they are established.