Important News – Read More below!
Bonus Accrual Rate Extended for Years 2024 – 2025!
Child Survivor Benefit Expanded!
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.
Major Benefit Improvements Approved for 2024 and 2025
Building on the strong investment results of 2023, the Trustees of the Western Conference of Teamsters Pension Trust approved major benefit improvements at their January 2024 Board meeting.
NEW Bonus Accrual Rate Extended Through 2025
Effective January 1, 2024, the WCTPT Trustees approved an extension of the 1.6% bonus accrual rate through December 31, 2025. This accrual rate applies to all participants regardless of the years of service the participant has earned. The accrual rate will return to 1.2% as of January 1, 2026. The accrual rate for earning non-contributory service remains at 1.2%.
Click here to see the Buying Power of Bonus Accruals for work in 2021 – 2025 using a comparison of 1.2% vs. 1.6% for common contribution rates.
NEW The Child Survivor Benefit Was Recently Expanded
Effective July 1, 2024, the WCTPT Trustees will extend the survivor benefit to include dependent children up to age 22. Currently the survivor benefit is payable to dependents up to age 18.
Also, the child survivor benefit is being expanded to cover units at a basic contribution rate of $0.10 or higher so that the Teamster family of an eligible participant with an average contribution rate from $0.10 through $0.99 can qualify for a benefit of $1,000 per month.
For units at an average contribution rate of $1.00 or higher, an eligible participant’s family can qualify for a child survivor benefit of $2,000, double the current maximum monthly amount per family.
These changes all apply to families of participants who die on or after July 1, 2024.
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.
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.
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.
Go Paperless! By opting-in for electronic communications through the Plan Member portal, you can reduce clutter around your home and help the Plan save money on rising postage and paper costs. Once logged in to the portal, click on the Preferences tab to make your opt-in election.