March 1995
TO: Participating Employers
FROM: Office of the Administrative Manager
RE: Enhanced Methods of Pension Reporting
This is the second in a series of Information Bulletins issued to assist employers in submitting monthly Pension reports and in understanding other aspects of the administration of the Western Conference of Teamsters Pension Trust.
An excellent means of streamlining the Pension reporting procedure is to utilize one of the computerized/magnetic media that the Trust now accepts. By submitting required data on either magnetic tape, cartridge or diskette, substantial savings can be realized. Instead of filling out the Trust's reporting forms, you may send all information by tape, cartridge or diskette. The formatting specifications to set up magnetic media pension reporting are available from your Administrative Office. Please contact us if you have any questions in this regard.
Also available to facilitate your Pension reporting are a variety of reporting form formats. The order of Employee Names preprinted on the forms may be sorted as follows:
- Employee Name
- Social Security Number
- Social Security Number order within Plant
- Social Security Number within Local Union
- Name within Plant (or Location, Department, etc.)
- Name within Subcode (Location, Department, etc.)
- Subcode order within Plant
These options are provided for your convenience, so that you may have the pension report sorted in the same format as your payroll records. If you would like your current format changed, please notify your Administrative Office.
Another set of options involves the preprinting of the total amount due per employee. If the majority of your reported employees are regularly compensated for full-time hours, and your labor agreement contains a monthly maximum contribution, it is beneficial to have the totals preprinted. Set forth below are some examples of the most common methods for reporting monthly maximums. Remember, your labor agreement must always be taken into consideration in determining your reporting method.
- A flat amount equivalent to 173 hours times the contribution rate, known as the calendar month basis.
- For a Friday or Saturday ending weekly payroll, an amount equal to 160 or 200 hours times the contribution rate (depending on the number of Fridays or Saturdays in the month), known as the payroll month basis. Typically, each calendar quarter contains a combination of 4 week and 5 week reporting months.
Note that total amounts due do not preprint after expiration of your labor agreement.
Your consideration of this information is appreciated. If you would like to institute one of these options, please contact the accounting supervisor in your Administrative Office. This Bulletin should be retained for future reference.