pension Fund Overview

The Teamsters Local 814 Pension Fund is designed to provide members with a steady monthly income after they retire.

When Participation Begins	You’re in after 1,000 hours of service. Your participation begins on the January 1 or July 1 after a 12-consecutive-month period in which you complete at least 1,000 hours of service in covered employment.
How Employment Counts	Your service determines your eligibility for, and the amount of, your benefit. The Plan generally recognizes all your industry employment, as long as it’s with an employer that contributes to the Plan. This “covered employment” counts two ways: as “pension credits” and as “vesting service.”
Pension Credits	Pension credits are used to determine your benefit amount and the type of benefit you’re eligible for. Once your participation begins, you generally earn one pension credit a year if you work 1,600 or more hours in covered employment. You may earn a partial year of pension credit if you work fewer than 1,600 hours in a year.
Vesting Service	Vesting service determines whether you have a right to a vested benefit if you leave before retirement, as well as whether a period of absence or reduced employment results in a “break in service.” You generally earn a year of vesting service for each calendar year in which you complete 1,000 hours of service.
Benefit Amount	Four factors determine the amount of your retirement benefit. The amount of your monthly pension will depend on the benefit level in effect when you retire, the contribution rate your employer contributes on your behalf, the type of benefit you’re eligible for, and the form of payment you elect.
Types of Pensions	There are seven types of benefits: Regular Reduced Service Early Vested Disability Reciprocal Generally, the type of benefit you receive depends on your age and pension credits when you retire from covered employment.
Forms of Payment	How your pension is paid depends on your marital status at retirement. If you’re married, your benefit will be paid as a Husband and Wife pension. With a Husband and Wife pension, your benefit is reduced so that after you die, half of your benefit may continue to your spouse for his/her lifetime. If your spouse dies before you, your benefit will “pop up”—or increase—to the benefit you would have received under a lifetime annuity. If you prefer, you may reject the Husband and Wife pension and elect a lifetime annuity instead, as long as your spouse provides his/her written, notarized consent. If you’re single, your benefit will be paid as a lifetime annuity with the guarantee that if you die before receiving 60 monthly payments, the remaining payments will go to your beneficiary. If you are married, you can elect the lifetime annuity if you receive your spouse’s written, notarized consent.
Surviving Spouse Benefits	Your pension is protected if you die before you retire. If you die after you qualify for a vested pension but before you retire, your surviving spouse could be eligible for a benefit from the Plan.

Contributing employers pay the full cost of coverage and make all contributions. Employee contributions are not required or allowed. Employer contributions are based on the rate(s) specified in applicable collective bargaining agreements.

Earning Pension Credit

You earn Pension Credits when you work in covered employment. The rules used to determine Pension Credits have changed over the years.

After January 1, 1976

If You Work This Many Hours in a Calendar Year…	You Earn This Amount of Pension Credit for that Calendar Year…
0 – 399	0
400 – 599	3/10
600 – 799	4/10
800 – 999	5/10
1,000 – 1,199	6/10
1,200 – 1,399	7/10
1,400 – 1,599	8/10
1,600 or more	1

For the Years 1962 – 1975

If You Work This Many Hours in a Calendar Year…	You Earn This Amount of Pension Credit for that Calendar Year…
0 – 399	0
400 – 799	1/4
800 – 1,199	1/2
1,200 – 1,599	3/4
1,600 or more	1

For the Years 1960 – 1961

If You Work This Many Hours in a Calendar Year…	You Earn This Amount of Pension Credit for that Calendar Year…
0 – 699	0
700 – 1,599	1/2
1,600 or more	1

For the Year 1959

If You Work This Many Hours in a Calendar Year…	You Earn This Amount of Pension Credit for that Calendar Year…
0 – 599	0
600 – 1,199	1/2
1,200 or more	1

Calculating the Regular Pension Benefit

Here’s the current schedule used when calculating Regular Pension benefits.

Contribution Rate (per Hour)	Effective Date of Contribution Rate	Monthly Pension for 25 Pension Credits	Additional Amount per Pension Credit over 25 Credits
$2.05	April 1, 1995	$1,125.00	$45.00
$2.15	April 1, 1995	$1,190.00	$47.50
$2.20	April 1, 1995	$1,225.00	$49.00
$2.45	April 1, 1996	$1,225.00	$49.00
$2.10	January 1, 1997	$1,160.00	$46.50
$2.15	January 1, 1997	$1,190.00	$47.50
$2.45	April 1, 1998	$1,325.00	$53.00
$0.755	June 1, 1999	$ 411.00	$9.50
$0.785	June 1, 1999	$ 424.50	$10.50
$0.805	June 1, 1999	$ 434.50	$11.00
$0.855	June 1, 1999	$ 456.50	$13.50
$1.70	June 1, 1999	$ 928.00	$37.50
$1.80	June 1, 1999	$ 974.00	$39.00
$1.90	June 1, 1999	$1,011.00	$40.50
$2.05	June 1, 1999	$1,125.00	$45.00
$2.10	June 1, 1999	$1,160.00	$46.50
$2.15	June 1, 1999	$1,190.00	$47.50
$2.20	June 1, 1999	$1,225.00	$49.00
$2.35	June 1, 1999	$1,325.00	$53.00
$2.80	June 1, 1999	$1,360.00	$54.40
$3.15	June 1, 1999	$1,500.00	$60.00
10% increase	July 1, 2001	To all rates stated above	For active participants only

Plan Information

Plan Name	Teamsters Local 814 Pension Fund
Plan EIN	11-623-435-8
Plan Number	001
Plan Year	January 1 – December 31
Type of Plan	Defined benefit plan
Plan Administrator	Board of Trustees

Announcements

There are no announcements for this Fund at this time.