Exciting announcement today from the Western Conference of Teamsters Pension Trust!
The Union Chair of the fund, Chuck Mack, announced that as the result of the fund’s excellent financial performance and sound economic footing, the annual accrual rate (which is one of the calculations used to increase your monthly pension rate on retirement) has been increased from 1.2% to 1.6%. The increase is retroactive to January 1st of 2021 and will remain at that level for the balance of 2021, all of 2022 and through the end of 2023 when it will return to 1.2%, barring any further action of the Trustees at that time.
This accrual rate increase was unanimously approved by the Trustees of the Western Conference of Teamsters Pension Trust – including our own Local 174 Secretary-Treasurer Rick Hicks and Local 763 Secretary-Treasurer Scott Sullivan, who are Joint Council 28’s two represented Trustees on the fund. The WCTPT is currently funded at a little over 92%, making it one of, if not the, strongest multi-employer pension fund in the nation.
This bonus accrual rate will lead to meaningful increases in your retirement. If you work the maximum hours for the entire three years at the new 1.6% accrual rate, you could realize an increased benefit of approximately 33% more each month than you would have earned over that same period if the rate had stayed at 1.2%. In other words, working those three years would be the equivalent of working four years at 1.2%.
Congratulations to all Local 174 members who participate in the fund!