Pension Coverage Members of Local 348 are eligible for pension programs. Some members are covered by plans provided by the employer. Some members are covered by a 401(K) plan. Other members are covered by the Teamsters Central States Pension Fund, funded by the employer and jointly administered by union and employer trustees.
The Central States Pension Fund is a by-product of the collective bargaining process. Through this process both labor and management agreed that those who have given years of their lives to their work have earned the right to retire with a pension that provides them with a steady source of income. Pension benefits are in addition to any Social Security benefits you may receive. Pension benefits are based on contributions made, number of years in the pension plan, and your age at retirement. For more information, contact:
Thanks to Teamster unity, our members are able to retire at a younger age and with better benefits than ever before. Teamster members have the opportunity to improve their retirement standard of living while lowering their tax burden.Some members are covered by a national agreement and may be eligible for the Teamsters National 401K Savings Plan. Those not covered by a national agreement may be eligible for the Teamsters 401K Plan. We urge you to participate and take advantage of these plans and their many benefits.