Local 727 Benefit Fund Trustees Approve 10% Increase to Pension Accrual
Current members of Teamsters Local 727 whose employers participate and contribute to the Funeral Industry pension plan or the Parking Industry pension plan, thanks to their union contract, will soon be seeing a 10% increase in their pension accrual.
Presently, employees who are eligible to receive a Parking Industry pension, once vested, qualify for a $50 accrual per pension credit (in other words, $50 for each full year of service worked). The Trustees have now approved a 10% increase to this accrual rate. Going forward, employees who retire after July 1, 2017, and who work at least 200 hours in covered employment will now receive a $55 pension accrual for each full year of service upon retirement.
Likewise, Funeral Industry employees who are eligible to receive a pension, once vested, currently qualify for a $100 accrual per pension credit. Effective July 1, 2017, Funeral Industry employees who work at least 200 hours in covered employment will now receive a $110 pension accrual for each full year of service upon retirement.
“Due to the hard work of your union in securing a Teamster contract, many of the 727 members participate in these pension plans,” said John Coli, Jr., Secretary-Treasurer of Local 727. “I am proud of this action by the Trustees because this increase in pension benefits helps guarantee a better retirement for our members.”
Category: BENEFIT FUNDS, RESOURCES
