Teamsters Joint Council No. 83 of Virginia
Health & Welfare and Pension Funds
Pension Fund
The Teamsters Joint Council No. 83 of Virginia Pension Plan is a multiemployer Taft-Hartley trust, administered by a board of trustees of union and management representatives. The Fund was established in 1957.
The Pension Plan is a defined benefit plan with benefits paid monthly over the participant's lifetime (an annuity). It is not a defined contribution plan. There is no individual account with investment earning and losses in the participant's name. Lump sum payments are not permitted.
Summary Plan Description
Earning Benefit Accrual Service
If you are actively working, contributions paid under the Collective Bargaining Agreement are used to determine your hours of service under the Plan. You will be credited with 45 hours of service with each week of contributions paid and/or 10 hours each day paid.
Service accrues on a calendar year basis (January 1 through December 31). Vesting Service (VS) determines your right to a pension. Benefit Accrual Service (BAS) determines the amount of your pension.
Your service accumulates as shown in the table below.
| Hours of Service in a Calendar Year | Benefit Accrual Service (BAS) Earned |
|---|---|
| 1575 or more (at least 35 weeks) | 1.00 year BAS |
| 1170 – 1574 (at least 26 weeks) | .75 year BAS |
| 900 – 1169 (at least 20 weeks) | .50 year BAS |
| 501 – 899 (at least 12 weeks) | .25 year BAS |
Pension Schedules by Current Contributing Employer
If you are an active employee and would like to view your pension benefit schedule, select your employer from the menu below.