Teamsters retiring after January 1. 2004 can no longer count on the standard 30-and-out at $3,000 pension with $100 per year worked after 30. Instead they will get a smaller amount based on a complicated formula that counts years worked before January 1 and years worked after differently. Those who retire after November 18, 2003, and are under 57, will have to pay $510 per month ($1,020 per couple) for health and welfare.
Those who retire after December 31, 2004 will not be eligible for any retiree coverage until age 57.
Those retiring over age 57 will pay an amount based on age at retirement.
For those already retired, monthly premiums for H&W will be increased $50 ($100 for couples) every year.
This is an enormous burden on retirees and will make early retirement difficult or impossible for many Teamsters.
CS H&W:
Under 57 - $510.00 single - $1020.00 Spouse
Age 57 $255.00 $510.00 Spouse
Age 58 $230.00 $460.00 Spouse
Age 59 $205.00 $410.00 Spouse
Age 60 $180.00 $360.00 Spouse
Age 61 $155.00 $310.00 Spouse
Age 62+ $130.00 $260.00 Spouse
Monthly cost with at least 30 year pension.
In future years, the monthly contribution for Retiree Health Plan participants will increase an additional $50.00 per person each year ($100.00 for member and spouse) unless the amount is changed by the Trustees.