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Teamster Members Retirement Plan

Jaloc said:
https://www.teamstermrp.org/

https://www.teamstermrp.org/media/1005/tmrp-marketing-brochure-prtrr.pdf

Why are we all not signed up for this pension plan that you contribute to yourself through payroll deduction?
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Interesting,...........But,..their brochure says they "do not rely on the troubled Pension Benefit Guaranty Corporation.." They are a defined-benefit Plan. I thought, to get a defined-benefit plan, you'd have to accept Department of Labor rules, and file with PBGC.

Looking at the DOL.GOV web site, it appears that certain defined-benefit plans can immediately vest any participant. If this Plan has been available to.......ANY Teamster, through membership,....since 1950,.......then that is a Good Question as to why we aren't all signed up to this Plan.....

Anyone participating in this Plan ever file a Form 5500 to see how this Plan operates? If it is as good as it says,....why is it the most under-presented Plan the Teamsters have? You would think, with a Plan this good,.....they'd've been crowing about it for years.......

I was a Teamster since 1975,.....This is the first I ever heard of this Plan........In spite of them being available to Teamsters since.....1950.
 
816cliff said:
Are You talking about the Teamsters National 401k. If so Go to www.prudential.com/online/retirement.
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I don't think he is. The Teamsters 401(k) is a defined-contribution fund,...whereas the brochure for this Fund states they are a defined-benefit plan.

On Page 4 of their brochure is a chart of contribution levels and total benefits paid out as a lifetime check. It appears you get more money overall than what you paid in. And they talk about an 80% funding level.

Frankly, I'm flabbergasted........42 years in the Teamsters,....and this is the first time I've ever seen anything mentioned about this Fund,....in spite of their brochure saying they've been operating since 1950.
 
canaryinthemine said:
I don't think he is. The Teamsters 401(k) is a defined-contribution fund,...whereas the brochure for this Fund states they are a defined-benefit plan.

On Page 4 of their brochure is a chart of contribution levels and total benefits paid out as a lifetime check. It appears you get more money overall than what you paid in. And they talk about an 80% funding level.

Frankly, I'm flabbergasted........42 years in the Teamsters,....and this is the first time I've ever seen anything mentioned about this Fund,....in spite of their brochure saying they've been operating since 1950.
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Flabbergasted you didn’t know.
 
canaryinthemine said:
I don't think he is. The Teamsters 401(k) is a defined-contribution fund,...whereas the brochure for this Fund states they are a defined-benefit plan.

On Page 4 of their brochure is a chart of contribution levels and total benefits paid out as a lifetime check. It appears you get more money overall than what you paid in. And they talk about an 80% funding level.

Frankly, I'm flabbergasted........42 years in the Teamsters,....and this is the first time I've ever seen anything mentioned about this Fund,....in spite of their brochure saying they've been operating since 1950.
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Don't feel like the Lone Ranger, never heard of this in my days!
 
I joined the Teamsters in 73 and I never heard of it either. Evidently we're not the only ones since it's been around since the 50's and doesn't even have $1B in assets.
 
It's not from the ibt originally, it's from the gciu, that the ibt took over 15 year's ago.

I've known about this plan for a while, they changed the name and the rules to join. It used to be called the gciu inter-local pension fund. It's set up as a trust fund of some sort, and if it gets underfunded, you are supposed to get your investments back, hence, no pbgc.

Alas, they don't seem to want to sign guys up, I was interested, called out to the office in December, was told that they would send me info, and they never have.
 
I called today,.......got a secretary who complained she was the only one in the office,.....and sent me to someone’s voicemail.
Still waiting for a call back.
 
canaryinthemine said:
I called today,.......got a secretary who complained she was the only one in the office,.....and sent me to someone’s voicemail.
Still waiting for a call back.
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She send you to the head guy's voicemail, iirc, Larry? I talked with him, he supposedly took my information, now, every time I call, all I get is voicemail.

I asked my ba about it a while back. He was cold to the idea. This was before they changed the rules. He insinuated that it puts the local on the hook for something, and he didn't like it. It used to be that everyone in the local had to pay in on it, now the plan has changed to an individual barn basis.he told me to just keep going with the IRA.


IMO, I think that they say it's for all ibt members, but they haven't figured out a way to not kill the plan. It's obviously a great selling point, but not ready for a roll out.

Look at the avg age of a Teamster. Now do some quick math. If a guy kicked in money at 60-65 years old, then retired, I think this plan would sink like a rock. That's the problem. If they start accepting anyone and everyone, the plan could be upside down in a decade.

I know of one barn in this plan, they organized about 15 year's ago. The company refused to budge on a union security clause in the contract. Instead of coming to impasse, the union knew it had enough support to go without a security clause. They just brought this pension in, and being a good fund, it's an easy end run against ****heads in management.
 
Thanks for the info buffalobill,.........As you know, my son's barn just voted out of the defined-benefit plan here in their last contract,...and into a company-run 401(k)........which promptly lost about 40% of it's value in the last month or so.

It seems too good to be true,.......so we'll see if I get any response. Other than LTL,....I thought this could be a good organizing tool,...for the smaller shops in a Local,....like a small water authority, or rural township,...that prior to organizing, only had a defined-contribution 401(k),....or nothing.

Too big, too fast,......would probably kill it.....
 
canaryinthemine said:
Thanks for the info buffalobill,.........As you know, my son's barn just voted out of the defined-benefit plan here in their last contract,...and into a company-run 401(k)........which promptly lost about 40% of it's value in the last month or so.

It seems too good to be true,.......so we'll see if I get any response. Other than LTL,....I thought this could be a good organizing tool,...for the smaller shops in a Local,....like a small water authority, or rural township,...that prior to organizing, only had a defined-contribution 401(k),....or nothing.

Too big, too fast,......would probably kill it.....
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If you get ahold of anyone, let me know, I'd be interested.

And yeah, the former web pages in the past heavily alluded to the fact that it's a good organization tool, since whoever you work for has NO say in your pension.

People think that the ibt is failing these pension funds by not organizing companies into them, but unless you are in a well funded plan, all a company has to say is NO. The companies don't have to pay in on a fund thats a bad investment, and the nlrb will back them up on that.
 
canaryinthemine said:
Thanks for the info buffalobill,.........As you know, my son's barn just voted out of the defined-benefit plan here in their last contract,...and into a company-run 401(k)........which promptly lost about 40% of it's value in the last month or so.

It seems too good to be true,.......so we'll see if I get any response. Other than LTL,....I thought this could be a good organizing tool,...for the smaller shops in a Local,....like a small water authority, or rural township,...that prior to organizing, only had a defined-contribution 401(k),....or nothing.

Too big, too fast,......would probably kill it.....
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Btw, I'm sure the pension fund that was withdrawn from looks great compared to the 401 that's been sinking ...
 
canaryinthemine said:
Thanks for the info buffalobill,.........As you know, my son's barn just voted out of the defined-benefit plan here in their last contract,...and into a company-run 401(k)........which promptly lost about 40% of it's value in the last month or so.

It seems too good to be true,.......so we'll see if I get any response. Other than LTL,....I thought this could be a good organizing tool,...for the smaller shops in a Local,....like a small water authority, or rural township,...that prior to organizing, only had a defined-contribution 401(k),....or nothing.

Too big, too fast,......would probably kill it.....
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Do you not think the pension plan lost a considerable amount of money recently?
 
No reply back from either the head of the Graphic Communications division,...or the fund itself. It's like they're trying to stay hidden....

I photostated a lot of their material and mailed it to my former BA. We had discussed this, and he was very interested.

Maybe they'll respond to an Officer,...instead of a mere lowly retiree.......
 
canaryinthemine said:
No reply back from either the head of the Graphic Communications division,...or the fund itself. It's like they're trying to stay hidden....

I photostated a lot of their material and mailed it to my former BA. We had discussed this, and he was very interested.

Maybe they'll respond to an Officer,...instead of a mere lowly retiree.......
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Doubt it. There's got to be a reason that this isn't front and center. Any luck with a response?
 
FYI

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