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Originally Posted by BusterNite  I think that this would work the same way if it were a non-union company that offered a pension. For most there is a vesting time, while the company is contributing towards your pension benefit, If you do not stay employed long enough to meet their vesting qualifacations you will receive no funds. |
I understand that pension plans have vesting period's, no argument there, but such vesting period's, aside from certain federal laws, are pretty much up to the company to decide. For instance, some companies have put in longer vesting period's to prevent high turnover of employee's, other's have a waiting period until you can contribute, in alot of case's you are 20%,40%,100% etc, etc vested based on years of service, but in all cases of (non-union) companies it is no loss to the company if a worker quit's before they are vested the company keep's the money. In the case of the teamster's the union is a seperate entity from the employee and the company, the money has already been paid out to the union pension plan neither the employee, or the company see that money again if the year's of service are not met. To take it a step further, the company put longer vesting requirement's in place to prevent turnover, it is in the best intrest of the teamster's fund if the employee does quit, not fullfilling his service time, because then the fund received the money and never had to pay out any benefit
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