December 5, 2007: The Western Conference of Teamsters Pension Fund, which covers most Teamsters in the Western Region, is ending cuts in pension accruals that were imposed in July 2003.
The accrual rates will increase to the historic base figure of 2 percent of contributions for Teamsters with less than 20 years credit, and 2.65 percent for those with more than 20 years.
This means a Teamster’s monthly pension amount will increase by 2 percent (or 2.65 percent) of the amount the employer contributes that year.
The restoration of the pension levels was announced just in time to help sell the UPS contract.
In the Teamster election campaign of 2006, Tom Leedham repeatedly pointed out that the cuts should have never been cut so drastically, and should have long ago been restored. But the trustees refused to restore the cut long after its own website was reporting that the fund was 100 percent funded.
Members retiring in 2007 lost about $500 per month for life due to those cuts.