The Teamsters Local Union No. 155 Pension Plan provides members with a source of income in retirement. The Plan became effective January 1, 2004 and is managed by Trustees appointed by the Union. It is a target benefit pension plan, meaning benefits are determined using a formula and may be adjusted over time based on the Plan’s financial position.
Your pension is built over time based on contributions made on your behalf.
Currently, your pension grows at approximately 1% of employer contributions as a monthly pension at age 65
You are eligible to join the Plan if:
Once enrolled and contributions are received, you begin earning pension benefits.
Your pension becomes vested immediately once you meet the Plan’s eligibility requirements. This means the pension you earn belongs to you, even if you stop working in the industry.
For example, starting your pension at age 55 may result in approximately 50% of your earned pension.
Your pension is paid as a monthly lifetime payment. You can choose from several payment options, including:
If you have a spouse, the Plan requires a form that provides at least 60% continuation to your spouse unless waived.
If you stop working in covered employment:
If you pass away before starting your pension:
This page provides a general overview only. For full details, please refer to:
Or contact the Plan Office for assistance.
Headquartered in Burnaby BC, Convyta Partners offers administration and consulting services to pension plans, health & welfare plans, Indigenous Trusts, endowments & foundations, and insurance companies. Our team of experts works diligently to manage your plans, process benefits, and answer member questions. We support members over the phone and through email and mail.
