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Mid-Career Union Pension Contributions

Discussion in 'Questions From New Drivers' started by xahmdm, Mar 1, 2015.

  1. Mar 1, 2015 #1
    xahmdm

    xahmdm Bobtail Member

    17
    10
    Feb 10, 2014
    plymouth IN
    0
    I'm a new driver in my early 50's with CDL A for alittle over a year. Tanker carrier in my town is a union shop. I have already paid into Social Security and a State pension fund and really don't want to contribute to a 3rd pension fund at this stage of my life. If I contribute to the union fund for 2-5 years can I get my money out lump-sum at some point, or will it just end up being a contribution and the cost of taking this job close to home?
     
    xahmdm, Mar 1, 2015
    xahmdm, Mar 1, 2015
    #1
    Midwesttrucker Thanks this.
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  3. Mar 1, 2015 #2
    Midwesttrucker

    Midwesttrucker Light Load Member

    169
    191
    Oct 9, 2012
    midwestern state
    0
    If your in a union shop the employer will be paying into that fund on your behalf not you (assuming this is teamster represented). To answer your question of taking a lump sum if its less than 5 years and your not vested you will forfeit that employer contribution. As long as you have five years with your new company you ARE vested so you will get whatever the amount thats agreed to in the contract. If your plan is to take it all as a lump sum I would say contact the local or get a definite answer from Central States if thats where this company makes there retirement contributions.
     
    Midwesttrucker, Mar 1, 2015
    Midwesttrucker, Mar 1, 2015
    #2
    xahmdm and heyns57 Thank this.
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