How to Join

The ILPF welcomes participation by all Teamster locals located in the United States. Individual members wanting to participate in the ILPF must belong to an ILPF participating local.  

It’s easy for a Teamster local to become an ILPF participating local. All it takes is a vote of the local’s membership, or a single bargaining unit within the local, and approval by the ILPF’s Trustees. In locals that represent members in multiple bargaining units and with the consent of the local's leadership, individual bargaining units may vote to participate in the ILPF, independent of the votes of the other units within the local.  If a majority of a local (or bargaining unit within a local) votes for ILPF participation, the decision applies to all members of the group.

The local’s membership (or a bargaining unit's membership within the local) also votes to establish the particular contribution level that will apply to its members. Contribution levels currently range from a low of $5.00 per member per week to a high of 10 percent of each member’s gross pay. The level selected depends on the needs of the local’s membership. The more that members contribute, the faster they vest and the higher their retirement benefits will be. The maximum yearly contribution for each participant is set by Federal tax law and is currently $7,000.

For example, if a majority of members in Local A vote to contribute 5 percent of gross pay and a majority of members in Local B's Bargaining Unit 3 vote to contribute $5/member/week, then all members of Local A contribute 5 percent and all members of Local B's Bargaining Unit 3 contribute $5/week. Nothing is set in stone, however, as groups have the flexibility to change their contribution levels by a membership vote.

The final two steps are for the local union to: 1) adopt an amendment to its bylaws requiring all of its members (or all members of a particular bargaining unit), as an obligation of membership in the union, to become participants in the ILPF and make the required level of contributions; and 2) arrange for member contributions to be sent to the ILPF. Since the contributions come out of members' pay and are not funded in any degree by the employer, most employers agree to automatically deduct the contributions from members’ pay and forward them to the Fund.

If your local already has a different pension plan, there’s nothing standing in the way of also participating in the ILPF. In fact, many of the locals in the ILPF also have other pensions to which their employers contribute (both defined benefit and/or defined contribution plans). These members recognize the value of the additional retirement security they can achieve through the Inter-Local Pension Fund.

Lastly, if an IBT member who is an ILPF participant leaves his or her job, s/he can continue to participate in the Fund as long as s/he stays employed in the industry in which his/her local participates and remains a member in good standing with the local union.

The staff and Trustees of the ILPF are available to speak with IBT local leaders and members about the advantages of ILPF participation. Please contact Larry Mitchell for more information, 630-752-8400.

ILPF participants from Teamsters Local 299 in New Boston, MI, on the job at Automotive Logistics Co.

 

Norma Balentine

Local 577M
Milwaukee, WI

“None of my previous jobs offered a defined benefit pension plan.  We’ve seen how the benefits provided by plans based on stocks, such as 401(k)s, can erode as the stock market plummets.   The ILPF is a gift that very few workers have – a lifelong benefit.

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James Klug

Local 577 M
Cedarburg, WI

“It’s a rare fund and my retirement would be poor without it. I can’t think of any other fund that you get every penny you put in. When I retired, I had paid in a total of $88,000 over 39 years. If I live 25 years past my retirement age, the fund will provide a little under a million dollars in pension payments. I got what I paid in a couple of years and the rest is pure profit.

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Harold Moore

Local 285M
Washington, DC

“I plan on working until I’m eligible for full retirement benefits. I think the ILPF provides really excellent benefits. My contribution is taken directly out of my paycheck. I don’t have to think about it, so it’s easy to save for retirement. Belonging to the ILPF gives me a great sense of security. 

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Christopher Yatchak

Local 577M
Germantown, WI

“Today’s workers fear that they might run out of retirement savings before they die. It’s important to compare how defined benefit and defined contribution pension funds work and know what you should expect. How do you make your savings last the rest of your life?

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John Greco

Local 14M
Philadelphia, PA

"The ILPF is a good investment. I’ve been working at my present job for 39 years, but the employer plan will provide me with less than $800 a month when I retire. Contrast that with the payment I’ll receive from the Fund. Even by age 63, before I plan to retire, I’ll have already earned more than twice as much a month.

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Teamsters Local 299



New Boston, MI

“We felt like we needed to take control of our retirement. That’s why we voted to join the ILPF. The Fund is run exclusively by and for Teamsters. It was set up decades ago and has provided generations of union members with secure retirements.

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