TINLEY PARK, IL | Today, the I.B.T. Local Union No. 710 Pension Fund announced a number of improvements to its participants during a pension summit.
The pension fund, which currently covers approximately 7,500 active participants, is currently ranked in the top 17th percentile of 434 multiemployer pension funds across the country. As of this past February, the fund was 96.5% funded, with more than $2.75 billion in the fund.
During the meeting, Teamsters Local 710 Secretary-Treasurer and Principal Officer Michael Cales shared a series of positive enhancements that he, as the Union Co-Chairman of the pension fund, and the trustees made to improve benefits while maintaining the current and projected health of the fund.
“Given the current state of pension funds around us, it was our duty to increase members’ pensions in a responsible way,” Cales said. “No one wants to be told they will receive a certain amount in their pension today and have it taken away tomorrow.”
Cales announced significant increases in participant benefits that will take effect on January 1, 2020. Among them, participants that meet the criteria will receive an additional $400 each month. Participants with 25 years of service that have reached age 50, will see their monthly benefit increase from $2,800 to $3,200, and those with 35 years of service that have reach age 50 will see their benefits increase from $3,800 to $4,200.
“The trustees hired the best professionals in the business in order to help us make the right decisions,” Cales said. “It is our hope that these steps will keep the fund financially solid and provide a secure retirement for all our members.”