RETAIL PENSION PLANS
The defined benefit pension plans of Local 880 were established as a result of collective bargaining between various employers and Local 880 or one of its predecessors. These Taft-Hartley pension plans are funded (financed) by employer contributions--the monies contributed go into a pension fund which is administered by trustees from the union side and from the employer side.
Your pension plan costs you nothing; it is negotiated on your behalf and the entire cost
of the plan is paid by your employers. Your pension benefit provides a welcome and valuable supplement to your Social Security benefit.
Your qualified Local 880 pension benefit is guaranteed by the Pension Benefit Guaranty Corporation. Once your retirement benefit vests, and you reach retirement age, you will receive a check every month for as long as you live. Unlike a 401(k) plan, your retirement benefit does not depend on how much you have saved.
A surviving spouse benefit provides a monthly retirement income to your spouse after your death.
For information about Local 880 pension plans/funds, call:
MEAT DIVISION PENSION PLAN
The United Food and Commercial Workers International Union-Industry Pension Fund (known generally as the National Pension Fund) is located in Chicago, Illinois. It is the pension fund covering most of Local 880's Meat Division members.
The National Pension Fund is administered by a Board of Trustees comprised of representatives of the UFCW International Union and representatives of the contributing employers.
This Pension Fund was established as a result of collective bargaining agreements between the employers and the Union. It is financed by Union-negotiated employer contributions. Employees do not and may not contribute.
Annually the National Pension Fund mails to all active participants a statement of unverified service. This statement is to be used only as an estimate of the value of your pension at age 62.
We urge every participant in the National Pension Fund to periodically verify his or her service through the use of a pension credit check application. By verifying your service now, rather than waiting until you retire, will help expedite the actual processing of your pension application when you do decide to retire--any errors will be caught in time to easily correct them. You can obtain a pension credit check application form, along with a normal pension application form, or a disability pension application form, by contacting the National Pension Fund Chicago office directly at 1-800-531-2385.
You should also visit the Pension Fund's website, create a login, and review the information there concerning your pension. You can also use the website to download forms and publications, apply for a pension online, to contact the Fund Office, and to access related sites.
Remember that this meat cutters pension plan is for your retirement security. Contributions made under the plan by your employer cannot be used for any purpose other than to provide benefits and administer the plan for you and other participants.
Your pension plan costs you nothing; it is negotiated on your behalf by Local 880. Your employers pay the entire cost of the plan. The plan pays monthly benefits for as long as you live. The plan also provides for an automatic surviving spouse benefit if you and your spouse so choose. Along with Social Security, these benefits will help to provide you with guaranteed income for your retirement years.
Meat Cutters National Pension Fund
Visit the Website HERE.