Severance Trust Fund

Teamsters Local 830 jointly sponsors a number of benefit programs to meet the needs of its members and their families including the following: The Teamsters Local 830 Health & Welfare Fund offers a variety of benefit plans to help members meet the financial burdens associated with healthcare including medical, prescription drug, dental and vision p... lans as well as life insurance and disability coverage. The Teamsters Local 830 Pension Fund and Teamsters Local 830 Retirement Savings Plan offer varying approaches to achieving financial security during your retirement years. The Teamsters Local 830 Legal Services Plan provides low-cost access to quality legal representation in everyday matters. The Teamsters Local 830 Scholarship Fund offers an opportunity to offset the substantial costs of higher education for children of our members who have demonstrated academic excellence. Not all members participate in all programs offered. To identify the programs in which you participate, please consult your collective bargaining agreement or call the Union or Fund Office during normal business hours. In or around 1953, the Health & Welfare Fund (and the Fund Office) was established to assist members in paying medical expenses. The scope of coverage offered has grown considerably since these early days so that today our members enjoy one of the most comprehensive health benefits packages in the region. In 1963 the Pension Fund was established to provide a source of retirement income for members and their spouses. In those early days a monthly benefit of $100 was common. Some 50 years later, typical monthly pension benefits range from $1,500 to $3,000. In 1974 the Severance Trust Fund was extablished to meet the immediate financial needs of terminated employees. However, as laws changed, the Plan came to be viewed as a source of supplemental retirement benefits. Today, many participants have the opportunity to contribute a portion of their own income in the form of 401 (k) contributions to the Plan. To more accurately ...Read More