Pension Plan Demographics

In an earlier post, we examined the makeup of the Teamsters Health and Welfare Fund of Philadelphia & Vicinity.  We promised to also take a look at the make up of the Teamsters Pension Trust Fund of Philadelphia and Vicinity.  This post does just that.

As of December 31, 2013, the Teamsters Pension Trust Fund of Philadelphia & Vicinity covers over 7,600 active employees, 5,000 inactive but vested participants, and 13,400 retirees or survivors (i.e., widows or other beneficiaries).  The average active participant was male, 46.8 years old with 12.7 years of vesting service. Active employees who earned at least one year of vesting service in 2013, on average, earned 1,813 hours of covered service.  Participating employers contributed an average daily rate of $51.72 per employee to the Fund in 2013.

The average vested, but inactive participant at the end of 2013 was 54 years old while the average retiree (including widows or other beneficiaries) receiving benefits was 72.9 years old.  The average pension benefit was $1,086.54 per month. Between January 1, 2013 and January 1, 2014, the Fund’s total participant population remained relatively flat.

As of July 1, 2014, there are approximately 7,200 active participants in the Fund.  They live all over the United States, but predominantly in the Philadelphia metropolitan area.  The map below shows the distribution of the Fund’s active participants by Zip Code. The Pension Fund’s active participants come from 12 different participating local unions, 11 of which are affiliated with the International Brotherhood of Teamsters.  The pie chart below shows the distribution of the Fund’s participants among the various participating local unions. (Scroll over the pie slices for more information).