Epsca Agreement Teamsters

The EPSCA (Eastern Conference of Teamsters Pension Fund, collectively known as the «EPS» or «EPS Pension Fund») is a multi-employer defined benefit pension plan that provides retirement and survivor benefits to qualified participants in the Teamsters union. The EPS Pension Fund is governed by a Board of Trustees consisting of employer and union representatives who are responsible for managing the plan`s investments, collecting employer contributions, and paying benefits to retired and disabled participants.

In recent years, the EPS Pension Fund has been in negotiations with the Teamsters union over a new collective bargaining agreement that would address a number of pressing issues facing the plan. These issues include the plan`s underfunding, which has resulted in a significant shortfall in the amount of money needed to pay promised benefits to retirees and their survivors.

To address these issues, the EPS Pension Fund and the Teamsters union have been working together to negotiate a new collective bargaining agreement that includes provisions aimed at shoring up the plan`s finances and ensuring that it can continue to provide retirement and survivor benefits to current and future participants.

One of the key provisions in the proposed EPSCA agreement is a new funding mechanism that would require employers to contribute more money to the plan. Under the new funding mechanism, employers would be required to pay a higher percentage of their employees` wages into the EPS Pension Fund, which would help to ensure that the plan has enough money to pay promised benefits.

Another key provision in the EPSCA agreement is a new benefit structure that would provide greater financial security for retirees and their survivors. The new benefit structure would include a lower maximum benefit for higher earners, which would help to reduce the plan`s overall costs and ensure that benefits are available to all participants.

Overall, the EPSCA agreement represents an important step forward in the effort to address the challenges facing the EPS Pension Fund and ensure that it can continue to provide retirement and survivor benefits to Teamsters union members. While there are still issues to be resolved and details to be worked out, the EPSCA agreement is a promising development that holds the potential to help secure the financial future of the plan and its participants.