Teamsters National 401(k) Savings Plan: Secure Your Retirement

The Teamsters-National 401(k) Savings Plan is a vital tool designed to help members build a secure financial future for retirement. This qualified 401(k) plan enables you to save a portion of your earnings in an investment account, fostering long-term growth for your post-career years. Administered by Empower (formerly known as Prudential Retirement), this plan benefits from professional oversight and a wide range of administrative and investment services. It operates under the governance of the Employee Retirement Income Security Act (ERISA), a federal law that provides important protections for your retirement savings.

Joining the Teamsters National 401(k) Savings Plan: Your Entry to Future Security

• To participate, your employer must first agree to join the plan. This is a foundational step before individual members can enroll.
• You become eligible to enter the plan as a participant either when your employer begins making contributions on your behalf or when you gain the ability to make your own employee contributions.
• A significant advantage is that you are 100% vested in all contributions made to your account from the start.
• You can choose a minimum employee deferral of $0.10 per hour, with the option to increase this amount in $0.05 increments.
• The maximum annual employee deferral is $18,000 (subject to inflation adjustments), and the combined total of employee deferrals and employer contributions cannot exceed 100% of your gross wages or $53,000 per year (also subject to inflation adjustments).

Navigating Your Teamsters National 401(k) Account: Secure Digital Access

1. To begin, navigate your web browser to the official plan website: https://teamstersnational.empower-retirement.com/.
2. Locate the login area, typically requiring your unique username and password.
3. Once logged in, you will access your Online Retirement Center, your personal digital portal. Here, you can review account balances, explore investment options, and process various transactions.
4. If you are a new user and do not yet have login credentials, look for an option to register as a new user to create your online account.
5. Alternatively, you can access account information or perform transactions by calling the toll-free service number: 1-833-569-2433.

Unlocking Your Teamsters 401(k) Benefits: Investment Choices and Growth

• Diverse Investment Choices: Your plan allows you to direct a portion of your salary into an investment account. You can choose to self-direct your investments from a curated selection chosen by the Trustees, or opt for a Target Date Fund that automatically adjusts its asset allocation as you approach retirement.
• ERISA Protection: The plan is governed by the Employee Retirement Income Security Act (ERISA), a federal law designed to safeguard the interests of plan participants and their beneficiaries.
• Dedicated Trustee Oversight: The plan benefits from the guidance of a Board of Trustees, composed equally of union and participating employer representatives, who diligently monitor and direct the services provided.
• Convenient Online Account Management: The Online Retirement Center provides a secure user dashboard where you can easily view your account balances, research available investment options, and execute transactions from anywhere with internet access.
• Flexible Withdrawal Options: Access your savings when you need them. You can initiate withdrawals upon reaching Normal Retirement Age (59 ½) or Early Retirement Age (55), provided you retire from active employment. If you terminate employment before these ages, you can typically withdraw funds one year after your termination date. For accounts under $1,000, a lump sum distribution is often processed.
• Hardship Withdrawals: Should you face specific financial emergencies, the plan offers hardship withdrawals for situations like qualifying medical expenses, preventing eviction or foreclosure on your primary residence, purchasing a primary home, educational tuition costs, burial expenses, or significant damage repair to your main residence. These require completing a Hardship Distribution Application.
• Loan Availability: You may be eligible to take a loan from your 401(k) if your account balance is at least $1,000. The minimum loan amount is $1,000, and the maximum is 50% of your account balance, up to $50,000 (with certain reductions for prior outstanding loans). Loans are typically repaid over a 1 to 5-year period.
• In-Service Withdrawals for Older Participants: If you are over 59 ½, you can make in-service withdrawals. While these are subject to income taxes, they typically avoid the 10% federal tax penalty applied to earlier withdrawals.
• Beneficiary Designation: It is crucial to maintain an up-to-date designated beneficiary on file with the Fund Office to ensure your assets are distributed according to your wishes.

Account Access Challenges? Restoring Your Teamsters 401(k) Connection

Fortifying Your Teamsters 401(k) Retirement Savings with Robust Protection

• 🔒 The Employee Retirement Income Security Act (ERISA) provides a foundational layer of protection for your retirement savings, establishing standards for plan fiduciaries.
• 🔒 Always use the official and secure website https://teamstersnational.empower-retirement.com/ for all online account management activities to prevent phishing attempts.
• 🔒 Regularly review your account statements and digital portal activity for any unauthorized transactions or suspicious behavior.
• 🔒 Keep your login credentials – username and password – strictly confidential. Create strong, unique passwords and consider using multi-factor authentication if offered.
• 🔒 Ensure your beneficiary information is always current. This critical detail ensures that your retirement savings are distributed according to your wishes in the event of unforeseen circumstances. You can update this by contacting the Fund Office or through your online account.

Direct Answers for Teamsters 401(k) Plan Participants