Benefit Plan Opt-Out Proposal The company is not proposing the elimination of any of the Teamsters' benefit plans or any reduction in coverage or benefits. However, it has proposed giving employees the choice to opt out and receive cash compensation if they decide they do not want or need the healthcare plan or the legal and educational assistance plan. Historically, employees have been required to participate in these plans regardless of whether they want or need those benefits.Retirement Plans In addition to maintaining vested pension benefits, under the company's offer the Teamster pension fund would be replaced with a 401K plan. The 401K features a dollar-for-dollar company match up to the first 4% of annual income.
SCI Illinois Services, Inc. Provides Contract Offer To Teamsters Local 727 Employees
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