Your Retirement with UFCW

I’ve been working Union retail jobs since the late 70’s and now I’m about to start getting paid my pension for all those years. My Local 555 Rep has been bugging me to call and set myself up to collect my retirement even though I’m still working. He came in this week and wouldn’t leave until we called all the Locals I’ve worked at and started the process to start drawing the pensions I’ve earned in Oregon, California and Arizona. It’s great to know I can take home my pension income while still working full time.

Frank Keeth,
South Salem Fred Meyer

Questions about your retirement plan?

Contact Zenith American Solutions

Zenith American Solutions is the Fund Administrator for the Oregon Retail Pension Trust (the pension) and the UFCW Local 555 Investment Savings Plan & Trust (the 401(k)).

Phone: (866) 796-7623
Fax: (971) 239-0672

12205 SW Tualatin Rd, Suite 200
Tualatin, OR 97062

Understanding Your Retirement Plan

Pension VS 401(k)

A pension is a defined benefit plan. That is a retirement account that is funded by your employer and promises you a set payout when you retire. If you have a pension negotiated in your contract, no action is required on your part. Your employer will start funding your pension automatically.

A 401(k) is a defined contribution plan, meaning that you contribute your own money (pre-tax) and it grows until you retire, at which time you have access to whatever it is worth. You must actively contribute to the 401(k) plan to build it. (Your employer may also match funds, depending on the contract.)

Drawing from Your Pension

You may start to draw your pension at age 55, but you will draw a lower amount per year than you will if you wait until age 65. At age 65, you can receive your pension for the rest of your life with no penalty. You can also draw on your pension at age 65 even if you are still working! Carefully consider whether you want to start drawing from your pension early.

You should start drawing from your pension by age 65, if you have not already. If you do not begin drawing on your pension at age 65, you are leaving money on the table.

Most pensions have survivorship benefits, meaning that if you die before your spouse, your spouse will receive a portion of your pension for the remainder of their life.

Which Do You Have?

Generally speaking, most retail contracts and many healthcare contracts include a pension element. Other contracts may include a 401(k) in addition to or instead of the pension. If you are unsure what retirement plan you have, contact the fund administrator, Zenith American Solutions: (866) 796-7623