The Teamsters Managed Annuity Plan (TMAP) is designed to be a supplemental savings program in conjunction with the Teamsters Managed Trust Fund (TMT).
In lieu of the TMT medical plan, a TMAP “Individual Account” is established for you which is funded by employer contributions.
To qualify for enrollment in the TMAP, you must have alternate medical coverage (i.e. coverage through spouse^) and provide acceptable proof to the Plan Administrative Office. The features of the TMAP are as follows:
- $300.00 of the employer’s contribution is allocated into your TMAP “Individual Account” on a monthly basis; and
- The balance of the employer’s contribution is allocated into TMT to provide a vision benefit along with life and dental benefits, if applicable (see your employer’s Summary of Benefits for specific benefit coverage).
In the event you lose your alternate medical coverage, you will be required to enroll in the TMT medical plan and your TMAP “Individual Account” will be frozen. If at a later date you acquire alternate medical coverage, you may re-enroll into the TMAP providing you meet the eligibility requirements.
The employer contributions allocated into your “Individual Account” are 100% vested. You will receive a quarterly statement summarizing the activity of the account and interest earned.
You may only request a distribution from your “Individual Account” at retirement or upon termination of participation in TMT. In the event of termination, there is a six (6) month waiting period prior to accessing the monies in your “Individual Account.”
Please Note: This is only a brief description of the Teamsters Managed Annuity Plan. Please refer to the Summary Plan Description for more information pertaining to the Plan’s provisions.
*Plan participants should confirm eligibility rules established by their alternate medical plan prior to enrolling in TMAP.