The International Brotherhood of Teamsters, Washington, has become one of the first unions, and definitely the largest, to sponsor a national 401(k) plan for its private sector members.
The multiemployer 401(k) plan could have up to 1 million participants if employers agree to participate. Ryder Automotive Operations, Troy, Mich., will be the first corporation to make the plan available.
State Street Global Advisors is the plan's bundled provider. Five investment options managed by State Street are offered. A sixth option is a self-directed brokerage option, offered through State Street Brokerage Services. State Street will provide daily valued record keeping, automated voice response systems, plan enrollment and employee communication and investment education.
The Teamsters-National 401(k) Savings Plan is designed to supplement the defined benefit plans that cover most Teamsters.