Understanding the Benefits, Retirement Planning, Ready to RetireQuiz Your Pension and Total Compensation What does your total compensation include? 1. Health Benefits and Dental Benefits 2. Wages and Health Benefits 3. Health Benefits, Dental Benefits, and Pension Benefits 4. Wages, Health Benefits, and Pension Benefits None As a Teamsters union member, how is your total compensation package created? 1. By your employer 2. By your union 3. Your union negotiates it during the collective bargaining process 4. You negotiate it when hired None When changes to the total compensation package include a one dollar per hour increase in wages, members working full-time for 2,000 hours per year would receive an additional $2,000 per year True False None True or False? If you have pension benefits on top of your wages, you might end up with more money in your lifetime than someone with no pension benefits, even if you have lower wages. True False None When changes to the total compensation package include changes to your pension benefits, what are the tax advantages? 1. Pension contributions are not taxed, and the benefits are only taxed when paid out to members, who are usually in a lower tax bracket when retired 2. Pension benefits are not taxed, and pension contributions are less taxed than wages 3. Pension contributions and benefits are taxed at lower levels than income 4. Pension contributions and benefits are not taxed None Time's up Français ... Your Pension and Total Compensation (Video) RRSP versus Multi-employer Pension Plans (Quiz) Planning for Retirement (Quiz) Naming a Beneficiary (Quiz)
