I became a Teamster in 1959, shortly before the 959 pension came into being and I’m forever grateful to the foresight, wisdom and tenacity of Jesse L. Carr for making it a reality.
Our first contribution rate was $.15 per hour and over a couple of years it was gradually raised to $.25 then $.50 and then $1.00 per hour. While these amounts seem piddly today, they represented a substantial piece of our hourly wage rate at the time. To say it was a hard sell to the membership would be a huge understatement, with a young family to consider, I admit I was one of the “hard-sells”; when you’re 19 or 20 the last thing most think of is retirement. In retrospect the 959 pension was THE most important economic factor in my life. It, along with some modest investments along the way, allowed me to retire at an age when most are just starting to think about retirement. It’s given me the freedom to travel, pursue hobbies, and do volunteer work to give back to the community. Again, I am forever grateful for the 959 pension.