Health and Retirement Benefits

Pension Plan #1: Your Individual Pension Plan

Your employer will contribute the following amounts into your individual retirement account for every hour you work.

*Depends on which pay level you achieve

General Information

Plan Administrator: The Principal Financial Group

Investment Options: This plan has a large number of investment options ranging from guaranteed interest accounts to bond and mortgage to stocks. You decide which investment or mix of investments is best for you. You also are able to change investments if you so desire. For help or advice, the Principal Financial Group representative will be happy to meet with members individually.

Vesting: The plan has automatic vesting at start up. There is no waiting period.

You will receive semi-annual summaries of your account in the mail. You can also access and manage your account via the telephone or the internet.

Pension Plan #2: National Electrical Benefit Fund (NEBF)

Applies to all classifications.

Your employer will contribute a dollar amount equal to 3% of your gross wages into the National Electrical Benefit Fund for you each payday. That’s approximately $1.08 per hour for a Journeyman. Participation in this plan is nationwide.

You must work five consecutive years to become vested in the NEBF. The NEBF currently pays $33 per month per year of service from retirement to death. This amount has increased from $7 in 1977 to the current $33 amount.

Example of payout: 35 years of service = $33 x 35 years = $1,155/month

Pension Plan #3: Personal Benefit Fund (PBF)

Part of your monthly dues pay for a $6,250 natural / $12,500 accidental death benefit that at retirement becomes a defined pension benefit paying $4.50 per month per consecutive years of service.

Example of payout: 35consecutive years of membership = $5.50 x 35 years = $192.50/month

401k Optional Retirement Plan

The IBEW electricians who qualify for the individual pension plan can also utilize the optional 401k retirement plan. The 401k retirement plan is a voluntary self-contribution plan that is set up as a payroll deduction. This is an excellent way to supplement your existing retirement plans.

401k contributions are taken off of your gross pay before taxes, therefore lowering your taxable income. Since the 401k plan administrator is the Principal Financial Group, the same options made available to us through our Individual Pension Plan will also be offered to the 401k plan users.

Employer Paid Health Insurance

The IBEW 271 Journeymen, Apprentices and Construction Electricians Levels 3 and 4 receive employer-paid Blue Cross Blue Shield family health insurance.

Level 1 and 2 Construction Electricians and Level 1, 2 and 3 Construction Wiremen receive employer paid individual health insurance.