IBEW 668

Lafayette, IN


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  IBEW/NECA Employee Benefits

 PBF AND LOCAL 668 PENSION(DECATUR)

 

 


 About the Pension and Reciprocity Department

The IBEW Pension and Reciprocity Department reports and provides assistance to the International Officers on departmental areas of responsibility: pension and death claim payments, construction industry reciprocity and membership records.

The IBEW has a long history of designing and providing benefits to help its members. In 1922, the IBEW created the Electrical Workers Benefit Association (EWBA) to ensure sufficient resources to provide a dignified interment when an IBEW member passed away.  The delegates to the 1927 IBEW Convention authorized the creation of a pension fund, and in 1928, the Officers of the IBEW introduced the IBEW Pension Benefit Fund (PBF) to provide much-needed and previously unattainable pension benefits for all participating members.

These two plans functioned separately for many years and to improve benefits a decision was approved to combine the plans. At the 1991 Convention, the EWBA and PBF were amalgamated into one fund, and as a result, death and pension benefits were significantly improved.  At that time, all EWBA beneficiary designations became null and void, and all death benefits after this time have been paid by the PBF.  The most recent changes to the PBF death benefits were approved at the 2001 Convention and became effective January 1, 2002, thereby increasing the death benefit payment to $6,250 and providing for an accidental death benefit of $12,500.  At the 37th IBEW Convention held in September 2006, the delegates approved an increase to PBF pension benefits providing a $4.50 credit per year of service.  All members retiring January 1, 2007, or later will receive these improved payments.

The Department provides assistance with and research into membership records, for the purpose of determining eligibility for pension and death benefits providing this assistance to the International Officers and various departments in the International Office. The Officers and departments utilize these requests for organizing activities, political action, and informational mailings. The Department researches and corrects data not provided (or incorrect data) for members. This research includes reviewing per capita reports, obligation forms, beneficiary forms (including old EWBA records), and correspondence, and when necessary, contacting local unions directly for information to maintain accurate records. 

 

NATIONAL ELECTRICAL BENEFIT FUND (NEBF)

The NEBF Pension takes five (5) years of 1000 hours to become vested. Every year you have a 1000 hours, that year will be calculated as a service credit year.Any year that you have between 300 hours up to 999 hours, those years are considered to be good years and not credited. Those years can become credited years by taking any year that you have in excess of 1000 hours and adding those excess hours to good years to make them credited (1000) hours. Each service credit is paid at a rate of $32.00 per year of service per month.

 

NECA-IBEW TRUST FUND (DECATUR 668 PENSION)

The IBEW/NECA pension requires that you work 800 hours in a plan year which begins June 1st through May 31st,for a five(5) year period of time to become vested.As of June 1st. 1976 you will suffer a break in service as of the last day of any plan year during which you did not work 200 hours.If you suffered a break in service which were equal to or exceeded your total years of Credited Service,you would also suffer a permanent break in Service.As of June 1st. 1986 you must have at least five(5) consecutive breaks in Service in order to suffer a Permanent Break in Service.Once you are vested you can never lose vesting. The Pension is calculated by multiplying the amount of money in your pension prior to June 1 st. 2003 by 4.35%. Any money that was contributed to your account on our after June 1 st. 2003 and before August 1 st. 2006 will be multiplied by 3 %. Any money that is contributed to your account on or after June 1 st. 2009 will be multiplied by 1 %. The total of all these is paid per month.

 

 

IBEW LOCAL 668 / Copyright 2017

2535 S. 30th St, Suite 1

Lafayette, IN 47909

765-474-1021

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