An IBEW retirement is often the primary financial goal. Your union has made significant investments in your future through pensions and other savings plans; but to fully realize its benefits, you must contribute. To maximize the effectiveness of an ibew retirement plan.
Unfortunately, since 1980 the percentage of Americans covered by defined benefit pensions has plummeted from 38% to under 15% – leaving millions without retirement security and one out of every four saying they may never reach retirement age.
Before collective bargaining and unionization, most working people dreamed of retiring with security but could only rely on private charity and family for support in their golden years.
But all that changed with the rise of labor activism; by 1920, IBEW established its inaugural pension plan. Over subsequent decades, they stood firm against Wall Street raiders who targeted pensions and employee-owned assets for increased corporate profits. Today millions of workers rely on us to ensure their retirement is both dignified and prosperous.
IBEW and its contractor partners have come to an historic agreement regarding retirement enhancements. Not only are we creating our first new pension benefit since 1946, we’re also increasing existing ones, providing current retirees with one-time “13th month” checks, and increasing PBF pension payout.
As well as our traditional defined benefit and 401(k) plans, NECA-IBEW members now can utilize an exciting new benefit: National Electrical Individual Benefit (NEIB). This program allows our members to convert every hour they spend working into a substantial investment for retirement.
Contrary to our defined-benefit pension plan, which is funded through an employer contribution based on how long a member has been part of our system, NEIB benefits are calculated based on how many hours a member works – which means if two workers do identical hours but one has doubled up on time spent in our system they will only receive half as much from NEIB than another member.
For more information about this new benefit, please consult the NECA-IBEW Individual Benefit Plan booklet, available through your local NECA-IBEW Hall or from this website’s Documents page. You can also learn about the NECA-IBEW Pension Trust Fund through its Plan Documents. The PTF offers two plans; Plan A and B; the Summary Plan Description booklet gives full details; full documentation can be found within its Plan Document.