Secure Retirement

Pensions and Annuity

As a Local 26 member, you will earn three pensions, Electrical Workers 26 Pension Trust Fund, the International Fund, and NEBF; and an annuity. These are all negotiated for you by your Local 26 Officers and are paid over and above your hourly wage.

Electrical Workers 26 Pension Trust Fund

The individual Employer shall contribute and forward monthly to the Electrical Workers 26 Pension Fund an amount for each hour worked, on behalf of each Journeyman Wireman in the Metro Zone; an amount  per hour for each hour worked, on behalf of each Journeyman Wireman in the Shenandoah Zone; and an amount per hour for each hour worked, on behalf of each Apprentice, which the Employer is obligated to pay on behalf of Employees in this bargaining unit, excluding first year apprentices and excluding unindentureds, and it shall forward a completed payroll report as prescribed by the Trustees of said Fund. The contribution shall increase for Journeyman Wireman in June and November by Metro Zone and Shenandoah Zone.

The Electrical Workers Local No. 26 Pension Plan is one of your most valuable benefits. Key advantages of the defined benefit Pension Plan include:
• A guarantee that your vested benefit will be there upon your retirement.
• The Pension Fund takes the responsibility and risk of investing.
• You are fully vested in the Plan after only five Years of Vesting Service.
While pension plans are very valuable, they are often the least understood employee benefit. The chart below gives you a brief summary of the Pension Plan and more detailed information on the Plan follows in this handbook. We encourage you to read this important information and contact the Fund Office if you have any questions.

For an Overview of Your Pension Plan/Fast Facts, please visit www.ewtf.org/pensions

The type of pension benefit you receive depends on when you retire and whether you are an Active Participant on the date you retire. Depending on the type of pension you receive, you may be eligible for a lump sum bonus when you retire.

Types of Pension

• Normal
• Early Retirement
• Deferred
• Disability

Please note that you will only receive one type of pension under the Plan no matter how many different contributing employers you work for.

For more information and further details, please visit www.ewtf.org/pensions

IBEW Pension Benefit Fund (PBF)

The International Brotherhood of Electrical Workers is the sponsor of the IBEW Pension Benefit Fund (IBEW PBF), established in the IBEW Constitution. The IBEW is located at 900 Seventh Street, NW, Washington, DC 20001. The Employer Identification Number of the IBEW is 530088380. The plan number assigned by the IBEW to the IBEW PBF is 001. June 30 is the end of the Plan’s fiscal year for the purposes of maintaining the Plan’s fiscal records. The IBEW PBF is a defined benefit plan.

Active “A” membership in the IBEW is required for participation in the Plan. Any member of the IBEW may elect “A” membership by agreeing to pay the appropriate per capita dues and payments to the IBEW PBF. The IBEW Constitution provides that for 2017, each “A” member shall pay $36.00 per month, broken down as follows: $18.00 into the General Fund $18.00 into the Pension Benefit Fund

As noted above, the $18.00 payment required by the IBEW Constitution is the source of contributions to the IBEW PBF. The delegates at the 39th International Convention of the IBEW approved a subsequent increase in payments to the IBEW PBF as follows:

$19.00 on January 1, 2019

In addition, they approved a subsequent increase to the per capita dues payable to the IBEW General Fund as follows:

$ 19.00 on January 1, 2018

$ 20.00 on January 1, 2020

In addition to the above payments, the IBEW Constitution requires that each “A” member shall pay two dollars ($2.00) upon joining the IBEW to the IBEW PBF.

The kinds of benefits payable by the Plan, the basic requirements for eligibility, and conditions relating to ineligibility under the Plan are summarized here.

NEBF

The National Electrical Benefit Fund (NEBF) is a Taft-Hartley, multiemployer, defined benefit pension plan that provides retirement benefits and related benefits to employees in the electrical industry.

Participants accumulate credit in NEBF based upon their years of Covered Employment. Qualifications for benefits and the amount of those benefits are based upon a Participant's years of service with Covered Employers, age at retirement, type of benefit selected, and the pension rate at time of retirement.

How Are Contributions Made?

Contributions are made each month by Covered Employers on behalf of employees who are covered by either:

• A collective bargaining agreement with the International Brotherhood of Electrical Workers (IBEW) or one of its Local Unions, or
• A signed participation agreement with NEB

How Much Does My Employer Contribute to NEBF?

Covered Employers contribute 3% of their covered employees' gross labor payroll each month to NEBF.

Can I Contribute to NEBF?

No. All contributions to NEBF are made by Covered Employers. Covered employees do not themselves make contributions to NEBF and do not have individual accounts in NEBF

For further information and details, please visit NEBF

Annuity Plan (Fidelity)

The Electrical Workers Local No. 26 Individual Account Plan provides you with retirement benefits that supplement benefits provided by the Local No. 26 Pension Trust Fund, social security and other retirement plans.  This Annuity Plan is intended to be a retirement plan, not a savings plan or an account that can be used to supplement current income or meet financial needs during your working lifetime (such as financial needs associated with the purchase of a home, medical treatment or education). Consequently, there are several conditions that must be met in order for you to qualify for withdrawal of the funds in your account.

Overview of Benefits

This Plan’s purpose is to provide you with a retirement benefit to supplement your personal savings, Social Security and Pension Fund benefits. In addition to a benefit payable at or upon your retirement, the Plan also provides a benefit if you leave covered employment or if you become totally and permanently disabled, and a survivor benefit payable to your spouse or other beneficiary in the event of your death.

Effective January 1, 1994, the Plan was amended for compliance with Section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA). In doing so, the Trustees expanded the investment options available to Participants and provided Participants with the opportunity to exercise greater control over the investment of their Individual Accounts.

This Plan is intended to be a retirement plan. It is not a savings plan or an account that can be used to supplement current income or meet financial needs during your working lifetime (such as financial needs associated with the purchase of a home, medical treatment or education).

FAST FACTS

• If you work in covered employment, you become a Participant immediately upon receipt of contributions made on your behalf by your employer.
• Your employer contributes on your behalf.
• While you cannot make contributions to the Plan on your behalf, you can rollover your eligible rollover distribution from another tax-qualified plan or IRA into this Plan.
• You choose how your money is invested by electing from the Plan’s investment options.
• Your account is valued daily, allowing you to change your investment options at any time.
• To change how the assets in your Individual Account are invested or to learn more about the Plan’s investment options, you may contact Fidelity, the Plan’s recordkeeper, at 1-866-84UNION (1-866-848-6466) and speak to a customer service representative, or visit the Fidelity website.

For further information and details, please visit EWTF