Retirement As An I.B.E.W. Member.
Working as an I.B.E.W. Local 98 Member means that every hour you are working you are ensuring you and your family’s financial future in retirement. It’s important to note, that all contributions made towards your retirement are made entirely by your employer and are not deducted from your hourly wages. As a Local 98 Member you are guaranteed a retirement income after just 5 years of service. There’s a retirement formula to fit everyone’s situation. The following example’s are based off an individual with 31 years of service.
I.B.E.W. Local 98 Pension = $100.00 Per Credit Year, Per Month.
I.B.E.W. Local 98 Pension Supplemental Benefit = Up To An Additional $2000 Monthly.
I.B.E.W. Local 98 Profit Sharing = Contractor Contribution of 15.5%.
N.E.B.F. Pension = $32 Per Credit Year, Per Month.
N.E.I.F. Pension = $4.50 Per Credit Year, Per Month.
Local 98 Pension Benefit.
The I.B.E.W. Local 98 Pension Plan Equals $100 per month for each year of credited service. A credit year is equal to 1200 hours worked in one year.
This credit amount is based off of 2000 hours worked. Every hour worked over 2000 hours increases the Pension credit amount.
31 years of Service X $100.00 = $3,100.00 per month at retirement.
Local 98 Pension Supplemental Benefit.
The I.B.E.W. Local 98 Pension Supplemental Benefit is in addition to the Pension Benefit.
The requirements for qualifying is based off of your Age at retirement plus your years of service.
Retire at age 57 with 31 years of service. 57 + 31 = 88 points.
88 points = $2000 per month in additional retirement income.
The I.B.E.W Local 98 Profit Sharing Plan.
More commonly known as a 401K is a contractor contribution. Your employer contributes 15.5% of the hourly wage, per hour, every hour you work, into your 401K account. These contributions are made entirely by the contractor and is not deducted from your hourly wages.These funds are available to you upon retirement, in addition to the pension.
National Electrical Benefit Fund.
The first plan to provide pensions for retired workers in the electrical construction industry was created by delegates to the 1927 Convention of the International Brotherhood of Electrical Workers (IBEW). For the entire history, NEBF History. The current N.E.B.F benefit is calculated at $32.00 per month for each credited year of service. A year of credited service is any year in which you work 1000 hours or more. See the entire NEBF manual here, NEBF Plan.
31 years of service X $32.00 = $992.00 per month at retirement.
31 years of service X $4.50 = $139.50 per month at retirement. (additional N.E.I.F. pension)
The individual in the example would be entitled to $6231.50 per month at retirement. This is in addition to the funds available in the individual’s profit sharing account (401K). Secure your future and secure your well-being. Retire on your terms. Your BSI, Your Future, Your Decision.