The Summary Plan Description
The NECA-IBEW Pension Trust Fund 2018 Summary Plan Description (SPD) contains complete features of the Pension Plan. Further details related to Plan Operations are contained in the Plan Document, Trust Agreement, Amendments, Summary Material Modifications, and Annual Funding Notices.
The SPD is restated every five years. This 2018 SPD supersedes any previous SPD. If the Plan is amended or modified, you will receive written notice of such changes in the form of a newsletter or Summary Material Modifications (SMM). The Fund’s regular newsletters act as SMMs. These Plan change notices can be found in the Documents & Forms library and should be kept with your SPD.
Summary Plan Description
This booklet is called a Summary Plan Description (SPD) and is intended to provide a brief description of the Pension Trust Fund. Complete details of the Pension Trust Fund are contained in the Pension Trust Fund Plan Document.
View Summary Plan Description
Plan Document
This document contains information about the establishment of the NECA-IBEW Pension Trust Fund, as well as its governing rules and procedures.
View Plan Document
Pension Application
This form is used to apply for pension benefits with the NECA-IBEW Pension Trust Fund.
Submit an Application
Pension Plan Benefits
The benefits of the Plan are financed by contributions that Employers pay into the Pension Trust Fund. The contributions can be based on a rate per hour for all hours worked or on a percentage of gross wages. Employers pay the entire cost of the plan; the plan does not allow participants to make voluntary contributions.
There are currently almost 3,000 pensioners that receive monthly checks. These monthly checks range from just a few dollars to more than $5000.00.
The Plan is a multiemployer defined benefit plan. The Plan provides you with a benefit at retirement determined by the Plan formula. Every year a certified actuary performs a validation of our Plan to verify that the contributions received are sufficient to meet the minimum funding standards established by law. Your trustees have the responsibility and discretion to invest all Plan assets.
Submit an Application
For your convenience, an Interactive Benefit Application form can be completed online. This form can then be printed and returned to NECA-IBEW by mail or dropped off in person. Please do not email the Benefit Application as it contains private information and email may not be HIPAA-compliant.
Pension applications are also available in the Documents & Forms Library, or you can click the links below:
Complete Pension Benefit Application - Single
Complete Pension Benefit Application - Married
Pension Trust Documents & Forms
Pension Trust Fund Documents
Pension Trust FAQs
What is normal retirement age?
The normal retirement age is 65 years old.
May I retire before age 65?
Yes, you may retire anytime on or between the ages of 55 thru 59 years old at an actuarially reduced pension, provided you are vested. If you retire on or between ages 60 thru 65 there is no reduction in your benefit. There are some individuals who may not be able to take early retirement until age 57. These same individuals will not receive a non-reduced benefit until age 62.
Who should I contact for information about my pension benefits?
You should contact the Fund Office for questions regarding your pension benefits.
How do I apply for pension benefits?
For your convenience, an interactive Pension Benefit Application form can be completed online. This form can be printed and returned to NECA-IBEW by mail or dropped off in person. Please do not email the Benefit Application as it contains private information and email may not be HIPAA-compliant. You may also contact the Fund Office to request a Pension Benefit Application to be mailed to you.
Should I apply for benefits even if I don’t think I am entitled?
Yes, there are some instances in which you would qualify for a benefit even though you are not vested.
Why do I need to complete a Beneficiary Data Card?
In the event of your death, the individual you last named on your data card will be the recipient of your death benefits (if eligible). It is important to complete a new data card as you have changes in your life such as marriage, divorce and dependents. If no beneficiary is named, benefits will be paid to the surviving spouse; if no surviving spouse, then to the decedent's estate.
May I name someone other than my spouse as my beneficiary?
You may name someone other than your spouse as your beneficiary for your pension benefits; however, your spouse must consent in writing to this.
How long does it take for my benefits to begin once I retire?
Sometimes there is a delay in paying your benefits until your final hours are received in the Fund Office. For example: Hours worked in May are not received in the Fund Office until mid-June.
How many hours must I work to get a year of credited service toward my vesting?
After June 1, 1976, or the Participation date if later, you must work at least 870 hours in a plan year (June 1st thru May 31st) to get a year of credited service.
If I am called for military service, do I retain my pension rights?
Yes. Your rights are protected by Uniformed Services Employment and Reemployment Rights Act (USERRA). You are obligated by law to notify the Fund Office of entering the military and upon returning from duty. You are also required to seek employment upon returning from duty.
If I have a Deferred Vested Benefit under the Plan, do I need to do anything to receive these benefits?
Yes:
- Always keep the Fund Office informed of your current address
- When you retire, you must submit an application for the pension benefit
If I take another job after I retire, will I lose my pension?
If you return to work in the electrical industry, in the same trade or craft and in the same geographical area of the Pension Fund, you shall forfeit one (1) monthly pension payment for each calendar month during which you are employed forty (40) or more hours. You need to notify the Fund Office upon returning to work and upon terminating your employment. The amount of your monthly benefit may be increased if you meet certain conditions.
Do I need to notify the Fund Office if my spouse passes away?
Yes, you should notify the Fund Office immediately if your spouse passes away. If you were receiving a reduced monthly benefit in the form of a Joint & Survivor Option your benefit will revert to the amount you would have received under the Single Life Option.
What is the difference in the Joint & Survivor options and the 5 or 10 year certain options?
All options are a lifetime benefit for the participant. The Joint & Survivor options give you a reduced lifetime benefit which will continue for your spouse in the event of your death.
The 5-Year Certain (Early Retirement or Normal Retirement options) gives you a lifetime benefit, but if your death occurs after you have received at least 60 monthly payments (5 full years) no benefits will be payable to your beneficiary.
The 10-Year Certain (Early Retirement or Normal Retirement options) gives you a lifetime benefit, but if your death occurs after you have received at least 120 monthly payments (10 full years) no benefits will be payable to your beneficiary.
Please notify the Fund Office as soon as possible if you experience any life events, such as moving to a new address, marriage, the birth/adoption of a child, divorce, or retirement.