Plan Description

The San Mateo Electrical Construction Industry Retirement Plan for Local 617 is a multi-employer, collectively bargained defined contribution pension plan (also known as a “Money Purchase Pension Plan”) in which employer contributions are invested for your benefit. Benefits are payable on or at retirement (after age 55 or older), disability and in limited situations and amounts, upon the termination of employment. For more information, review the Summary Plan Description.

You may also be eligible for the National Electrical Benefit Fund and the IBEW Pension Benefit Fund (PBF). We’ve provided a Comparison of Pension Funds.

Eligibility Requirements

You become a Participant in the Plan as soon as employer contributions on your behalf are received by the Plan. Be sure to check with the Fund office or the Local Union Office if you wish to transfer to or from another IBEW Plan. 

You also may be a Participant in the Plan if you are a non-bargaining unit employee who has earned at least (5) benefit units under the Plan, and at least one half (1/2) of your total hours of service in the current or a prior Plan Year were worked as a bargaining unit employee. Your employer must have a subscription agreement with the Trust covering you and must contribute the specified contribution amount as determined by the Board of Trustees. As a Participant, you will receive a quarterly statement from the Fund Office showing the actual employer contributions paid on your behalf for that quarter and the value of your Individual Account. It is very important that you carefully review your statements and that you notify the Fund Office immediately if there is an error.

Types of Retirement

  • Normal Retirement: The Plan’s normal retirement age is 65, unless you are not yet vested. Full vesting occurs on the fifth anniversary of your participation in the Plan without a break in service. You are considered retired when you reach age 65 and work less than 40 hours in a month in the Electrical Construction Industry in San Mateo County.
  • Early Retirement: The Plan’s early retirement age is 55. You are considered retired when you reach age 55 and thirty days without working elapse. You must file a written certification that you have terminated or intend to terminate your Covered Employment and any other employment in the electrical industry before your benefits commence.
  • Permanent and Total Disability: Regardless of age if you are totally and permanently disabled, you may apply for the money credited to your individual account. You will be considered totally and permanently disabled only if you are entitled to a Social Security Disability Benefit.

Application Procedures

You should apply 90 days prior to your planned requested retirement date to ensure that you receive your first check on the first day of the month that your retirement is effective and that your health and welfare benefits are in place.

The Employee must apply for retirement and for retiree health care benefits.

You will need to upload supporting documents:

    1. Employee proof of age (see Proof of Age Instructions)
    2. Marriage license and spouse’s proof of age, if married
    3. Divorce documents including a Qualified Domestic Relations Order, if applicable
    4. Death certificate, if applicable
    5. Social security disability award, if applying for a disability retirement
    6. Voided check or deposit slip, for direct deposit of cash distributions
    7. If you are married and your primary beneficiary is not your spouse, the Beneficiary Designation form must be notarized or signed by Plan Representative; otherwise, the default is that your spouse will be your primary beneficiary.
    8. If you are married, your spouse must sign the pension distribution type and it must be notarized or signed by Plan Representative; otherwise, the default is a 50% Joint and Survivor Annuity.

More Pension Information

    After Retirement – Stay Up-To-Date

    Use the pension forms listed below to update:

      1. Distributions (remember that Required Minimum Distributions start at Age 72)
      2. Marital status
      3. Beneficiaries
      4. Direct deposit to your bank
      5. Tax withholdings (federal and state)
      6. Contact information (address, phone, email)

    Use the health care forms on the Retirees page to:

      1. Change medical plan during open enrollment or if you move and lose coverage under your current plan
      2. Manage dependents
      3. Select a Medicare Supplement Plan when you turn 65
      4. Use your HRA for health care premium payments (optional)
      5. Update contact information (address, phone, email)

    Forms

    Pension Documents

    Useful Links