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

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.

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.

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

The Plan recommends you apply 60 days prior to your planned retirement date. To be entitled to a distribution from your Defined Contribution Pension Plan you must be a vested member of the Plan and have terminated your work in covered Employment or any Electrical Construction Industry for thirty (30) days and you should not be on the Unions out of work list during that 30-day period. Applications are processed in the order received. The fund office has 30 business days to process your request.

Complete the Retirement Application and return to the Fund office along with copies of the following documents:

    1. Birth Certificate or other proof of age (see Proof of Age Examples)
    2. Spouse’s Birth Certificate or other proof of age, if married
    3. Marriage Certificate, if married
    4. Disability Notice of Award from Social Security, if applicable
    5. Divorce – Final Dissolution of Marriage, if applicable
    6. Your Community Property Settlement Agreement, Qualified Domestic Relations Order (QDRO), if applicable

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.

You must also apply for retiree health care benefits. See the eligibility rules and return the application form. If you have questions regarding your Health and Welfare please contact the eligibility department at (408)288-4433.

After Retirement – Stay Up-To-Date

Use the pension forms listed below to:

    1. Start or update distributions (remember that Required Minimum Distributions start at age 72 for most people)
    2. Change tax withholdings (federal and state)
    3. Update your address, phone, and/or email
    4. Change direct deposit information (EFT) for your bank
    5. Change beneficiaries

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

Before you retire:

Retirement application:

Making changes after you are retired:

Tax form links:

More Pension Information

    Pension Documents

    Useful Links