Pension

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.

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.

• Apply for a loan from your funds: Pension Loan Application
• Assign or update your beneficiaries: Beneficiary Designation Form

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.

Information is found the Pension Application page.