Comparison of Pension Funds

Vested, Age 65 or Older and retired from electrical industry

OR

Vested, Age 65 or Older, retired from electrical industry, and retained pension credits. Receive single lifetime option if not married. If married, receive 50% J&S annuity unless spouse consents to you receiving lifetime option or 75% J&S Annuity.

Normal Retirement. Age 65 and “A” member of IBEW in continuous good standing with 5 or more years of service preceding retirement. Pension computed on basis of $4.50/month for each full year of such continuous “A” membership. If member’s benefit will be $30 or less shall receive one-time lump sump payment.

Vested Pension. Must leave electrical industry prior to Age 65, have minimum 20 years of service and continuous good standing, entitled to receive vested right benefits at age 65. However, not entitled to disability pension, death benefit or optional spousal benefit.

Age 60 vested, worked for covered employer for 300 or more hours in any of the 5 calendar years immediately before later of the month following receipt of application or month following retirement from electrical industry or month of 60th birthday.

Age 61 vested, worked for covered employer for 300 or more hours in any of the 6 calendar years immediately before later of the month following receipt of application or month following retirement from electrical industry or month of 61st birthday.

Vested and Age 62, 63 or 64, and retired from electrical industry and did not work for covered employer for 300 or more hours in any of the 7 calendar years immediately before effective date.

Less than Age 65, totally disabled, vested when become totally disabled and worked for covered employer within 5 years of becoming totally disabled.

Termination of disability benefit if return to any type of work or employed at any job or no longer receiving social security disability benefit or no longer considered totally disabled by trustees.

Any age totally and permanently disabled and entitled to Social Security Benefit effective during time of covered employment or immediately following such.

Termination of disability benefit if no longer receiving Social Security benefit or no longer considered totally & permanently disabled by trustees.

Totally disabled, must not work whatsoever, with 20 or more years of service.

Social Security Disability award or equivalent is preferred. However, in lieu of award medical info may be submitted and reviewed by IBEW physician.

Optional Spouse benefit paid to surviving spouse only if member receiving disability pension at time of death or within 9 months after end of a prior period of disability.

Preretirement Survivor Annuity. Spouse eligible if at the time of your death you were vested, worked at least 1 hour in covered employment, and married to spouse for 1-year period prior to death. Not payable until month following when member would have first been eligible for any NEBF benefit type.

If Die while receiving benefit, if receiving lifetime option estate will receive final benefit (amount will be for month you died, then no further benefits will be due).

If Die while receiving benefit, if receiving J&S option, estate will receive benefit amount for month you died. Spouse being receiving survivor benefit month following your death. Benefit will continue until your spouse dies, then no further benefits.

Preretirement Survivor Annuity – for Surviving Spouses only. If member dies before retirement, surviving spouse entitled to survivor pension for life equal to amount of monthly benefits that can be provided by individual account balance. Not payable until participant would have reached Age 55.

Lump Sum payment – surviving spouse can elect lump sum and waive J&SA. Non-spouse beneficiaries entitled to lump sum.

Non-Spouse Beneficiary may choose to have benefits payable in direct rollover to inherited IRA.

Member must have minimum 6 months continuous good standing. If more than 2 months in arrears of dues payments will not be eligible unless show was not fault of member.

Only active “A” embers and normal, early, and disability pensioners eligible. Those on Vested Pension not eligible.

Normal Death Benefit = $6,250

Accidental Death Benefit = $12,500

Retiree Death benefit reduced from $6,250 by amount of pension payments received but no lower than $3,000.

Designate Beneficiary on Form available with Plan Office.

May change designation at any time except if married must get spouse’s written consent.

If no designation or beneficiary pre- deceases member, distribution will be made to your spouse (if any), if none equal shares to your children, if none to your parents, if none to your siblings, and if no survivors, to your estate.

Must Designate Beneficiary in writing.

May change beneficiaries.

If no designation or beneficiary pre-deceases member, distribution will be made in the following priority to spouse, member’s children, member’s parents, and member’s estate.

If beneficiary entitled to benefit cannot be located or does not file claim within 90 days after date of death, benefit may be paid to contingent beneficiary or in indicated order of priority above.

If no valid claim is filed, no beneficiary can be located and member has no estate, death benefit shall revert to the IBEW PEF on 2nd year of anniversary of the member’s death and no benefit will be paid subsequent to the reversion.

Continue to work 40 or more hours past Normal Retirement Age in the Electrical construction industry in San Mateo County benefits will be suspended.

Continue to work after Age 55 (prior to age 65) in covered employment or other industry employment, not entitled to benefits.

Work of any kind coming under the IBEW’s jurisdiction.

If member on pension returns to work in electrical industry other than as Instructor or Electrical Inspector, member must resume payment of dues through Local Union, notify the Intl Sec. Treasurer (“I.S.T”) to cease paying the monthly pension benefit.

If member fails to pay dues or notify the I.S.T. upon resuming prohibited employment and a written and signed allegation has been submitted to the IBEW that retiree has returned, I.R. should conduct investigation and hearing asap and send report to the Intl Executive Council (“I.E.C.”). I.E.C. will decide whether to suspend payments or not.

Work less than 40 hours per calendar month.

Work as Instructor in IBEW/NECA JATC program where instructors not covered by NEBF.

Work as Instructor in IBEW/NECA JATC program where instructors are covered by NEBF and you are age 65 or older.

Work as Electrical Inspector for governmental authority where inspectors are not covered by NEBF.

If attain age 70 ½ and not working, must commence receiving benefits no later than April 1st following year attain age 70 ½.

If attain age 701/2 and continue to work, can postpone receiving benefits until date you retire.

If attain age 70 ½ and continue to work for 40 or more hours in any month, benefit will be suspended for that month.

However, if have 5% or greater ownership interest in covered employer and continue to work past age 70 ½ no suspension and NEBF will begin paying benefit by April 1st of the year following the year you reach age 70 ½.

If attain age 70 ½ and not working, must commence receiving benefits no later than April 1st following the year attain age 70 ½.

If attain age 70 ½ and still working, can postpone receiving benefits until the date you retire.