We have had several requests for an explanation of the Decatur Pension.  We will try to give a basic explanation.  For further explanation please consult the Summary Plan Book or go to the NECA-IBEW Pension Trust Fund Benefit Funds Page.

Currently $2.49 per hour is contributed to Decatur for members working under the Inside, Residential, Service & Maintenance Agreement.  Under the V.D.V. Agreement $2.35 per hour is contributed.   

            Decatur is currently a five year vesting (effective June 1, 1999).  870 hours or more are needed to gain 1 year’s service.

             You may retire at age 60 without any reduction in benefit (effective Jan.1, 2000).  You may take an early retirement from ages 55-59 with a 7.5% reduction per year under age 60.  This reduction is based on participation after June 1, 2000.

             Decatur’s current rate of pay is 4.35% of total monies in fund contributed prior to June 1, 2003.  All contributions contributed after June 1, 2003 will be based on 3% rate of pay..  This would be the unreduced monthly benefit at age 60.   This rate is based on participation after June 1, 1998. (please check fund book Article III, Section B for past participation rates)

             There are five (5) classes of benefits payable under the Decatur plan:

                        1.                  Normal retirement
                        2.                  Early retirement
                        3.                  Total & Permanent Disability
                        4.                  Deferred Vested
                        5.                  Death Benefit 

Retirement options are full benefit, 50% joint survivor, 100% joint survivor and 10 year certain.  A reduction is calculated on your age and spouse’s age. 

PLEASE NOTE THESE ARE GENERAL EXPLANATIONS.  ALL BENEFITS ARE BASED ON INDIVIDUAL PARTICIPATION AND ARE COMPUTED AND GENERATED BY THE TRUSTEES OF THE FUND.