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Benefit Overview

 

Notice to all members: The following information is for your file. This will help you to summarize the different benefits available. Please check your agreement for the benefits that apply to you. NECA-IBEW PENSION TRUST FUND (Decatur Plan) 5 year vesting. Early Retirement with reduction- age 55-59. Full benefits - age 60 Current contribution (paid by contractor) - Death benefit - Pre retirement -depends vesting status. Post retirement - depends on retirement election and/or time receiving pension. IBEW PENSION - (International Pension) 20 year vesting - paid through dues - current retirement rate - $4.50 per month for each full year of continuous good standing as an "A" member (after 1997) $3.50 per month prior to 1997. Early retirement with reduction - age 62-64. Full benefits- age 65. NEBF PENSION - (National Electrical Benefit Fund) - 5 year vesting - paid by contractor (3% of gross earnings) - current retirement rate $32.00 per month per year of credited service - Early Retirement with reduction - age 60 & 61. Full benefits - age 62. ALL ABOVE IS GENERAL INFORMATION - INDIVIDUALS MAY HAVE VARIANCES  UNION LABOR LIFE INSURANCE - $8500.00 life insurance - paid through dues $76.56 yearly (effective 1/1/07) IBEW PENSION BENEFIT FUND - (Death Benefit) $6250.00 normal death - this benefit changes to no less than $3000.00 if you have retired. $12500.00 accidental death AMERICAN INCOME LIFE INSURANCE - $2000.00 accidental death For questions please contact: Micki Dralle, Office Manager (815) 729-1240 for further information.   NECA-IBEW LOCAL 176 PENSION PLAN - Local Pension - immediate vesting - Current contribution rate (paid by contractors)  Eligible at age 55 without penalties NECA-IBEW LOCAL 176 HEALTH & WELFARE FUND - (Medical, dental, vision and MAP) Current contribution rate (paid by contractors)   SUPPLEMENTAL UNEMPLOYMENT BENEFITS FUND - (SUB Fund) - Based on credits earned - Current contribution rate (paid by contractors) Current benefit rate is $200.00 per week AMALGAMATED LIFE- Life Insurance $10000.00 AMALGAMATED LIFE - Accidental Death & Dismemberment Ins. $10000.00 NUMARK CREDIT UNION - Savings Trust Fund - Current contribution rate (deducted from wages) For questions please contact: Nicole, (815) 729-2666 for further information. Please remember to change beneficiaries with each office listed, this cannot be done automatically, it must be requested by you!