The national retirement plan (NEBF)

In addition to the Local 617 Retirement Plan, the contractor also contributes 3% of the worker’s on-the-check gross wages to the National Electrical Benefit Fund. This is a national defined benefit retirement and disability plan sponsored by the IBEW and NECA. When you become fully vested after five years, you receive a monthly benefit based on the number of years you have worked under the plan. As of July 1, 2001, the monthly amount is $32.00 per year worked, but the rate has continuously improved over the years. If you are totally and permanently disabled before retirement, the Fund also provides a benefit (currently a minimum of $600 per month). The International Pension works the same as the NEBF, and currently pays $3.50 per month per year worked.

The union office can provide further details of the retirement plans.