Frequently Asked Questions
Q. What kind of a plan is this?
A. The Plan is a defined benefit pension plan. Benefits payable to retirees are determined in accordance with the formula set forth in the Fund’s plan document (the Plan).
Q. Are plan benefits guaranteed in any way?
A. Benefits under this Plan are insured by the Pension Benefit Guaranty Corporation (PBGC). The PBGC pays certain benefits in the event that the plan becomes insolvent and is unable to pay guaranteed benefits when due. Generally, the PBGC guarantees most vested normal age retirement benefits, early retirement benefits, and certain disability and survivor’s pensions. However, the PBGC does not guarantee all types of benefit protection under covered plans. In addition, the amount of benefit protection is subject to certain limitations. For example, benefits that have been increased within the five years before plan insolvency are not guaranteed. In addition, there is a ceiling on the amount of monthly benefit that the PBGC guarantees.
For more information on the PBGC insurance protection and its limitations, ask your Fund Manager or the PBGC. Inquiries to the PBGC should be addressed to the Pension Benefit Guaranty Corporation, 1200 K Street, NW, Washington, DC 20005. The PBGC may also be reached by calling (202) 326-4000.
Q. Can I Borrow from the Plan?
A. No, you may not. See Question 53 in the Pension SPD.
Q. How often and when do I receive a pension statement?
A. ERISA provides that you are entitled to obtain a statement free of charge telling you whether you have a right to receive a pension at age 65 and, if so, what your benefits would be at your Normal Retirement Date if you stopped working under the Plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to earn a right to a pension. This statement must be requested by you in writing and it is not required to be given more than once a year. The Fund sends an annual benefit statement to Participants each April. See Rights And Protections in the Pension SPD.
Q. What happens to Employer contributions made on my behalf when I work in an area of a different IBEW Local Union?
A. See Question 63 (Reciprocal Agreements) in the Pension SPD.
Q. If I die before retiring will my beneficiary(ies) receive my pension benefits?
A. Yes, in certain cases. See Questions 61-62 (Pre-Retirement Surviving Spouse’s Pension and Pre-Retirement Death Benefit) in the Pension SPD.
Q. What should I do when I want to retire?
A. See Questions 39-46 (Applying For Pension Benefits) in the Pension SPD.
Q. What happens if I become totally and permanently disabled?
A. You may be entitled to a Disability Pension if you meet certain eligibility requirements. See the Disability Pension section of the Pension SPD.
Q. How early can I retire and how will early retirement impact my benefits?
A. You may be entitled to an unreduced Early Pension as early as age 57, or a reduced Early Pension beginning at age 55. See Unreduced Early & Early Pension in the Pension SPD.
Q. What benefit options are available when I retire?
A. For information on optional benefit forms, see Questions 56-60 (Married Couple Form and Widows Benefit) and Questions 64-67 (Optional Joint & Survivor Form Of Pension Payment) in the Pension SPD.
Q. May I work in the electrical industry after retirement?
A. Your monthly benefit will be suspended for any month you are employed in disqualifying employment before you have attained Normal Retirement Age.
If you have attained your Normal Retirement Age, your monthly benefit shall be suspended for any month in which you worked or were paid for at least 40 hours in disqualifying employment.
See Questions 69-77 in the Pension SPD for further information on the Plan’s Suspension of Pensions rules.
Q. I’ve already retired, but need to change my mailing address, direct deposit information and/or tax amount withheld. Who do I contact?
A. To change this information, contact the Pension Fund’s third party payor, Prudential Insurance Company, at 1-800-621-1089. The information can be given to Prudential over the phone.
To change this information for the National Electrical Benefit Fund (NEBF) and/or the International Office Pension Benefit Fund (I.O. PBF), please contact James P. Malley, Financial Secretary of Local 25, IBEW, at 631-273-4567, ext. 240.