INTERNATIONAL & NEBF PENSION: Questions and Answers to make the retirement process as easy as possible
WHEN CAN I RETIRE ON INTERNATIONAL PENSION?
- Normal - Age 65 with at least 5 years of service
- Early - Between age 62 and 65 with at least 20 years of service (reduced by 6.66% for each year or part the member is under age 65 at the time of retirement
- Disability - Only with full Social Security disability award and 20 years of service
WHEN CAN I RETIRE ON NEBF PENSION?
- Normal - Age 65 with at least 5 years of service
- Early - Age 60 to 65 with at least 5 years of service (discounted per the NEBF Summary Plan Description available at the Local 292 office or directly from NEBF)
- Disability - Only with full Social Security award and 5 year of service
HOW MUCH WILL MY PENSION BE?
International Pension
- From initiation to 1992 - $3.00 x years of service
- From 1/92 to 12/97 - $3.50 x years of service
- From 1/98 to present - $4.50 x years of service
NEBF Pension
- $32.00 x years of service
WHAT ARE MY YEARS OF SERVICE BASED ON?
International Pension
- Service credits start on the month you were initiated (sworn in) into the union
NEBF Pension
- Service credits are based on every contributing contractor you worked for (lampwasher, summer helper, apprentice, etc.) Minimum of 300 hours per year...
SERVICE CREDIT INQUIRY
- Contact the Local 292 office to have a letter sent to the International and NEBF pension departments requesting your "Service Credits"
- This will give you some idea of what your pension will be upon retirement
- This is to get information only and is not be confused with your pension application...
WHEN DO I START?
International Pension
- 6 month prior to your retirement date, contact the Local 292 office (papers must be ordered from the I/O Pension Office)
NEBF Pension
- 9 months prior to your retirement date, contact the Local 292 office (applications are available)
JOINT & SURVIVOR ANNUITY BENEFIT
- When you apply for pension you can choose full pension or the "Joint & Survivor" option
- The dollar amount is based on the age difference between you and your spouse
- The spouse would receive 1/2 of your pension amount at the time of your death
- Joint & Survivor Annuity is a decision made by you and your spouse at the time you apply for pension
NEBF PRE-RETIREMENT SPOUSE BENEFIT
- Your surviving spouse will be eligible to receive a monthly benefit for her life effective the month after you would have attained the age of 62 had you lived
- If you die prior to retirement, provided that you and your spouse had been married at least one year prior to your death
- If you are vested in the NEBF pension plan
- If you had at least one hour of service in covered employment on or after 9/1/74
NEBF POP-UP OPTION
- If the spouse dies first, the participant’s benefits will pop-up to the level it would have been without the joint & survivor reduction
- A death certificate must be sent to the NEBF office with a request for "pop-up" benefit
I/O POP-UP OPTION
- The International does not offer the "pop-up" option unless the spouse dies within the first 6 month period following the date the member is placed on pension
- In this case, the survivor election is automatically cancelled the member will receive a pension unreduced for the optional spouse’s benefit
DIRECT DEPOSIT
- I/O & NEBF pension is paid directly to your bank
- When changing banks a new direct deposit form must be filled out
- I/O form must be ordered direct from the International Office
- NEBF form is available at the Local 292 office
CHANGE OF ADDRESS
- The Local 292 office must be informed of any change of address…
- The Local 292 office will then notify the International & NEBF Pension departments
NOTE: Make sure you let the office staff know that you are on I/O and NEBF Pension...
WE’RE HERE TO HELP
For more information noreens@ibew292.org
The Business Manager, Business Representatives and Local 292 Office Staff are here to help…
ENJOY YOUR RETIREMENT