INTERNATIONAL & NEBF PENSION: Questions and Answers to make the retirement process as easy as possible

 

Please refer to the links below for detailed answers to your questions. Those websites supersede any information on this page. 


WHEN CAN I RETIRE ON INTERNATIONAL PENSION? https://secure.ibew.org/PensionApplication/PensionApps.aspx

  • 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, or with medical records and 20 years of service and approval from the international MD

WHEN CAN I RETIRE ON NEBF PENSION? https://www.nebf.com/nebf/

  • 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 years of service

HOW MUCH WILL MY PENSION BE?

 

International Pension

  •  $4.50 x years of service

https://secure.ibew.org/PensionApplication/PensionApps.aspx

NEBF Pension

  • $32.00 x years of service

https://www.nebf.com/nebf/

WHAT ARE MY YEARS OF SERVICE BASED ON?

International Pension

  • Service credits start on the month you were initiated (sworn in) into the union - you receive a full year's credit after paying dues for twelve months after your initiation date 

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 office@ibew292.org

The Business Manager, Business Representatives and Local 292 Office Staff are here to help…
ENJOY YOUR RETIREMENT

Building Minneapolis, St. Cloud and West Central Minnesota with Pride.
Minneapolis 612-379-1292 or 800-337-8310 - St. Cloud 320-253-1292