Pension Documents

For Active Participants: Effective January 1, 2017, the benefit per pension credit will increase from $71.75 to $74.00.

 

For Retired Participants: For retired participants who are on the pension rolls as of December 31, 2016, there will be an additional payment in the same amount as their monthly pension benefit for the month of December 2016 payable in January 2017.

 

See Pension Plan Amendment 4 for more details.

 

Pension Plan

Pension Plan Amendment 1

Pension Plan Amendment 2

Pension Plan Amendment 3

Pension Plan Amendment 4

Pension SPD

 

Pension

The Local 697 IBEW & Electrical Industry Pension Fund was established as a result of an agreement between the National Electrical Contractors Association (NECA) and the Local Union No. 697 International Brotherhood of Electrical Workers on December 1, 1964.

The Local 697 IBEW & Electrical Industry Pension Fund is a Taft-Hartley, multi-employer, defined benefit pension plan that provides pension benefits for those eligible participants. The right to benefits is determined solely by the provisions of the Pension Plan of the Local 697 IBEW & Electrical Industry Pension Fund as it existed on the last date of employment for which contributions were made to the Fund.

The Fund is administered by a Board of Trustees. The members of the Board serve without any compensation and act on behalf of you and your fellow employees in managing the Pension Fund’s operations. The Board is made up of Union and Employer representatives whose powers and duties are defined in the Agreement and Declaration of Trust.

The entire cost of the Plan is paid by the participating employers who are required to contribute to the Pension Fund in accordance with their collective bargaining agreements with the Local Union. No employee contributions are required or accepted.

The Trustees will continue to keep you advised of any changes in the Pension Plan. Please be sure that the Fund Office has your current address at all times.

If you have any questions about the Fund, you should contact the Benefits Office at (219) 845-4433 or (219) 940-6181. If you have any questions about your status under the Fund, you should complete the Request for Pension Information Form and return it to the Benefits Office.

 

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Frequently Asked Questions

– Active

 

Q.  What is the value of a pension credit?

A.  The benefit per pension credit has increased from $71.75 to $74.00 effective for active participants who first retire or leave Covered Employment on or after January 1, 2017 and meet all other applicable eligibility requirements.

Q.  How many hours are required to earn a pension credit?

A.  1600 hours per year for retirements effective on and after January 1, 1989. Apprentices accumulate pension credits for every hour worked for a signatory employer, as well as, for each scheduled syllabus class room hour spent within the Local 697 Apprenticeship Training program.

Q.  How many hours are required to earn a vesting credit?

A.  1000 hours per year

Q.  Can I still earn pension and vesting credits if I don’t work all year?

A.  If you have 400 hours of work for which contributions were paid, the hours in excess of 1600 hours from other years may be added to the 400 hours. If you have earned at least 20 pension credits, hours in excess of 1600 may rollover and be added to the hours worked in the years immediately preceding and/or succeeding the year that had 1600 hours.  

Q.  What happens to my benefits when I work in another local union’s jurisdiction?

A.  You must be registered on the Electronic Reciprocal Transfer System (ERTS) in order for your benefits to be reciprocated to your home local or fund you have designated. Begin the process of registration at your home Local Union or a participating fund office. Once you are registered you will receive by mail your user ID and password. This reciprocal authorization will remain in effect until you modify your registration. Please remember to update your information on ERTS if your address changes.

Q.  How many credits can I earn per year?

A.  One credit per year

Q.  When am I vested?

A.  You may be vested if you have credit for at least 5 years of vesting on or after January 1, 1998.  

Q.  How can I find out how many credits I have?

A.  Submit a completed Request for Pension Information form to the Benefits Office. An estimate will be mailed to your address on file in the Benefits Office.

Q.  When can I retire?

A.  Regular Pension
You may receive a Regular Pension when you retire if:
• you are age 62 or older; and
• you have earned 20 or more Pension Credits. 

Early Pension
You may receive an Early Pension when you retire if:
• you are at least age 55 but less than age 62; and
• you have earned 20 Pension Credits.
 

Vested Pension
You may receive a Vested Pension when you retire if:
• you are age 62 or older; and
• you have earned 10 years of Vesting Service and less than 20 Pension Credits.
 

Normal Pension
You may receive a Normal Pension when you retire if:
• you have attained Normal Retirement Age (age 65); and
• you have 5 years of Vesting Service and less than 10 years of Vesting Service.
 

Disability Pension
You may receive a Disability Pension if:
• you are totally disabled (requires a Social Security Disability Award Letter); and
• you have earned at least one full Pension Credit in the three consecutive calendar years immediately preceding your retirement; and
• you have at least 20 Pension Credits or at least 10 years of Vesting Service.

Q.  Is there a reduction for an Early Pension?

A.  Yes.  Effective January 1, 2017, the reduction has changed from seven-fortieths of one percent (0.175%) to one-fifth of one percent (0.2%) for each month prior to the age of 62.

Q.  How do I apply for my pension?

A.  Either print an application package from this website or make an appointment with the Benefits Office at least one month prior to retirement to obtain your application. The application and all the required documents must be submitted to the Benefits Office at least one week before the first of the month you plan to start collecting a benefit. You cannot work in the month you start collecting a benefit.

Q.  If I die, will my spouse receive my pension?

A.   If you have a Qualified Spouse and die before your pension payments start, a Pre-retirement Surviving Spouse Pension may be paid to your surviving spouse provided you were vested.  A Qualified Spouse means you and your spouse were married for at least one year prior to your death.  Upon receiving notification of your death, the Benefits Office will send a spousal pension application package to your spouse.

 

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Frequently Asked Questions

– Retired

Q.  How do I change my withholding?

A.  Complete a Form W-4P Withholding Change Form and return it to the Benefits Office.


Q.  How do I change where my pension benefit is being deposited?

A.  Complete a Direct Deposit Form and return it to the Benefits Office.


Q.  I’ve moved out of Indiana. Can I still have state taxes withheld
from my pension benefit?

A.  No.  You can only have Indiana taxes withheld.


Q.  I’ve moved. How do I change my address?

A.  Complete a Change of Address Form and return it to the Benefits Office.


Q.  What day will I receive my pension benefit?

A.  Pension benefits are issued on the 15th of the month.


Q.  The 15th falls on a weekend or holiday. When will I receive my pension benefit?

A.   Your pension benefit will be deposited into your account on the following business day.


Q.  If I die, will my spouse receive my pension?

A.   A Qualified Spouse may receive the same amount as you for her lifetime if you retired beginning January 1, 1983 or later.  A Qualified Spouse means you and your spouse were married for at least one year on the effective date of your pension.  Upon receiving notification of your death, the Benefits Office will send a spousal pension application package to your spouse.   


Q.  Do I have a death benefit?

A.  A $5,000.00 death benefit may be payable for a retired member who is 65 years or older, covered under the Lake County, Indiana N.E.C.A.-I.B.E.W. Health and Benefit Plan, and not eligible for life insurance under the Lake County N.E.C.A.-I.B.E.W. Health and Benefit Plan.  Upon receiving notification of your death, the Benefits Office will send a beneficiary application package to your beneficiaries.  Please make sure that your beneficiaries know to contact the Benefits Office; otherwise, information will only be sent to the address you have on file in the Benefits Office.  Beneficiaries can be updated by contacting the Benefits Office.