Sub Fund

In June 2004, Local Union 697 International Brotherhood of Electrical Workers and Northern Indiana Chapter of the National Electrical Contractors Association established the IBEW Local 697 SUB FUND for eligible members. The IBEW Local 697 SUB FUND was created to help provide financial security to you and your family if you should become unemployed.

We encourage you to read the Fund’s Summary Plan Description carefully.

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


If you have any questions about the Fund or your status under the Fund, you should contact the Benefits Office at (219) 845-4433 or (219) 940-6181.

 

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How To Apply

To apply for Sub Fund Benefits you must complete an application form and provide the Benefits Office with proof that you are receiving unemployment benefits. The unemployment statement that you receive online each time you receive payment is sufficient. The state benefit may be from the State of Indiana or any other state in which you are entitled to draw unemployment compensation benefits.

A new application must be completed and filed with the Benefits Office after one year.

 

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Death Benefit

As an active participant upon your death, a $2,000.00 death benefit from the Sub Fund may be paid to your beneficiary on file in the Benefits Office providing: your balance must have reached $1,200.00 at one time and you have been an active participant for one year. Click here if you need a beneficiary form.   

 

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Retiree Health Care

Upon your retirement, any balance remaining in the Sub Fund may only be used to pay monthly out of pocket premiums for retiree coverage in the Local 697 Health and Benefit Fund.  The Sub Fund may automatically coordinate any payments with the Health and Benefit Fund.

In the event that you have no qualified spouse, your account balance will revert to the Local 697 Sub Fund upon your death.

If upon retirement you choose not to continue with the Local 697 Health and Benefit coverage, your account balance will revert to the Local 697 Sub Fund.

 

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Frequently Asked Questions

Q.  How do I collect my Sub Fund?

A.  You must be collecting unemployment; signed on the Out of Work List and be available for work. You must also provide proof of payment from the unemployment office each week in order to receive payment. Before you can collect, you must have a balance of at least $1,200.00.

Q.  When can I expect payment?

A.  Payments are processed every Wednesday from unemployment statements that were received in the Benefits Office between Monday and Friday of the previous week.

Q.  Do you mail my check to me?

A.  Your payment will be deposited into your vacation account in the Credit Union each Wednesday.

Q.  How much am I able to collect each week?

A.  $150.00 each week or benefit balance if less than $150.00.

Q.  What is the maximum amount that I can have in my Sub Fund?

A.  Originally, the maximum amount was $2,000.00; however, you now have the option to choose between $2,000.00, $4,000.00, $6,000.00 and $8,000.00. You can change the amount by completing a Benefit Balance Change form and returning it to the Benefits Office.

Q.  Once my Sub Fund reaches the designated maximum amount, what happens to the monies that continue to accumulate?

A.  When your Sub Fund reaches the maximum amount, the excess monies are transferred to your Annuity Fund and then transferred to Vanguard on a monthly basis.

Q.  I’m a traveler; how do I receive my benefit balance?

A.  After leaving the jurisdiction and three calendar months without contributions, your account will be closed and the monies will be sent to your IBEW Local Union 697 Federal Credit Union account.   You will receive a letter in the mail to notify you of this transaction (usually about five months from the last month worked). 

-OR-

You may be able to collect a weekly benefit of $150.00.  You must be collecting unemployment and be available for work.  You must also provide proof of payment from a state unemployment office each week in order to receive payment.  Before you can collect, you must have a balance of at least $1,200.00.

Q.  What happens to my Sub Fund balance when I retire?

A.  The balance of your Sub Fund may be applied to your monthly premium for your Local 697 Health and Benefits coverage.  You will receive a letter each month showing the balance used and your current balance.

Q.  How much is the death benefit?

A.  If you are an active participant and you die, a $2,000.00 death benefit may be paid to your beneficiary providing: your balance must have reached $1,200.00 at one time and you have been an active participant for one year prior to death.