ATTENTION RETIREES
YOU CAN
RECEIVE YOUR MONTHLY PENSION BENEFIT AND A WEEKLY PAYCHECK
Here is how that works.
Retirees who wish to return to work under a Collective Bargaining Agreement of an IBEW Local Union from now until December 31st, 2022, are allowed to work AND receive their Local 697 monthly Pension Benefit if:
A) Ninety (90) calendar days have elapsed from the date of their first monthly IBEW Local 697 Pension benefit payment, and,
B) At the time that they return to work and throughout that stay of employment, the employees ERTS election delineates that all benefit fund contributions are to be reciprocated to the Benefit Funds of the IBEW Local 697.
If the retiree returns to work please be advised that:
C) You will maintain your current retiree status within the Lake County Indiana, NECA-IBEW Health and Benefit Plan.
D) You will be credited with all Money Purchase Plan and Trust contributions made on your behalf by your employer.
E) Provided you meet the SUB Fund participation requirements that upon the permanent cessation of active employment, those SUB Fund monies will be transferred to your HRA account. And,
F) No additional Pension credit nor Retiree Self-Payment Benefit Allowance (aka Plan P) credit will be earned if you are the age of 72, actively working AND receiving both your monthly Local 697 Pension benefit and Retiree Self-Payment Allowance (aka -Plan P) benefit.
Retirees under the age of 72, that return to work and wish to earn additional credits in both of those two Benefit Funds, can do so, if you suspend the receipt of both those benefits in the months that you are working. All suspension of benefit notices needs to be made in writing, signed by the retiree and received at the Fund Office by the 15th of the month prior to the month(s) in which the retiree has elected not to receive their monthly Pension and Retiree Self-Payment Benefit Allowance.
With that said, any credits earned have to be actuarially accounted and if needed adjusted to account for any lump-sum monies received upon the participants initial retirement and any changes in the life expectancy tables. Be advised that this often results in very little, if any increase in a retiree’s monthly Pension Benefit.