As announced at the September membership meeting, the Board of Trustees of the Local 697 I.B.E.W. & Electrical Industry Pension Fund are pleased to announce the following benefit improvements for 2024.

  1. Effective January 1, 2024, the existing accrual rate of $85.75 will increase to $88.50.

    What does that mean?

    Provided you are not retired on December 31st, 2023, and have not incurred an accrual freeze (a break in service), all past calendar years of earned credit will be calculated at the new higher accrual rate of $88.50.

    So, what will one full Accrual Credit equate to in both hours and dollars in 2024?

    Good question! One full accrual credit is $88.50. However, keep in mind that beginning in calendar year 2023 and going forward an employee can earn more than one (1) full accrual credit if the hours they worked in a calendar year exceeded certain hourly thresholds. Consequently, a participant could earn as much as $106.20 in 2024.

    Specifically, the hourly thresholds and earned accrual credits for 2024 are listed directly below:

    1,600 to 1,799 10/10 (One Full Credit) $88.50
    1,800 to 1,999 11/10 (Eleven-tenths) $$97.35
    2,000 or More 12/10 (Twelve-tenths) $106.20
  2. There will be no increase to the early retirement reduction percentage of 3.9%.

    What does that mean?

    Unlike previous increases in the accrual rate where that increase was accompanied by an increase in the early reduction factor, there will be no increase in the early reduction factor.

  3. Effective January 1, 2024, the Board of Trustees will be providing retirees who are on the retirement rolls of the Plan on December 31st, 2023, with a 2% increase in their annual benefit.

    See what you miss when you don’t attend monthly membership meetings!