Newsletter

Many thanks to those of you that attended the September Health and Benefit Plan Educational meetings. You are all Rock Stars!

For those of you who missed it, well……

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.

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.

Did you ever notice that most people say that September is about easing back into normal activities? But, and by a show of hands – don’t you really believe that deep down, most people are terrified that they are not where they wanted to be at this time of the year and want and need a strong September in order to build up positive momentum for a robust fourth quarter?

Perhaps you think that.

Hey Apprentices

The jurisdiction of the I.B.E.W. Local 697 encompasses both Lake and Newton counties. Consequently, if you work outside those two-county lines, you will be working in another I.B.E.W. Local’s jurisdiction.

The Health and Benefit Fund is currently undergoing a “deep dive” into its records to make sure it has all the supporting documentation necessary to properly administrate the Fund. Unfortunately, and for the reasons that many of you were enrolled into the program when the regulatory world was less……, well…, regulatory, the Plan is missing certain and needed documentation.

It’s September. It’s official. It happened just as communicated. Best of all, it didn’t hurt a bit.

If you are wondering what I am referring to, please reread any of the last few newsletters and/or written correspondence about the Money Purchase Plan and Trust name change and future-forward status as a Profit-Sharing Plan.

It’s August! The sun is still setting way after 7:00 P.M. The air is sweet. Firefly’s’ abound, and there is plenty to catch if you cast a rod and plenty growing in the garden. What could be better? In other words: It’s good to be and good to be in Indiana!

One more thing - Make sure to make the best of this month - wherever you find yourself!

Ok, in July’s newsletter, we provided:

The “219” on Annuity Loans,
A synopsis as to how Excess Hours will be accounted for within your Pension calculations in 2023 and beyond.

There are three pieces of advice I give to participants who ask me about Social Security Disability (SSD) awards. To begin with, you are in control of a lot of the factors that can lead to a positive or negative determination. You are also in control of those elements that can slow down or speed up their decision process.