Newsletter

(Or, how your Defined Benefit retirement plan became the envy of the financial world.)

Yes, it’s true.

I.B.E.W. Local 697’s Defined Contribution Plan didn’t just get nominated…It made the finals for Plan Sponsor of the Year.

In the eyes of Social Security, "disability" isn’t just feeling unwell. It means being medically unwell, for a very long time, to the point where no job in the national economy can reasonably expect you to show up. You’re just not sick. You’re legally, categorically unemployable.

We didn’t schedule the Pension & Defined Contribution Plan get-together because you need a PhD in pensions—but precisely because you shouldn’t.

We just figured it might be more useful—and considerably less soul-crushing—than leaving you to piece together your understanding of your IBEW 697 retirement plans from jobsite gossip, mysterious PDFs, or whatever your buddy swears he overheard from the guy who ‘cracked the pension code’ back in 2005 with his calculator watch and home fax machine.

Remarkably, some of you not only read our May newsletter — you liked it. In fact, the feedback lit up brighter than a multimeter on a live wire. (Yes, that’s a volt joke.) So, if you were among the enlightened few: thank you. Clearly, your taste — and your dopamine receptors — are in excellent shape

But for those of you who didn’t read it… why on Earth not? Honestly — we had it all:

A mind-bending account of decision-making so absurd it redefines the phrase “going without a net” to “no net, no plan, and no idea where the ground is.

⚠️ Warning: Viewer Self-Awareness Advised

If you’re an unshakable devotee of the current administration—someone who thinks every blunder is “strategic,” every reversal is “tactical,” and that penguin tariffs are just “bold economic innovation”—this might not be the article for you.

When Bobby ended up in the hospital, his family thought they were in for a fight to get him back on his feet. But little did they know, the real battle was about to be with a tidal wave of phantom bills, surprise fees, and some outright made-up nonsense passing as "care.

For the time-starved - a quick summary – Haiku style:

For years, relief sought—
Coupons, cards, “Pusherman” tools.
Truth comes to light. Ouch.

Still with me? Want more details? Great.

As previously communicated, the Health and Benefit Plan is transitioning from SAV-RX to MEDIMPACT as the new Pharmacy Benefit Manager (PBM), effective Tuesday, April 1, 2025.

Every active participant and early retiree has been mailed a new medical ID card, which now shows MedImpact on the right-hand side of the front of that card.

The opportunity to learn about your I.B.E.W. Local 697-sponsored retirement plans is fast approaching. Specifically, it’s fifty-two days away as of this writing. If you are not already retired and have not done so previously, reserve your spot by calling the Fund Office at 219-940-6181.

Of course, spouses are welcome to attend along with the member.

ATTENTION – ALL ACTIVE AND EARLY RETIREES OF THE HEALTH AND BENEFIT PLAN!

This is an important reminder that effective April 1, 2025, SavRx will no longer be the Plan’s Pharmacy Benefit Manager (PBM) for both the eligible active and early retiree population of the Plan.