The Local 697 I.B.E.W. & Electrical Industry Pension Fund is a Taft-Hartley, multiemployer, defined benefit pension plan that was established in 1964.
The Fund is administered by a Board of Trustees made up of Union and Employer representatives whose powers and duties are defined in the Agreement and Declaration of Trust. These members serve without any compensation and act on behalf of you and your fellow employees in managing the Pension Fund’s operations. The current list of Trustees is:
Alec J. Davis
Felipe H. Hernandez
Richard C. Anderson Jr.
Thomas R. Corsiglia
Edward J. Shikany
William J. Walton
The entire cost of the Plan is paid by the participating employers who are required to contribute to the Pension Fund in accordance with their collective bargaining agreements with the Local Union. The Plan does not accept employee contributions.
The Pension Fund provides vested employees with a monthly income for life, with the Plan assuming both the investment risk and longevity risks. The right to a benefit is solely determined by the provisions of the Local 697 I.B.E.W. & Electrical Industry Fund Plan document. Your monthly Pension benefit, coupled with that of the NEBF, the I.O. and monthly Social Security benefit should provide a strong base-line to build off of to ensure financial security in your retirement.
The Pension Fund is different than your Money Purchase Plan and Trust Fund (MPP&T) in two very distinct ways. First, the Money Purchase Plan and Trust Fund is a defined contribution pension plan and was established to be a supplement to your monthly Penson benefit. Secondly, employer contributed money is directed by the employee. This means that both the investment risk and longevity risk are in the hands of the employee. While there is no cap on the amount of money an employee can amass within their MPP&T account, there is no floor, either; Meaning, the employees Money Purchase Plan and Trust can lose value if the underlying portfolio performs poorly.
Retirement is far too important a subject to postpone having a conversation about. To that end, and in order to assist all participants in preparing and planning for retirement, the Trust has created the retirement module. We encourage all participants to utilize the module often so that you can achieve the goal of retiring with financial freedom and security.