Plan P

Often referred to as Plan P, the Lake County Indiana, N.E.C.A.-I.B.E.W. Health and Benefit Plan’s Retiree Self-Payment Credit benefit, provides qualifying retired participants a way to offset, and in some cases, eliminate their monthly retiree Health and Benefit self-payment.

How RSP Credits are Earned

Participants working under an agreement that requires the employer to make “Plan P” contributions will earn a credit based upon the following schedule:

Hours of Work RSP (Plan P) Credit
Less than 200 Hours No Credit
200 Hours to 399 Hours Three-tenths (3/10)
400 Hours to 599 Hours Four-tenths (4/10)
600 Hours to 799 Hours Five-tenths (5/10)
800 Hours to 999 Hours Six-tenths (6/10)
1,000 Hours to 1,199 Hours Seven-tenths (7/10)
1,200 Hours to 1,399 Hours Eight-tenths (8/10)
1,400 Hours to 1,599 Hours Nine-tenths (9/10)
1,600 Hours or More One Full Credit

Participants working under an agreement in which an employer is not required to make “Plan P” contributions will not receive RSP (Plan P) credits.

Further, should you be employed within another I.B.E.W. Local’s jurisdiction and that Local’s hourly Health and Welfare Funds contribution is less than that of the Lake County Indiana, N.E.C.A. – I.B.E.W. Health and Benefit Plan hourly rate, and you elect to have those monies reciprocated back to the Local 697 Health and Benefit Plan, then you will not receive any RSP (Plan P) credit for that work month. Conversely, any amounts that are reciprocated to the Local 697 Health and Benefit Plan that are greater than the current Local 697 Health and Benefit Plan hourly rate in effect for that work period, will be pro-rated in order to determine the number of equivalent hours needed to establish a RSP (Plan P) credit.

How Your RSP (Plan P) Credit is Calculated

Your RSP credits are based upon the:

  1. Your age at the date of your initial retirement. And,
  2. Your earned RSP credits prior to retirement.
CURRENT RSP CREDIT RATE
For participants that retire on or after July 1, 2019 and who are between the ages of:
Ages 55 – 59 Age 60 – 61 Age 62 – 64 Age 65 or older
$34.00 $46.00 $58.00 $15.00

The Plan fully is in the camp with those that think that planning for retirement is better than planning in retirement. To that end the Trust has estimated your earned RSP credits as well as projected your monthly premium expense within its retirement calculator. To review your RSP credits, click: https://local697.localpension.com.

Participants are advised that under no circumstances will a participant receive a direct payment in lieu of these credits or will credits be applied to any other insurance program.

The Retiree Self-Payment Credit (Plan P) is a benefit of the Lake County Indiana, N.E.C.A.-I.B.E.W. Health and Benefit Plan. The Lake County Indiana, N.E.C.A.-I.B.E.W. Health and Benefit Plan Plan 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 Fund’s operations. The current list of Trustees is:

Union Trustees

Alec J. Davis
Felipe H. Hernandez
Joree Richards
Daniel Waldrop

Employer Trustees

Richard C. Anderson Jr.
Thomas R. Corsiglia
Edward J. Shikany
William J. Walton