Q: Who is eligible to apply for an International (I/O) Normal Retirement Pension?

A: "A" members of the I.B.E.W. are eligible to apply for a normal retirement pension if they have (5) or more years of continuous good standing at the time of their application for pension, and have reached age sixty-five (65).

Q: What is the amount of this Normal Retirement Pension?

A: The normal retirement pension of an "A" member is a benefit of $4.50 per month for each full year of continuous good standing as an "A" member.

Q: What if an "A" member reaches age 65 but has less than 5 years of continuous good service? Can he/she receive a partial pension?

A: An "A" member, upon reaching age sixty-five, who has fewer than five years in continuous good standing will not be eligible for retirement benefits, at that time. You may however continue to maintain your membership and upon completing the required five years standing, then apply for retirement.

Q: For pension benefit purposes, will all years of membership count in the computation of full years of continuous good standing?

A: No. Only those years of "A" membership which are in continuous good standing at the time of application.

Q: Is there an Early Retirement Option?

A: "A" members of the IBEW, who have attained age 62 with twenty (20) or more years of continuous good standing as "A" members of the IBEW immediately preceding their application are eligible to apply for an early retirement pension upon their full and complete retirement from the industry.

Q: Can a member with fewer than 20 years of continuous good standing as an "A" member, but more than 5 years, retire prior to age 65 under the early retirement option?

A: No. In order for a member with fewer than 20 years to receive a pension benefit, the member must continue to pay "A" member’s dues until he/she reaches age 65.

Q: What is the amount of an early retirement pension?

A: The early retirement pension benefit is $4.50 per month for each full year of continuous good standing as an "A" member, reduced by 6.66% for each year (or part) that the member is under age 65 at the time of retirement.

Q: What is meant by the term "vesting" as used in the Constitution?

A: In simple terms "vesting" is the act of freezing the accumulated right to a pension benefit of a member who has retired from the electrical industry upon the effective date that the "vesting" is approved, which will be after twenty (20) years of continuous good standing as an "A" member (but which will be before age 65) and protecting that pension benefit until the member reaches age sixty five (65) at which time the vested pension benefit becomes payable monthly to the retired member.

Q: I have a number of other questions that haven’t been addressed here, how do I get answers to my other questions?

A: Contact the Local Union for a Plan Booklet which should contain the answers to all of your questions concerning the plan and your rights and benefits under the Plan.

Q: How do I apply for an I/O Pension?

A: Please call Debbie at the Local Union office at 408-269-4332. She will correspond with the International Office and get an application sent for you to complete.

 

Inside Wiremen

IBEW 332 Part A & B Pension Trust FAQ’s Back to Top

Q: Is there a minimum number of hours I must work in a year to receive credit?

A: Yes, if you fail to work 300 hours or more, you will receive no credit for that year. If you worked 1000 hours or more you will receive one full credit.

Q: Can I lose my service credit?

A: Yes. If you are not vested (as described on page 80 of the Plan Booklet) and you fail to accrue a minimum of 300 hours of covered employment in a Plan Year, such will be considered a break in service. If the number of consecutive break in service years exceeds your accumulated years of credited service, all the years of credited service shall be forfeited.

Q: What does vesting mean?

A: To be vested means you cannot lose your accumulated years of service and benefit credits even though you are no longer in the trade. Once you are vested the pension benefits earned are non-forfeitable.

Q: When am I eligible for an early retirement benefit?

A: You are eligible for an early retirement benefit when you have met the following requirements:

1. You are age 55 or older;
2. You have at least ten (10) years of credited service of which at least two (2) years is future service credit; and
3. You have ceased working in the electrical industry as defined in Article III, Section 5 of the Plan Document.

Q: How do I apply for Pension Benefits?

A: Contact UAS at 408-288-4559. They have all the necessary forms and will answer any questions you may have regarding your pension.

Q: Can I Access my Part B account online?

A: Yes, you can now access the entire Part B account on line @ https://www.kandg.com/PartLogin.asp. You will need a pin # and or password to access your account. If you have not received a pin # and or password please call Kaufman & Goble at (800) 767-1170 or (408) 298-1170 and they will mail one to you. Please be advised the account is being valued on a day to day basis.

Q: How is my Part B invested?

A: Except as otherwise directed by individual participants, all plan assets are invested by professional investment managers selected by the Board of Trustees. Investments include a diversified portfolio of stocks, bonds, real estate, government issues, commercial paper and other high quality vehicles.

Q: May I draw my Part B funds prior to retirement?

A: Yes, under certain circumstances you may withdraw your accumulated funds in Part B. Please refer to page 150 of the Plan Booklet for additional information.

Q: My I take a Loan or Hardship against my Part B money?

A: No. At this time the Plan does not have a Loan or Hardship clause allowing you to do so.?

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