IBEW Local 110 Minneapolis, MN

WHEN CAN I RETIRE ON INTERNATIONAL PENSION?

• Normal - Age 65 with at least 5 years of service
• Early - Between age 62 and 65 with at least 20 years of service (reduced by 6.66% for each year or part the member is under age 65 at the time of retirement
• Disability - Only with full Social Security disability award and 20 years of service

WHEN CAN I RETIRE ON NEBF PENSION?

• Normal - Age 65 with at least 5 years of service
• Early - Age 60 to 65 with at least 5 years of service (discounted per the NEBF Summary Plan Description available at the Local 110 office or directly from NEBF)
• Disability - Only with full Social Security award and 5 year of service

HOW MUCH WILL MY PENSION BE?

International Pension

• From initiation to 1992 - $3.00 x years of service
• From 1/92 to 12/97 - $3.50 x years of service
• From 1/98 to present - $4.50 x years of service

NEBF Pension

• $32.00 x years of service

WHAT ARE MY YEARS OF SERVICE BASED ON?

International Pension

• Service credits start on the month you were initiated (sworn in) into the union

NEBF Pension

• Service credits are based on every contributing contractor you worked for (lampwasher, summer helper, apprentice, etc.) Minimum of 300 hours per year...

SERVICE CREDIT INQUIRY

• Contact the Local 110 office to have a letter sent to the International and NEBF pension departments requesting your "Service Credits"
• This will give you some idea of what your pension will be upon retirement
• This is to get information only and is not be confused with your pension application...

WHEN DO I START?

International Pension

• 6 month prior to your retirement date, contact the Local 110 office (papers must be ordered from the I/O Pension Office)

NEBF Pension

• 9 months prior to your retirement date, contact the Local 110 office (applications are available)

JOINT & SURVIVOR ANNUITY BENEFIT

• When you apply for pension you can choose full pension or the "Joint & Survivor" option
• The dollar amount is based on the age difference between you and your spouse
• The spouse would receive 1/2 of your pension amount at the time of your death
• Joint & Survivor Annuity is a decision made by you and your spouse at the time you apply for pension

NEBF PRE-RETIREMENT SPOUSE BENEFIT

• Your surviving spouse will be eligible to receive a monthly benefit for her life effective the month after you would have attained the age of 62 had you lived
• If you die prior to retirement, provided that you and your spouse had been married at least one year prior to your death
• If you are vested in the NEBF pension plan
• If you had at least one hour of service in covered employment on or after 9/1/74

NEBF POP-UP OPTION

• If the spouse dies first, the participant’s benefits will pop-up to the level it would have been without the joint & survivor reduction
• A death certificate must be sent to the NEBF office with a request for "pop-up" benefit

I/O POP-UP OPTION

• The International does not offer the "pop-up" option unless the spouse dies within the first 6 month period following the date the member is placed on pension
• In this case, the survivor election is automatically cancelled the member will receive a pension unreduced for the optional spouse’s benefit

DIRECT DEPOSIT

• I/O & NEBF pension is paid directly to your bank
• When changing banks a new direct deposit form must be filled out
• I/O form must be ordered direct from the International Office
• NEBF form is available at the Local 110 office

CHANGE OF ADDRESS

• The Local 110 office must be informed of any change of address…
• The Local 110 office will then notify the International & NEBF Pension departments
  NOTE: Make sure you let the office staff know that you are on I/O and NEBF Pension...

WE’RE HERE TO HELP

For more information Marciao@ibewlocal110.org

The Business Manager, Business Representatives ad Local 110 Office Staff are here to help…
ENJOY YOUR RETIREMENT