IBEW Local 567
238 Goddard Road, Lewiston, ME 04240
p (207) 786-9770 f (207) 786-9773
info@ibew567.com
567 Book Re-Sign @ Member Re-sign

What about pensions?

 

Local 567’s Money Purchase Retirement Plan (MPRP) is through MassMutual. Like the Health & Welfare, it is a Trusteeship with labor and management Trustees. When you start work for a union contractor they start contributing $ for you. This is a Defined Contribution Plan. The receipt of contributions triggers the sending of an information and selection packet to you. The vesting schedule for Local 567’s MPRP is as follows:

After 3 years: 70%.
After 4 years: 80%.
After 5 years: 90%.
After 6 years: 100%.
A vesting year is one in which you work 500 hours or more for a union contractor. The vesting year follows the plan year, April 1 to March 31.

There is also a loan provision that will allow you to borrow up to 50% of your vested amount, up to $10,000. MassMutual takes a percentage fee of the interest you earn on your account and once a year the Local Trustees take a percentage of your account to administer the plan. Participants currently have the ability to access their accounts and make allocation changes over the Internet.

Recently, a 401(k) option was added to enable members to invest pre-tax dollars in the same funds available through the MPRP.

The National Electrical Benefit Fund (NEBF) is funded by contractor contributions. They contribute 3% of your gross earnings and retirement benefits are currently $33 per month for every year of service you have in the IBEW when you retire. This is a Defined Benefit Plan. Copies of the Summary Plan Description are available at the Union Hall.