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Pension Plan (the Pension Trust Fund for the Electrical Industry)

Diverse group of workers walking outdoors, representing the electrical industry workforce.

The Pension Plan is designed to help you better prepare for your future financial security once you stop working. Employer contributions and earnings on investments (if any) fund the Plan. You are not required or permitted to contribute to the Plan.

Plan Overview

Below are the Pension Plan highlights. Complete details are available in the Summary Plan Description.

Eligibility and Participation

You’re in right away. You are a participant in the Plan after you complete one hour of service in covered employment.

Your Benefit Amount

These factors determine your pension amount:

  • The type of pension applied for
  • Your hourly pay rate*
  • Your employer’s contribution rate at the time of your retirement
  • Your Pension Credits (years of service)
  • Your age and the age of your spouse, in the case of a Husband and Wife Pension

For more information, refer to the Summary Plan Description including sample pension calculations.

Pension Credits

Pension Credits are used to determine the amount of your benefit and the type of benefit you’re eligible for. The number of Pension Credits you have is generally based on your years of service.

Vesting Service

You are fully vested after you have completed five years of service. However, if you ended work in covered employment before October 1, 1999, you needed 10 years of service to become fully vested. Being vested means you have earned an irrevocable right to your benefit and it cannot be cancelled or taken away.

Types of Pensions

There are five pension types available. Each has its own eligibility requirements and level of benefits:

  • Normal
  • Standard
  • Early Retirement Standard
  • Vested
  • Disability- Are there any special rules for applying for a disability pension?Yes! It is very important that participants who are disabled read and follow these rules carefully! The disability rule can be found here. FAQs on the rule can be found here.

Forms of Payment

How your pension is paid depends on your marital status at retirement:

  • If you’re married, your pension benefit will be paid as a Joint and Survivor Pension unless you and your spouse choose a Lifetime Annuity.
  • If you’re single, your pension benefit will be paid as a Single Lifetime Annuity and will terminate upon your death.

If you’d like more information about the Joint and Survivor Pension option, you can review our helpful summary or your Summary Plan Description.

Required Distributions

Start collecting. You must begin receiving your pension by April 1 of the calendar year following the year you reach age 73.

Plan Information

Plan Name

Pension Trust Fund of the Pension Hospitalization Benefit Plan of the Electrical Industry

Plan Identification Number

13-6123601

Plan Number

001

Plan Year

October 1 through September 30

Type of Plan

This is a Defined Benefit Plan. Participants receive a definite amount per month for each Pension Credit.

Plan Administrator

Joint Industry Board of the Electrical Industry

Forms

Documents

Helpful Resources

Frequently Asked Questions

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  • Are there any special rules for applying for a Disability Pension?

    Yes! It is very important that participants who are disabled read and follow these rules carefully!

    If you are collecting Workers’ Compensation benefits, you must apply for a Disability Pension from the Pension Plan no later than two years after the effective date of the first Workers’ Compensation payment you receive. If you are not receiving Workers’ Compensation payments, but are totally disabled and not employed by a contributing employer immediately prior to the application for a Disability Pension, you must apply to the Pension Plan within two years after the initial date of disability.

    You should not wait until you have received your total and permanent disability award from Social Security to file your application with the Pension Department. Receipt of the Social Security award may take longer than two years and if you have not applied for the Disability Pension within the two years stated above, you will no longer be eligible for a Disability Pension.

    If your pension application is filed more than two years after the effective date of your first Workers’ Compensation payment or the initial date of your disability if you are not receiving Workers’ Compensation benefits, you will not be eligible to apply for a Disability Pension.

  • Are there other pensions I might be entitled to?

    Yes. Participants who work in the construction division, as well as other divisions, may be eligible for a benefit from the National Electric Benefit Fund (“NEBF”) and/or the I.B.E.W. Pension Plan, depending on their collective bargaining agreement and charter status. For information about the NEBF pension, visit their website at http://www.nebf.com/ or call (301) 556-4300. For information about the I.B.E.W. pension, please call (800) 733-4239.

     Participants who work in the Elevator Division should contact the Elevator Division Retirement Benefit Plan at (212) 689-4204.

  • What happens to my Pension Trust Fund benefit if I die?

    If you die before retiring, your benefit will be paid to your surviving spouse according to the 50% Joint and Survivor benefit. The earliest your spouse may collect the benefit is as of your 55th birthday, in which case early retirement reduction factors will apply. If you die after you have retired and started receiving benefits from the Plan, your spouse will continue to receive payments if you elected one of the Joint and Survivor options.

  • What is the Joint and Survivor Option in the Pension Plan?

    A Joint and Survivor Option (J&S Option) provides continued payment to your spouse in the event you die prior to your spouse, after you retire. The participant’s monthly pension will be reduced when a J&S Option is in place. You can read more about the J&S Option.

  • What types of pensions are there under the Pension Plan?

    There are five different types of pensions available under the Pension Plan. Each type of pension is eligible for the Joint and Survivor payment option if the participant is married. Read our summary for more information on the five types of pensions.

  • What is vesting service?

    Vesting service means the length of time a participant works for a contributing employer. One year of vesting service requires a minimum of 1,000 hours of covered employment.

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