President’s Message – February 2024

New Improvements Coming to NEBF Pension Plans

Brothers and Sisters,

I have some good news to report this month. Your National Electrician Benefit Fund (NEBF) pension plan is about to put even more money in your pocket, thanks to a negotiated agreement between the International Organization and NECA National.

The plan presently credits all participating members with a $32 dollar credit per plan year benefit. For example, if you work 35 years with at least 325 hours worked per year, that means you will get roughly $1,120 gross per month. The new benefit has increased to $33 dollars in credit per month, every year of the benefit.

This is a noteworthy change that will greatly impact our ability to attract and sign new employers by eliminating the highly problematic financial obstacle of withdrawal liability. These changes remove barriers and will significantly help our Local Unions grow their contractor base while providing additional employment opportunities for you.

We salute, recognize, and sincerely thank our partners at NECA for their continued partnership in our industry and the fortitude to work with us to provide these enhanced benefits for you and your families.

This change takes effect on January 1, 2025. So, using the same example and assuming you plan to retire after January 1, 2025, that means you will get roughly $1155.00 gross per month. This pension plan hasn’t seen an improvement like this since 2001. It was long overdue. For more answers to specific questions, contact the NEBF administrator.

Additionally, within the correspondence to Local Unions, there was a commitment to give an added payment to existing NEBF pensioners, as long as it doesn’t cause a detriment to the whole program. This payment to existing NEBF pensioners would take place around November 2025.

But there’s more! The bargaining parties have agreed to create a new, additional, benefit called the National Electrical Individual Benefit (NEIB). The details will be released before the end of the year. In order to participate in this new plan, each Local Union and corresponding NECA chapters will have to negotiate it into effect.

As always, if you have any questions, please contact our union offices or any of our Agents for their help in getting you the right answers. Thank you for the privilege to serve you as your President.

Respectfully,

Gaylord R “Rusty” Roten
President IBEW Local 11