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National Electrical Benefit Fund (NEBF)
Full Benefit:
These examples are calculated for age 62 and above, at a benefit rate of $32.00 per month for each year of credited service on the calendar year.
Example:
40 years. x $32.00 = $1,280.00 per month
Early Retirement:
Is from age 60 to 62. This benefit is based on a (9 ¼%) reduction of the base rate for each year prior to age 62.
Example:
38 X $32.00 = $1,216.00 - $224.96 = $991.04 per month
(18 ½%) or (9 ¼% x 2)
Spousal Benefit:
Is a base reduction of (9 ¾%) of your benefit if the member and spouse are the same age. You would deduct an additional (½%) for each year, or part of, if the spouse is older. You would add an additional (½%) for each year, or part of, if the spouse is younger.
Examples:
Member & Spouse are the same age:
1) Age 62 = 40 years x $32.00 = $1,280.00 - $124.80 = $1,155.20 per month
(9 ¾%)
2) Figures from Early Retirement
Age 60 = $991.04 - $96.63 = $894.41 per month (9 ¾%)
Spouse is 1 year (or part of) Older than Member:
1) Age 62 = $1,280.00 - $118.40 = $1,161.60 per month (9 ¼%)
2) Age 60 = $991.04 - $91.67.94 = $899.37 per month (9 ¼%)
Spouse is 1 year (or part of) Younger than Member:
1) Age 62 = $1,280.00 - $131.20 = $1,148.80 per month (10 ¼%)
2) Age 60 = $991.04 - $101.58 = $889.46 per month (10 ¼%)
Upon the member's death, the spouse will receive 50% of the benefit for the rest of their life.
IBEW Benefits:
IBEW PensionNational Electrical Benefit Fund
Retiree Health Benefits Fund
Back to Membership Info
IBEW Local Union 306
2650 S. Main St. STE 200
Akron, OH 44319
PH: 330-245-2240
FX: 330-245-2209