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  • Retirement Plans
    Updated On: Jul 13, 2021

    Our local has several retirement plans, all of which you receive with your membership. We have three defined benefit plans. One local, One National, One international, plus we have a 401C Annuity plan. It is similar to 401K but 100% employer contributions in addition to many health plans. We have 100%employer contributed premiums, we have our own no cost out of pocket Activate Clinic, in addition to a Plan 4, which is transitional insurance as you move to Medicare, and they generally surpass their non-union counterparts by a wide margin. These plans are 100% paid by the employer in most locals – nothing is deducted from your wages.

    These plans ensure that you and your family will have access to healthcare and a quality retirement. 

    Do you have a good retirement plan? Consider how much it costs you to live each year and divide that into your retirement savings and investments. How many years can you survive?

    The American Association of Retired People (AARP) says you should have savings of 10 to 12 times your current yearly income before you retire.

    BASED ON 1750 HOURS WORKED PER YEAR 2021
    1 YEAR 5 YEARS
    #1 Local Pension  $ 125.00 per month approx. #1 Local Pension  $ 625.00 per month approx.
    #2 NEBF  $ 32.00 per month #2 NEBF  $ 160.00 per month
    #3 PBF  $ 4.50 per month #3 PBF  $ 22.50 per month
    Totals  $ 161.50 Totals  $ 807.50
    #4 Annuity *  $ 7,875.00 Total #4 Annuity *  $ 46,743.00 Total
    10 YEARS 15 YEARS
    #1 Local Pension  $ 1,250.00 per month approx. #1 Local Pension  $ 1,875.00 per month approx.
    #2 NEBF  $ 320.00 per month #2 NEBF  $ 480.00 per month
    #3 PBF  $ 45.00 per month #3 PBF  $  67.50 per month
    Totals  $ 1,615.00 Totals  $  2,422.50
    #4 Annuity *  $ 105,347.29 Total #4 Annuity *  $ 180,142.86 Total
    20 YEARS 25 YEARS
    #1 Local Pension  $ 2,500.00 per month approx. #1 Local Pension  $ 3,125.00 per month approx.
    #2 NEBF  $ 640.00 per month #2 NEBF  $ 800.00 per month
    #3 PBF  $ 90.00 per month #3 PBF  $ 112.50 per month
    Totals  $ 3,230.00 Totals  $ 4,037.50
    #4 Annuity *  $ 275,603.08 Total #4 Annuity *  $ 397,437.19 Total
    #1 Local Pension Eligibility for Normal Retirement at age 62. Early reduced Pension at age 55 with 15 years of service or age 60 with 5 years of service 
    #2 NEBF Eligibility at age 62 payable monthly for life with options for surviving spouse
    #3 PBF Eligibility at age 65 years old, payable monthly for life with a death benefit for surviving spouse
    #4 * Personal Annuity total based on $ 7,875.00 yearly contribution with a 5% return on investment.  This is not a guarantee.  Annuity can be paid out as a lump sum at retirement

                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Click here if you're interested in working union!


  • IBEW Local 153

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