• Retirement Plans
    Updated On: Dec 29, 2021

    Local 153 has several retirement plans, all of which you receive with your membership. We have three defined benefit plans. One local, One National (NEBF), One international (PBF), plus a 401C Annuity plan. It is similar to 401K but 100% employer contributions.

    We have 100% employer contributed premiums for your healthcare plan. Additionally, we have a clinic where your expenses are covered if you visit, thinking about retiring our Plan 4, which is transitional insurance as you move to Medicare, will help ease the transition if you retire before 65. We find these plans generally surpass their non-union counterparts by a wide margin. These plans are 100% paid by the employer – nothing is deducted from your wages.

    These plans ensure that you and your family will have access to great 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.

    Local 153 members earn pensions that pay the same amount throughout your remaining years without diminishing!

    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 it depends on your investment strategy.  The annuity can be paid out as a lump sum at retirement

                                                                                                                                                                                                 

                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     


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