Frequently Asked Questions
About FAQ's
What is NEBF?
How old is the pension fund?
Where does the money come from to pay for this pension benefit?
How large is the industry covered by the Fund?
Who is eligible to participate in the Fund?
How long does it take to secure a retirement benefit?
How many hours in a year must an employee work in Covered Employment to have them count toward a benefit?
Does the pension rate change?
Are there any other benefits?
How much money is currently available for benefits?
Q: What is NEBF?
A: NEBF is a multi-employer, defined benefit pension plan that provides retirement benefits and related benefits to employees in the electrical industry.
Q: How old is the pension fund?
A: NEBF has a long history. It began in 1947.
Q: Where does the money come from to pay for this pension benefit?
A: Contributions are made each month by Covered Employers on behalf of employees. Covered Employers contribute 3% of their covered employees' gross labor payroll each month to NEBF.
Q: How large is the industry covered by the Fund?
A: Over 11,000 Covered Employers across the U.S. provide monthly contributions of 3% of gross labor payroll for over 272,000 active Fund participants.
Q: Who is eligible to participate in the Fund?
A: Employees of Covered Employers who are covered by either:
- A collective bargaining agreement with the International Brotherhood of Electrical Workers (IBEW) or one of its local unions, or
- A signed participation agreement with NEBF.
Q: How long does it take to secure a retirement benefit?
A: Effective January 1, 1988, you are considered Vested when you have accumulated five Vesting Service Credits. Different rules apply to becoming Vested prior to January 1, 1988.
Q: How many hours in a year must an employee work in Covered Employment to have them count toward a benefit?
A: Generally, you have to work 300 hours in a calendar year in Covered Employment to have the hours used in the benefit calculation.
Q: Does the pension rate change?
A: Since 1994, the pension rate for pension credit has grown from $21.00 to $32.00.
Q: Are there any other benefits?
A: In addition to Retirement (Normal and Early) Benefits, the Fund provides Disability Benefits and Pre-Retirement Spouse Benefits.
Q: How much money is currently available for benefits?
A: As of December 31, 2006, the Fund's net assets available for benefits exceeded $11.39 billion.