Get Nj Ibew Local 102 Surety Fund 0102-7 2018-2024

A: No, This is a Pension Plan; the funds may only be withdrawn if you going to retire and are no longer working in the Electrical or Sound and Communication industry, either Union or Non-Union.

Beginning January 1, 2023, the International Office has authorized an increase for the monthly General Fund of $2.00 for all members and an increase for the IBEW Pension Benefit Fund (PBF) contribution of $2.00 for all “A” members only.

Upon the death from either natural causes or accidental means of an “A” member on or after January 1, 2007, who is retired under Section 1 or Section 2, the beneficiary to receive the death benefits shall be paid a sum computed by subtracting from six thousand two hundred fifty dollars ($6,250.00) all pension benefits ...

The normal retirement age is 65 years old. May I retire before age 65? Yes, you may retire anytime on or between the ages of 55 through 59 years old at an actuarially reduced pension, provided you are vested. If you retire on or between ages 60 through 65 there is no reduction in your benefit.

The minimum retirement age for service retirement for most members is 50 years with five years of service credit. The more service credit you have, the higher your retirement benefits will be. There are three basic types of retirement: service, disability, and industrial disability.

Q: When can I retire under the Plan? A: The Plan provides for Early Retirement on the first day of the month following the participant's 55th birthday. Normal Retirement under the Plan is age 65.

The rule of 85 says that workers can retire with full pension benefits if their age and years of service add up to 85 or more. So if you're 60 years old and you've been working at the same company for 25 years then technically, you could be eligible for full pension benefits if you choose to retire early.

A43: The vested pension benefit is a monthly benefit commencing at age sixty-five (65) equal to four dollars and fifty cents ($4.50) per month for each full year of continuous good standing as an “A” member, less four dollars and fifty cents ($4.50) for each full year, or part, by which the member is under age sixty- ...