Ibew Pension Plan Calculator

IBEW Pension Plan Benefit Estimator

Standard National Electrical Benefit Fund rate is currently $32.00 per credit.

Standard Pension Benefit Fund rate is currently $4.50 per month per year of service.

Add any additional monthly benefit from your specific Local annuity or pension.

Estimated Retirement Income

NEBF Monthly:

PBF Monthly:

Local Monthly:

Total Monthly:

*This is an estimate. Final benefits are determined by the NEBF and International IBEW offices based on verified hours and age at retirement.

function calculateIbewPension() { var years = parseFloat(document.getElementById('yearsService').value); var nebfRate = parseFloat(document.getElementById('nebfRate').value); var pbfRate = parseFloat(document.getElementById('pbfRate').value); var local = parseFloat(document.getElementById('localPension').value) || 0; if (isNaN(years) || years <= 0) { alert("Please enter a valid number of service years."); return; } var nebfTotal = years * nebfRate; var pbfTotal = years * pbfRate; var grandTotal = nebfTotal + pbfTotal + local; document.getElementById('resNEBF').innerText = "$" + nebfTotal.toFixed(2); document.getElementById('resPBF').innerText = "$" + pbfTotal.toFixed(2); document.getElementById('resLocal').innerText = "$" + local.toFixed(2); document.getElementById('resTotal').innerText = "$" + grandTotal.toFixed(2); document.getElementById('pensionResult').style.display = 'block'; }

Understanding Your IBEW Pension Plan

Planning for retirement is a critical step for every IBEW brother and sister. The International Brotherhood of Electrical Workers offers some of the strongest multi-employer pension benefits in the building trades. To accurately estimate your future income, it is essential to understand the different "pillars" of the IBEW retirement system.

1. National Electrical Benefit Fund (NEBF)

The NEBF is the second-largest multi-employer pension plan in the United States. Contributions are made by your employer (typically 3% of gross wages). For every year you earn a "service credit," you accumulate a fixed dollar amount toward your monthly pension. As of recent updates, the benefit is calculated as $32.00 per credit per month.

Example: If you work for 30 years and earn 30 credits, your monthly NEBF benefit would be 30 x $32 = $960.00.

2. IBEW Pension Benefit Fund (PBF)

The PBF is the "International" pension, supported by your monthly dues (specifically the portion of your per capita tax dedicated to the pension fund for "A" members). This benefit is currently calculated at $4.50 per month for every full year of continuous good standing. This fund also provides death benefits and disability options.

Example: After 30 years of continuous membership, your PBF benefit would be 30 x $4.50 = $135.00 per month.

3. Local Union Pension & Annuity Plans

Most IBEW locals have a third tier of retirement security. This may be a "Defined Benefit" plan (similar to the NEBF) or a "Defined Contribution" plan (an Annuity/401k style account). Because these rates vary wildly between Local 3 (NYC), Local 11 (LA), Local 134 (Chicago), and others, you should check your specific local CBA (Collective Bargaining Agreement) for the current rates.

Vesting and Early Retirement

• Vesting: You are generally considered "vested" in the NEBF after 5 years of service credits. This means you have a non-forfeitable right to a pension at retirement age.
• Normal Retirement Age: For the NEBF, this is typically age 65. However, you may retire as early as 62 with no reduction if you meet certain service requirements.
• Early Retirement: Retirement between ages 55 and 62 usually results in a reduction of benefits (often around 0.5% for each month prior to age 65) to account for the longer payout period.

How to Maximize Your Benefit

To ensure the highest possible payout, IBEW members should aim to avoid "breaks in service." A permanent break in service can occur if you fail to earn a service credit for a specific number of years before you are vested. Always keep your dues current and monitor your annual NEBF benefit statement for accuracy in reported hours.