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701 E. Tudor
Suite 200
Anchorage, AK 99503

 

The information contained on this website is intended to be a summary only.  In case of a difference, actual Plan Provisions will apply.  Always refer to your Summary Plan Description for details.

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Pension Plan

How It Works

Participating employers contribute for each participant according to the collective bargaining or special agreement. 

  • Voluntary participant contributions are not allowed. 
  • You are vested once you complete 5 years of service (10 years before 1997) including at least 1 year of credited future service. See your Summary Plan Document for definitions and more information. 
  • You earn retirement benefits based on the contributions made on your behalf.
  • You or your beneficiary become eligible for benefits at retirement, disability, or death provided you are vested in the Plan.
  • Benefits are paid according to the payment option you choose when you retire.
  • If you have service with other retirement plans (generally in the electrical industry), that service may be counted in this Plan through reciprocity agreements.
  • Annual benefits are subject to a maximum limit as specified by federal law.  The limit is referred to as the " 415 Limits ". 

 

Benefits 

The Plan provides monthly retirement income for your lifetime. You can retire as early as age 48 (with reduced benefits). Normal retirement age is 58. Your benefit is based on your hours of service and contributions during various time periods. Review your Summary Plan Document or call the Administrative Office for details.

Benefits may be available when you’re disabled or for your spouse if you die before retirement.

You have several payment options, see Retirement Options for an overview of the options currently available.

  • Modified Life Annuity pays a monthly benefit as long as you live; if you die before you receive 60 payments, your spouse or designated beneficiary will receive your payment for the remaining time. 
  • 100%, 75% and 50% Spouse Options provide a monthly benefit as long as you live. If you die before your spouse, your spouse will continue to receive 100% of the amount you received, 75% of that amount, or 50% – depending on the Spouse Option you elected when you retired. 
  • Social Security Adjustment Option pays an increased benefit before age 65 and a reduced benefit after you turn 65. This option may be elected in conjunction with one of the Plan's other options mentioned above.

Who's Eligible

You participate in the Plan if your employer is required to contribute to this plan on your behalf according to a:

  • Collective bargaining agreement with IBEW Local Union 1547
  • Special agreement with the Alaska Electrical Pension Fund.

To find out if your employer contributes, contact the Administrative Office.

The information contained on this website is intended to be a summary only.  In case of a difference, actual Plan Provisions will apply.  Always refer to your Plan Booklet for details.

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