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About
The Alaska Electrical Trust Funds
Trust History
In 1968, Tom Hackett as Business
Manager for IBEW and George Seaman as Chapter Manager for NECA
negotiated for electrical construction employers to contribute 35¢
an hour into a pension plan for IBEW Local 1547 members. Not all
members were happy about this at the time — many wanted to keep
the money on their checks, and a vote was required. Julius Kornfeind,
Ike Waldrop and others lobbied extensively for the plan, and the
membership voted it in.
Pattye Taylor (formerly Pattye
Anderson) cut the first monthly pension check for $131.96 in 1969 to
Verne McCain, our first retiree. Today, the Trust pays over
$6,600,000 a month in retirement benefits to over 3,000 retirees and
beneficiaries. As it turns out, the early leaders were visionaries,
constructing a plan that has grown in 30 years to become one of the
best in the country.
At Your Service
While
you’ve been hard at work building Alaska, we have been at your
service for more than 30 years. Since the Trust Funds’ beginnings
in the 1960s, benefits have become an increasingly valuable
investment in your financial well being, both during your working
years and beyond. We are committed to providing benefits that meet
your needs in the present and remain financially secure in the
future. Your trustees work for you – to bring you retirement,
health and welfare and legal assistance benefits that work for you
and your families.
Still
Growing After All These Years
Since
the IBEW Local 1547 members voted in the pension plan in 1968, the
Pension
Fund has grown in total assets to
more than $1,625,000,000 and a total
membership of approximately 6,800. The growth and financial stability of the
Pension Trust have given us the opportunity to often make plan
improvements to benefit you, our members.
Putting
You In Charge of Your Future
The
Trustees designed the
Money
Purchase Plan to give you the opportunity to build on the solid
financial foundation provided to you by the Pension Plan. The
Money
Purchase Plan is the part of the Alaska Electrical retirement
program that gives you choices about how you want to save for the
future. The plan offers a variety of investment options, in which
you choose your investments from a portfolio of professionally
managed investment funds.
Adapting
to Your Needs
The
Alaska Electrical
Health and
Welfare Fund provides a safety net for you and your family
through its comprehensive coverage – medical, dental, vision, life
and disability. Over time, the Fund has adapted to the changing
needs of our membership, but our strong commitment to the Fund has
remained a constant – providing some of the most competitive
coverage in Alaska.
Providing
You Resources
The
Trustees recognize there are times when expert legal assistance
could be critical to you and your family. Our
Legal
Fund saves you time by connecting you with appropriate legal
resources and consultations. And it saves you money by providing you
and your family benefits to help cover your legal expenses.
Making
Your Life Easier
This
website was created with one goal in mind – to expand our service
to members. We’re committed to making it simpler for you and your
family to use and understand your benefits – whether that’s in person or on the phone. We’re here to help with
your questions, and we welcome your suggestions and comments on how
we can continue to enhance our services to you and your family.
The Administrative Offices does not imply approval of linked sites, warrant the
accuracy of any information set out in those sites or endorse any
material/product described and/or offered therein. All websites
operate under the auspices and at the direction of their respective
owners, who should be contacted directly with any questions
regarding the content of these sites.
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