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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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