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IBEW Local 520 Union Benefits

 

UPDATE – Hardship distributions and Hurricane Harvey

In light of Hurricane Harvey, the IRS has provided special rules for plan sponsors that want to offer hardship distributions or plan loans to employees or former employees that have been affected by Hurricane Harvey. Loans and hardship distributions may be made available to employees and former employees who live or work in affected areas, or whose family members were directly affected by the disaster. This includes employees, former employees, lineal ascendant (parent, grandparent, etc.) or lineal descendant (child, grandchild, etc.), dependent, or spouse, who had a principal place of residence or employment in one of the affected counties. 

Hurricane Harvey-related hardship include: food, shelter, and clothing, and are not just for existing regulations (i.e., casualty losses, funeral expenses). Loans granted under this special relief continue to be subject to standard loan limits of the lesser of $50,000 or 50% of the participant’s vested account balance. If you need more information please contact your Prudential Retirement representative at 866-434-2200

Pension Benefits

Pension benefits are distributed based on a calculation of how many years you worked and contributed to the fund.

IBEW

$ 4.50 for each Year of Service

NEBF

$ 32.00 for each Year of Service with a Contractor (This pension amount will be adjusted, based on the amount paid when you last worked in the trade.)

Notes

  1. Both pensions are payable beginning at age 62 or after 20 years with the IBEW for Disability benefits.
  2. NEBF Vesting requires 5 years of service.
  3. The International will not send paperwork for a member until they are within 6-months of reaching age 62.

Death benefit Funds

IBEW

$ 6,250 for an active member
$ 3,000 is the minimum benefit amount for a retired member

Local 520 Fund

$ 8.00 for each active member (This currently equates to over $8,000.)