The NEBF is part of your benefits package. It pays $32 per month for every year you work for a union contractor.
The IBEW Pension is paid for with your monthly dues. It pays $4.50 per month for every year you are a member, whether or not you are working.
As an example, if you work 30 years in the IBEW, and keep up with your dues the whole time, you will get $36.50 x 30, or $1,095 per month for LIFE!
The pension is a defined benefit plan. No matter what happens to the stock market, you will receive the same amount every month.
The Annuity Plan works like a 401k, except, with our annuity plan, your contributions to your annuity are optional, while your employers contributions are mandatory. For every hour you work, The employer contributes money to the employee’s annuity account IN ADDITION TO the employee’s hourly wages. You can ask your contractor to take out more if you want.