Retirement
Pension
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.
Annuity
The Annuity Plan works like a 401K, except you do not have to contribute any money out of your check. For every hour you work, 8% of your gross goes into your retirement account. This works out to $2.45 per hour for a journeyman. You can ask your contractor to take out more if you want.