Benefits for IBEW members.
Annuity Trust Fund
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Important ERTS Information
The Trustees of the IBEW Pacific Coast Pension Fund have decided to terminate participation in the Electrical Industry Pension Reciprocal Agreement. This becomes effective for contributions paid on behalf of a participant on and after January 1, 2016. As a result of this decision, the following changes will take effect for employment performed on and after the effective date:
1) No contributions for work performed in the jurisdiction of the IBEW Pacific Coast Pension Fund will be transferred to another electrical industry plan; and
2) No contributions for work performed in another electrical industry plan’s jurisdiction will be transferred to the IBEW Pacific Coast Pension Fund.
The IBEW Pacific Coast Pension Fund Office indicates that inside members working out of Local Union 76 in Tacoma, Washington, will be affected by this change. However, there are other agreements along the Pacific Coast through Oregon and California (possibly LU’s 6, 46 and 48) that also participate in this plan, but the “Inside Wireman” classifications may not be affected.
It is strongly suggested that Local Unions inform their members working in these areas, or planning on traveling to these areas, that any pension contributions made on their behalf will not be reciprocated to their Home Fund. It is quite likely they will lose the benefit of any defined benefit contributions unless they manage to stay employed until vested in this plan which remains in critical status.
Therefore, be advised if you are presently working or plan to work in these jurisdictions, you should verify the reciprocity status with the specific Local Union.
Important Pension Notice
Pursuant to action taken by the Eighth District Pension Fund, Plan Participants may have your pension contribution reciprocated to your home local. There are specific qualifications and a cautionary notification that should be carefully considered prior to redirecting the reciprocation of your funds.
Briefly, an established participant who is working in a jurisdiction that only provides a defined contribution plan (annuity), may elect to reciprocate the amount of the defined benefit (pension) consistent with the current home local Collective Bargaining Agreement.
Should a participant contemplate the reciprocal action, be reminded, the Plan must receive a minimum of 500 hours of contributions in a Plan Year to receive a partial credit. Once funds are deposited on your behalf, they cannot be retrieved.
Should there be any questions, please contact Sandy Brown at the Fund Office at (303) 745-1539 or the Local Union.
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