Q:

What is the IBEW pension benefit fund?

A:

Quick Answer

The IBEW pension benefit fund is the pension fund of the International Brotherhood of Electrical Workers, a trade union. The IBEW pension benefit fund provides a small amount of supplemental benefits to union members. The payments from this fund are not intended to be the retiree's main source of income.

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Full Answer

The benefit that the IBEW pension benefit fund provides to a retired member is rather small, but increases based on the length of his service. As of the fund's 2012 revision, a union member receives a benefit of $4.50 for every continuous year of good standing he has in the union. However, to be eligible for benefits, a union member must have had at least five years of continuous good standing. For example, an eligible member with 25 years of continuous good standing in the IBEW receives a benefit of $112.50 each month from the fund.

Typically, benefits from the IBEW pension benefit fund are not transferable to the union member's spouse upon the member's death. However, an eligible union member has the option to take a reduced monthly benefit in exchange for the spouse receiving half the full benefit upon his death. In the event that the union member's spouse dies first, the benefit that the member receives increases to the original, non-reduced amount.

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