IBEW LOCAL UNION 494 |

Union Retirement Benefits

The very first step when preparing for retirement is choosing a retirement date (last day of work). It’s recommended to choose a date 6-12 months in advance for maximum preparedness, but no less than 3 months to allow time for benefit applications to process.

Once you have chosen a retirement date, just click on the colored tabs below—containing information guides that provide the Who, What, Where, When, and Why of each retirement fund—to help you get started toward enjoying the benefits you have worked so hard to earn over the years.

The below guides contain only a snapshot of basic information to help you get started, as well as limited additional important information to keep in mind. Each retirement fund includes extensive and unique rules that require contacting its respective plan office for more detailed information and applications. Each plan office is the final authority when interpreting plan documents and administering fund benefits.

Who: Local 494 members eligible for NECA-IBEW Welfare Trust Fund active benefits prior to retirement

What: Continuing coverage through NECA-IBEW Welfare Trust Fund health insurance plans into retirement

Where: NECA-IBEW Welfare Trust Fund

2120 Hubbard Avenue, Decatur, IL 62526-2871

217-875-0254 or 800-765-4239

Office Hours: 8:00 a.m. to 4:30 p.m. (Monday through Friday)

www.neca-ibew.org/welfare

When: Contact the Fund Office at least 90 days before your chosen retirement date (last day of work) to submit a written application. *Although banked hours may extend your current coverage beyond your chosen retirement date, it is still recommended to contact the Fund Office at least 90 days prior to retirement.

Why: Healthcare in retirement can be complex and confusing; to make informed decisions about healthcare benefits, it is important to understand your coverage options prior to your chosen retirement date.

IMPORTANT ADDITIONAL INFORMATION

Upon retirement, you are given one opportunity to postpone or suspend coverage (Opt Out) and remain eligible for later coverage, provided at the time of retirement you are eligible for coverage under the NECA-IBEW Welfare Trust Fund AND you are covered under another health plan (proof must be provided). You MUST apply and be approved for the Opt Out program. This election MUST be made within 30 days of becoming eligible for retiree coverage and complete and file the proper form.

You MUST have continuous coverage while Opted Out to remain eligible to resume retiree coverage under the NECA-IBEW Welfare Trust Fund. To resume retiree coverage after Opting Out please contact the Fund Office.

When enrolling in retiree coverage under the NECA-IBEW Welfare Trust Fund, you may choose coverage under the Base Plan or Alternative Plan, (while the Alternative Plan is at a lower cost, the benefits are reduced). Please review both options thoroughly.

NECA-IBEW Welfare Trust Fund also administers the Health Reimbursement Account (HRA) you may be participating in. HRA balances remain available to you in retirement and may be eligible for use towards the cost of Trust Fund and Medicare premiums.

Review the Prefunding tab located below. The prefunding benefit is designed to help offset the cost of insurance premiums in retirement; important conditions must be met for approved eligibility.

If you are disabled, you need to submit your application to the Fund Office when you apply for Social Security Disability Benefits. Social Security Disability does constitute a retirement. Your Social Security Entitlement Date will be the effective date of your retirement.

At age 65, you will enroll or switch to a Medicare Advantage plan (Retiree First) for medical coverage. There is also a separate Medicare retiree prescription drug plan through the Fund’s prescription benefit manager. For more information, contact the Fund Office.

A surviving spouse may be eligible for continued coverage upon death of a covered retiree.

*This page is not an exhaustive disclosure of NECA-IBEW Welfare Trust Fund’s rules and requirements. For further information, please visit the ‘TOOL BOX’ to view the

Fund’s Supplemental Retirement Benefit Plan PowerPoint presentation; consult the Fund’s Plan Document located on the Fund website; or contact the Fund Office.

Who: Local 494 members working under an Inside Wireman or Sound & Communication Collective Bargaining Agreement.

What: Prefunding Retiree Credit Program—administered by ECI

Where: Electrical Construction Industry Plans (ECI)

11001 W. Plank Court, Suite 120

Wauwatosa, WI 53226

(414) 778-0068

Office Hours: 8:00 a.m. – 4:30 p.m. (Monday through Friday)

www.eciplans.com

When: An application for the Prefunding Benefit should be requested once you have determined your chosen retirement date (last day of work).

Why: The Prefunding Retiree Credit Program is a health reimbursement account (HRA) plan designed to provide reimbursements to retirees for premiums paid for healthcare coverage. Knowing eligibility requirements and your estimated Retiree Credit well before your chosen retirement date can be beneficial when navigating retiree healthcare decisions.

IMPORTANT ADDITIONAL INFORMATION

PLEASE CONTACT THE ECI FUND OFFICE TO INQUIRE ABOUT YOUR QUALIFYING ELIGIBILITY.
You must have a minimum of 7500 contribution hours in the past 10 years and a minimum of 10 service credits to qualify.
Retirees are eligible for the full credit when retiring from covered employment on or after age 62. If retiring after age 55 and before age 62, a credit reduction will apply according to the reduction schedule found in the Prefunding Summary Plan Description (SPD).
Eligible recipients cannot have a lapse in healthcare coverage prior to collecting reimbursements. A lapse in coverage may result in a loss of eligibility.
A surviving spouse may continue eligibility for a Retiree Credit upon death of a covered retiree subject to terms and conditions.

*This page is not an exhaustive disclosure of the Plan’s rules and requirements, for further information or questions please visit the Prefunding Retiree Credit Program page on ECI’s website;

consult the Prefunding SPD; or contact ECI directly.

Who: Local 494 members working under Inside Wireman; Sound & Communication; Residential; Material Handler; Panel Manufacturing; or Electric Motor Repair (Dietz) Collective Bargaining Agreements, and have participated in ECI’s Annuity Plan.

What: Annuity Plan—administered by ECI

Where: Electrical Construction Industry Plans (ECI)

11001 W. Plank Court, Suite 120

Wauwatosa, WI 53226

(414) 778-0068

Office Hours: 8:00 a.m. – 4:30 p.m.

www.eciplans.com

When: Contact the ECI Plan office the month of your chosen retirement date (last day of work). *There are many rules governing the Annuity Plan, this page generally addresses those individuals currently receiving contributions to the plan on their behalf and who’s chosen retirement date commences at age 55 or older.

Why: Contacting the ECI Plan office is critical to understanding all options available to you regarding your Annuity Plan account, even if you are not planning on commencing distributions immediately after retirement.

IMPORTANT ADDITIONAL INFORMATION

While John Hancock is the record keeper of your individual account, ECI is the Plan Administrator and must be contacted to apply for distributions.
If you elected a distribution prior to age 60 and subsequently return to employment for a contributing employer, you will be ineligible to receive additional distributions before turning 60, regardless of your employment status.
Mandatory distributions must commence based on when you attain the ages 70-1/2 to 73 or termination of employment which ever occurs later.
It is important to be certain you have a completed beneficiary form on file with ECI Plan office.

*This page is not an exhaustive disclosure of the Plan’s rules and requirements, there are numerous factors to consider when managing your Annuity Plan account in retirement.

For further information or questions please visit the Annuity Plan page on ECI’s website; consult the Annuity Plan SPD; or contact ECI directly.

Who: Local 494 members working under Inside Wireman; Sound & Communication; Residential; Material Handler; Lemberg Sign; or Panel Manufacturing (vacation only) Collective Bargaining Agreements.

What: Vacation (PTO)/Holiday Plan—administered by ECI

Where: Electrical Construction Industry Plans (ECI)

11001 W. Plank Court, Suite 120

Wauwatosa, WI 53226

(414) 778-0068

Office Hours: 8:00 a.m. – 4:30 p.m.

www.eciplans.com

When: It is suggested to request your accumulated PTO benefits after the 10^th of the month following the month of your chosen retirement date (last day of work). This will allow you to withdraw your total PTO balance.

Why: To avoid a loss of benefits. Keep both your bank information and mailing address current with the ECI Plan office to avoid a loss.

IMPORTANT ADDITIONAL INFORMATION

It is extremely important to always keep the ECI Plan office informed of your current mailing address. This will avoid the potential loss of benefits.
Holiday benefits will be paid out for benefits earned through the plan year (June-May) up to your chosen retirement date (last day worked).
Account balances can be attained by logging into your MemberXG account or contacting the ECI Plan office directly.
The Vacation/PTO Request Form can be found on the Vacation/Holiday Plan page on ECI’s website, or by request to the ECI Plan office.

*This page is not an exhaustive disclosure of the Plan’s rules and requirements. For further information or questions please visit the Vacation/Holiday Plan page on ECI’s website;

consult the Vacation/Holiday Plan SPD; or contact ECI directly.

Who: Local 494 members working under Inside Wireman; Sound & Communication; Residential; Material Handler; or Lemberg Sign Collective Bargaining Agreements.

What: Pension Plan—administered by ECI

Where: Electrical Construction Industry Plans (ECI)

11001 W. Plank Court, Suite 120

Wauwatosa, WI 53226

(414) 778-0068

Office Hours: 8:00 a.m. – 4:30 p.m.

www.eciplans.com

When: It is recommended that you apply for your Pension benefit through ECI’s Plan office at least three (3) months before your chosen retirement date (last day of work).

Why: The ECI pension will be a key source of income in retirement. You may request an estimate from the ECI Plan office of your benefit amount by writing to the ECI Plan office or through "Contact Us" on the ECI website at www.eciplans.com.

IMPORTANT ADDITIONAL INFORMATION

Normal retirement age for an unreduced pension benefit is 65. However, you may apply for an early unreduced pension benefit at or after age 62.
Reduced pension benefits may be available after age 55 but before age 62.
You will be provided information and calculations regarding the spousal options before your Pension benefit begins; the spousal option affects your benefit amount and cannot be changed once your pension has commenced.
Your first pension application will be processed upon receipt of your final contribution, based on your last day worked.

*This page is not an exhaustive disclosure of the Plan’s rules and requirements. For further information or questions please visit the Pension Plan page on ECI’s website; consult the Pension Plan SPD; or contact ECI directly.

Who: Local 494 members working under Inside Wireman; Sound & Communication; Residential; Material Handler; Lemberg Sign; or Electric Motor Repair (Dietz) Collective Bargaining Agreements.

What: National Electrical Benefit Fund (NEBF) Pension

Where: : National Electrical Benefit Fund

2400 Research Boulevard, Suite 500

Rockville, MD 20850-3266

Phone: (301) 556-4300

Fax: (301) 556-0100

Office Hours: 8:00 a.m. – 4:30 p.m.

www.nebf.com/nebf

When: You should apply for your NEBF Retirement Benefit at least three months before your chosen retirement date (last day of work). However, NEBF recommends that you contact their plan office at least one year before your retirement date if possible.

Why: As with all retirement benefits, advanced planning can make applying for your NEBF benefits easier by allowing other sources time to gather and submit any required documents and information and will allow NEBF the time needed to have your benefit ready for your intended retirement date.

IMPORTANT ADDITIONAL INFORMATION

Normal retirement age for an unreduced pension benefit is 65. However, you may apply for an early unreduced pension benefit at ages 62-64.
An early reduced pension benefit is available at ages 60 & 61, however at a significant reduction. Please consult the NEBF website, SPD, or plan office for details.
If you are married when you apply, you will receive your benefit as the Joint and Survivor Option unless both you and your spouse elect otherwise. Review and understand the Joint and Survivor Option before applying for your Pension benefit; the ‘survivor option’ affects your benefit amount.

*This page is not an exhaustive disclosure of the Plan’s rules and requirements. For further information or questions, please visit the NEBF website; consult the NEBF SPD;

or contact the NEBF plan office directly.

Who: An “A” member of the International Brotherhood of Electrical Workers (IBEW) in continuous good standing.

What: Pension Benefit Fund (PBF)—administered by the IBEW

Where: IBEW Local 494 IBEW PBF Office

3303 South 103^rd Street 900 Seventh Street NW

Milwaukee, WI 53227-4108 OR Washington, DC 20001

(414) 327-5202 Phone: (202) 728-6206

Office Hours: 7:30 a.m. – 4:30 p.m. Fax: (202) 728-6138

www.ibew494.com Office Hours:

8:30 p.m. – 4:30 p.m. (ET)

www.ibew.org

When: You should apply for your PBF Retirement Benefit at least three to six months before your chosen retirement date (last day of work).

Why: Advanced application for PBF benefits ensures all processes are allowed the proper amount of time to ensure benefits are payable at the time of your retirement.

IMPORTANT ADDITIONAL INFORMATION

The explanation of PBF benefits is found in Article XI of the IBEW Constitution; copies of the IBEW Constitution are available for members upon request at IBEW Local 494.
Normal Pension benefits (full unreduced) are available to eligible IBEW “A” members in continuous good standing for five (5) or more years immediately preceding their application.
The amount of your PBF Pension Benefit is based on a calculation of your years of continuous good standing. You can request a projection of your benefit at IBEW Local 494.
Normal retirement age for an unreduced pension benefit is 65. However, optional spousal and early retirement reduced benefits are available.
If you cease working for a contributing contractor before the age of 65, you may remain a member in good standing (paying dues) until you apply for your PBF Pension. Your pension benefit continues to increase with each additional year of dues payments, regardless of other retirement benefits you may be collecting.
Unlike the ECI and NEBF pensions, the Normal PBF pension does not include a spousal benefit unless you elect to receive the Optional Spouse’s Benefit.
The PBF Death Benefit continues into retirement in the sum of $6,250 minus the amount of collected pension benefits. However, in no event shall the death benefit fall below $3,000.

*This page is not an exhaustive disclosure of the Fund’s rules and requirements. For further information or questions please consult the IBEW Constitution; visit the offices at IBEW Local 494; or contact the PBF fund office directly.

Who: An “A” member of the International Brotherhood of Electrical Workers (IBEW) Local 494 in continuous good standing.

What: Sick, Accident and Death Benefits (SADB)—administered by IBEW Local 494

Where: IBEW Local 494

3303 South 103^rd Street

Milwaukee, WI 53227-4108

(414) 327-5202

Office Hours: 7:30 a.m. – 4:30 p.m.

www.ibew494.com

When: No action is required while you remain a current dues paying member or until you apply for your PBF Pension Benefit.

Why: All benefits of the SADB continue to be available to active members in good standing until application for PBF Pension Benefits has been submitted, at which time you may be eligible for continued participation in the SADB Death Benefit.

IMPORTANT ADDITIONAL INFORMATION

The Summary Plan Description (SPD) is available at IBEW Local 494 upon request or may be found on Local 494’s website in ‘CONTRACTS AND WAGES’ under the ‘Members’ tab on the home page.
Regardless of your employment status or other retirement funds you may be collecting (EXCEPT PBF), you will continue to be eligible for all SADB Benefits if you remain a member in good standing (paying dues).
Once your application for your PBF Pension Benefit has been accepted by the IBEW, you will no longer be required to pay dues. However, any member in continuous good standing of 20 years or more immediately preceding their PBF application will have the option of continuing to participate in SADB’s Death Benefit at an assessment of $1.50 per month, payable yearly in advance to IBEW Local 494.

*This page is not an exhaustive disclosure of the Fund’s rules and requirements. For further information or questions please consult the SADB SPD or contact the offices of IBEW Local 494 directly.

<<< Return to Retirement Guides Advance to Tool Box >>>

Page Last Updated: Mar 03, 2026 (07:51:52)