Delegates voted Sept. 22 to enhance the IBEW’s monthly Pension Benefit Fund payout to $5.50 per month multiplied by all years of service for “A” members.
Since the 40th International Convention in Chicago in 2022, the benefit had been calculated at $4.50 per month for all years prior to 2023 and at $5.50 per month since 2023.
Based on the Law Committee’s recommendations, delegates also approved a $2 increase in monthly contributions — $1 in July 2027 and $1 in July 2029, for a total of $25 a month.
International Secretary-Treasurer Paul Noble said a member who retires at age 62 after 30 years of service will have paid $9,000 into the fund. They will earn that amount back in full in less than six years while receiving an annual benefit of $1,584.
“You get every penny you pay in contributions back in the first five years and 6 months of collecting benefits,” Noble said. “That’s a 100% payback in 66 months. The average participant draws PBF for 240 months.”
Additionally, death benefits were increased to $13,500 for accidental death, $6,750 for death by natural causes and a minimum benefit of $3,250.
Between the PBF and minimum death payments, a beneficiary would earn nearly $35,000 over 20 years.
