Related Articles
Related Articles
The Pension Benefit Fund (PBF) is making several changes in order to better serve retired "A" members who are or will be receiving pension payments through the fund.
Please note that these changes apply to the PBF only and not to other IBEW benefit funds in which members might also participate.
First, effective January 1, 2003, a new bank will take over the processing of PBF pension payments. Mellon Bank in the United States and its Canadian affiliate, CIBC, will process the checks and provide additional services. Among them will be a toll-free telephone number through which pensioners can contact bank representatives for help with any questions regarding payments, lost checks, routing information, IRS Form 1099 or other matters. The toll-free number will soon be operational. At that time, the number will be published on the IBEWs web site ( www.ibew.org ) and in a future edition of the IBEW Journal. The number will also be included in a mailing that will be sent to each PBF participant. Pensioners are again urged to receive payments via direct deposit in order to ensure timeliness and security.
Second, any current pensioner (except those on disability) receiving a PBF payment of $30.00 or less may elect to receive a lump sum payment for the actuarial equivalent of their remaining benefit. All current pensioners affected by this change will receive a letter explaining this lump sum option in greater detail.
Third, any participant becoming eligible for PBF pension payments on or after January 1, 2003, whose pension payment is $30.00 or less will automatically receive a lump sum payment for the actuarial equivalent of their benefit.
The lump sum changes affect pension payments only, not any death benefit payment due members receiving a normal or early pension payout.
The PBF is pleased to be able to make these changes to better assist current and future retirees.
