Retirement

JIB Retirement Benefits

We offer generous retirement benefit plans to eligible full-time employees of the Joint Industry Board.

Retirement benefits are only available to employees working full-time in covered employment with the Joint Industry Board. If you would like further information regarding your retirement benefit plan or eligibility, please contact JIB Human Resources Department.

Employees covered under the following Collective Bargaining Agreement must refer to their respective Agreement for retirement plan eligibility.

* Local 153 (Clerical & Professional Staff) Collective Bargaining Agreement

* Local 3 Apprentice Instructor IBEW Agreement

* Local 3 Security IBEW Agreement

* Local 3 Maintenance IBEW Agreement

* Local 32BJ –Service Employees International – Independence Office Agreement

* Local 66  General Building Laborers’

JIB Retirement Plans

Joint Industry Board of the Electrical Industry Employee’s 401(k) Plan 

This is a very significant retirement plan provided by the JIB in which you participate in immediately.  Employee contributions are voluntary in this plan.  However, the Joint Industry Board immediately contributes 10% of your weekly salary (amount before FICA reimbursement) to this plan on your behalf regardless of whether or not you elect to contribute.  You may choose to self-direct both employee and employer contributions.

As a participant in the 401(k) Plan, you may elect to defer up to 100% of your wages in whole or percentage points, subject to the limits on the amount of deferrals set by the Internal Revenue Code.  The JIB will reduce your weekly gross wages by the amount of the applicable deferral and contribute that amount to the plan.

Salary deferral contributions to the Plan are forwarded by the JIB directly to the Plan’s record keeper, Empower.  You select the investments from among a number of different investment products chosen by the Trustees.  Earnings, losses, and applicable expenses from the respective investment funds are allocated to all accounts based on the balances in the accounts.  In addition, certain administrative expenses for the Plan that are unrelated to the investment products are allocated to all accounts.

You will receive an investment selection kit from Empower when you become eligible to participate in the Plan.  The kit includes prospectuses and offering statements with regard to each investment product, offered under the Plan.  You should read the applicable information prior to making any investment election.

For more information concerning the rules, features and investment choices of the 401(k) Plan, please contact Empower.

The Joint Industry Board of the Electrical Industry Employee’s Retirement Income Plan 

You are eligible to participate in this defined benefit retirement plan when you have completed one (1) year of service and have attained age 21.  You receive pension credits in the plan as of the date of your employment. All contributions are made on your behalf by the JIB.  You do not contribute to this plan. Employees do not have an individual account in this plan.

Your monthly benefit from this pension plan is based upon your years of service at retirement multiplied by a specific dollar amount per month at that time, which is currently $55.50 (effective October 1, 2024).  A minimum of five (5) years is required before you are considered vested and, therefore, eligible for a benefit, from this plan.  When you are vested, your original hire date becomes the date you enter the plan.

The earliest age that you may collect a reduced retirement benefit after terminating employment is age 55.  Normal retirement age is 65.

For more information concerning the value of pension credits, types of pensions, joint and survivor options and all other plan rules and features, please refer to the Plan SPD.

The National Electric Benefit Fund (“NEBF”) 

You become a participant in the NEBF on the first day that a contribution is made on your behalf. All contributions are made on your behalf by the JIB.  You do not contribute to this plan. Employees do not have an individual account in this plan.

Your monthly benefit from this pension plan is based upon years at retirement multiplied by the value of each pension credit at the time you ceased employment, which is currently $32.00.  A minimum of five (5) years is required before you are considered vested, and therefore eligible, for a benefit, from this plan.  When you are vested, your original hire date becomes the date you enter into the plan.

The earliest age that you may collect a reduced retirement benefit after terminating employment is age 60.  Normal retirement age is 65; you may be eligible for an unreduced retirement benefit at age 62.

For more information concerning the value of pension credits, types of pensions, joint and survivor options, and all other plan rules and features, please refer to the Plan SPD.