There are four sources of income for those retiring from the trade working under the IBEW/NECA program and contracts.
* Social Security
* Local Pension plan through IBEW LU 238. The employer pays $2.23 per hour for each journey level employee and a lesser amount for upper-class apprentices and CE's. This pay is NOT deducted from wages.
* National Electrical Benefit Fund. Currently Pays $32.00 per month for every year of service upon retirement. Must work 300 hours in calendar year for good service year. This cost is NOT deducted from wages.
* Upon retirement, the IBEW International pension pays $4.50 per month for every year one paid union dues.
* The IBEW also provides a death benefit
HEALTH INSURANCE is provided for Construction Wireman levels 1b-4, all Construction Electricians, Apprentices, and Journeyman