Q. I am thinking about retiring, what do I need to do? A. If you are thinking about retiring, the following is a checklist that should be completed prior to your retirement date:
Three (3) months prior to your anticipated retirement date, stop by the NECA Local #145 IBEW Benefits Office to complete the form or contact Laura Freymann at (309) 757-7556 or email her at email@example.com to request an Intent to Retire Letter, which informs us of your retirement date.
Using this retirement date, the Benefits Office will compute a preliminary calculation using your hours and pension credits to date. The current benefit for members working under the Inside agreement is $125.00 per pension credit for retirements age 61 or later, although your actual benefit depends on your personal work record. The current benefit for members working under the Communication (Teledata) agreement is $54 per pension credit and the Residential agreement is $49.00 per pension credit for retirements age 61 or later, although your actual benefit depends on your personal work record.
The above information will be sent to you in a packet which will also include other important retirement forms. Once you have received and had a chance to review your packet you will need to call Candace Wise-McCollom at (309) 757-7554 to schedule an appointment. If you are married, your spouse should also attend the meeting. Please bring the following items with you to the meeting:
Forms you received in your preliminary calculation packet;
Birth Certificates for you and your spouse (if applicable); and
Marriage Certificate (if applicable).
The Annuity & Profit Sharing Distribution Request Form. You should discuss this form with Merrill Lynch and/or your personal financial advisor prior to your meeting with the Fund Administrator. You may contact Nick Jacobs at (563) 388-2308.
Q. How can I determine if I am eligible for an early retirement pension rather
than a deferred retirement pension?
A. To determine if you are eligible for an early retirement please refer to Section 3.05 Early Retirement Pension Eligibility of the N.E.C.A. Local No. 145 I.B.E.W. Pension Plan.