What are the retirement options for lineman in 2022?
Depending on your employer as a lineworker, you will have different options to save up for retirement. Some of the most common options include:
Individual Retirement Accounts
What is a pension plan for lineworkers?
A pension is a type of retirement plan that provides monthly income after you retire from your position. The employer of the lineworker is required to contribute to a pool of funds invested on the employee’s benefit. As an employee, you may contribute part of your wages to the plan, too.
What benefits can I become eligible?
What is the National Electrical Benefit Fund (NEBF)?
NEBF is a pension plan for a for electrical workers. It is popular union lineworkers.
How Are Contributions Made?
Contributions are made each month by Covered Employers on behalf of employees who are covered by either:
• A collective bargaining agreement with the International Brotherhood of Electrical Workers (IBEW) or one of its Local Unions, or
• A signed participation agreement with NEBF.
Can I Contribute to NEBF?
No. All contributions to NEBF are made by Covered Employers. Covered employees do not themselves make contributions to NEBF and do not have individual accounts in NEBF.
Contributions to the NEBF are made by the Employer, not the employee. The employer will put the equivalent of 3% of the employee’s gross pay into the fund on their behalf each pay period, but this amount is NOT taken out of the employee’s check, this benefit is in addition to their pay.
NEBF provides three types of benefits:
• Retirement Benefits
• Disability Benefits
• Pre-Retirement Spouse Benefits
What is the National Electrical Annuity Plan (NEAP)?
The NEAP is an individual retirement account funded by the employer, the amount of which is determined by the local unions Collective Bargaining Agreement.