# I have a few questions regarding the pension...



## HackWork (Oct 2, 2009)

Mike94 said:


> 1. When does your vested time start?


 Like most of your questions, this depends on your local. In my local it used to start at the beginning of the 3rd year of apprenticeship, but then it changed to right away. 



> 2a. If only 5 years are required to be vested. Are you entitled to get some amount of partial pension if all you ever did is 5 years?


 Yes, that's the point of being vested. When you retire you will get that $500 or so per month, whatever your local has for a pension for 5 years.



> 2b. What if you get your 5 years in to be vested. Then leave this profession for the rest of your life. 30 years later when you are now 65. Would you still be entitled to the 5 year pension from so long ago?


 I believe so. But I have heard of people having issues because they worked non-union. So I am not completely sure. Again, this is something to ask the funds manager at your local to be sure. Also remember that you have a small pension thru the International too.



> 3. When you retire at 65. Are you able to draw 100% of your pension plus 100% of your social security at the same time?
> 
> The reason I ask this question is because. I use to work for Ford Motor Co. UAW. The way their pension worked. Once you get your 30 years in you can retire. So let's say at age 52. Now let's say you get $3,000 a month. So from age 52-62 Ford would send you $3,000 a month. However, at age 62 Ford would make you take early social security. Let's just say that is $1,500 a month. Now from 62-death Ford would reduce what they give you by how much you get from SS. So now from 62-death you would get $1,500 from Ford and $1,500 from SS, for the $3,000 a month you are a custom too. They did this to give them self relief. I was wondering if this was how the IBEW also operates?


Pensions are different in every local.


----------



## Mike94 (Jan 14, 2018)

Thank you again HackWork. One more pension question...Once you become a JW. Let's say you land a permanent job with "Apple" for example. Let's say you stay there for a long time maybe your whole career. Could you earn a pension from Apple, as well as, the two pensions from the IBEW at the same time? Will they allow this to happen?


----------



## HackWork (Oct 2, 2009)

Not likely. Your employer is usually an electrical contractor that is signed with the local, and they pay into your benefits package which covers your healthcare, pension, annuity, etc.

There might be some cases where you go work directly for the customer, such as a maintance position. But those are usually at a lower rate, such as 85%. And they would still pay into your benefits package. I can't see them offering you their own pension on top of that.


----------



## telsa (May 22, 2015)

Mike94 said:


> 1. When does your vested time start?
> 
> 2a. If only 5 years are required to be vested. Are you entitled to get some amount of partial pension if all you ever did is 5 years?
> 
> ...


When it comes time to collect, decades from now, all of the rules will have changed.


----------



## active1 (Dec 29, 2009)

Pensions are great.
You cross the hall.
They can try to hold your pension and retirement plan B.
Basically you sign a simple contract to abide by their constitution, bylaws, and inside agreement.
Do something that violates the bylaws, agreements, and constitution they can take legal recourse and lien your retirement accounts.
Lien, not take. Meaning interest is charged until resolved.
At some point they probably get the funds. 

Also it's more than just a simple being a member for 5 years.
There are work hour requirements.
It can take some people 10 years when they only get 0.5 credit per year.

But every local is different.


----------



## Switchgear277 (Mar 18, 2017)

Our local pensions plan works with a point system .

Every year you wrk and coolest the x amount of hours you get a point when your ready to retire you add up all your points ,

Each point is worth 80$
That’s how much you will revive each mouth 

Plus annuity etc 

And yes you have to wrk at least 5 Years like you stated


----------



## Mike94 (Jan 14, 2018)

Switchgear277 said:


> Our local pensions plan works with a point system .
> 
> Every year you wrk and coolest the x amount of hours you get a point when your ready to retire you add up all your points ,
> 
> ...


How meny hours to earn one point?


----------



## Switchgear277 (Mar 18, 2017)

Not shure how many hours are worth a point pretty shure it’s a full year 40 weeks Aprox


----------



## HackWork (Oct 2, 2009)

Mike94 said:


> How meny hours to earn one point?


I’m really not understanding why you just won’t ask your own local these questions? Any answer you get here in any of the threads you made is not going to apply. Every local is different. You’re literally asking for incorrect information.

My local is 1200 hrs. a year for a full pension credit. But that is absolutely meaningless to you.


----------



## MechanicalDVR (Dec 29, 2007)

Mike94 said:


> How meny hours to earn one point?


rather than get hearsay answers get on the phone and call the company that manages your pension for the Union.

Go straight to the horses mouth so to speak.


----------



## Switchgear277 (Mar 18, 2017)

Sorry for the typing errors I was in a rush


----------



## Mike94 (Jan 14, 2018)

MechanicalDVR said:


> rather than get hearsay answers get on the phone and call the company that manages your pension for the Union.
> 
> Go straight to the horses mouth so to speak.


I will do thank you.


----------



## MechanicalDVR (Dec 29, 2007)

Mike94 said:


> I will do thank you.


You're welcome.

As others have said every plan varies by local and management company.


----------

