Journeyman Pension Estimator
*The Monthly Pension Calculator is an estimate. The calculations assume all hours worked were in Orange County under the current contribution amounts and pension multipliers.
Please see below for further information on each pension.
IBEW-NECA Southern California Defined Benefit
Current coupled contribution amount per hour $4.00
Current accrual factor 1.45% for the first 44,500 hours and 1.9% after
Monthly Pension Benefit Example:
60,000 hours worked (30 years averaging 2,000 hours)
44,500 X $4.00 X 1.45% = $2,581.00
+
16,500 X $4.00 X 1.90%= $1178.00
$3,759.00 per month
To retire early, you need to be 56 years old or above and have accumulated a minimum of 44,500 hours. If you do not meet the requirements for early retirement, normal retirement age is 65.
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National Electrical Benefit Fund
You earn a Benefit Service Credit for each year you work 1,000 hours or more. The hours in excess of 1,000 can be used to meet the 1,000 hour requirement for other “Good Years” in which you worked less than 1,000 hours. A “Good Year” is a year in which you work 300 or more hours in Covered Employment. You can earn only one Benefit Service Credit in any calendar year.
Current Retirement Rate is $32.00 for each Pension Credit.
30 (years) Benefit Service Credits
Retirement age 65 Retirement age 62
30 X $32.00 30 X $32.00
Monthly pension $960.00 Monthly pension $960.00
You worked 300 or more hours in any of the seven calendar years immediately before the month of your 62nd birthday.
Reduced age 62
30 X $32.00 Less 20%
Monthly pension $768.00
You did not meet the 300 hour requirement
35 (years) Benefit Service Credits
Retirement age 65 Retirement age 62
35 X $32.00 35 X $32.00
Monthly pension $1,120.00 Monthly pension $1,120.00
You worked 300 or more hours in any of the seven calendar years immediately before the month of your 62nd birthday.
Reduced age 62
35 X $32.00 Less 20%
Monthly pension $896.00
You did not meet the 300 hour requirement
Starting with retirees who leave the trade after Jan. 1, 2025, the NEBF multiplier will increase from $32 to $33 per year of service.
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IBEW (I.O.) PENSION BENEFIT FUND (PBF)
30 years continuous good standing
Retirement age 65 Retirement age 62
30 X $4.50 30 X $4.50= $135 Less 19.98%
Monthly pension $135.00 Monthly pension $108.03
The details presented above serve solely for informational purposes, illustrating a potential pension scenario for a participant. The actual pension amounts and regulations may differ based on the participant's unique situation and the specific future terms of the pension plan. All employer contributed pensions have five years vesting. The IBEW IO pension is 20 years since it is derived from basic dues (unless you are 65 years of age - then it is only 5 years).