The International Pension pays $4.50 per month for each full year of continuous membership. This only applies to "A" members. The following information is based on continuous good standing with NO break in service. Continuous good standing is defined as not being dropped from membership or taking an Honorary Withdrawal Card.
If you are a retiree and choose to return to the trade you will need to contact the union hall. We will then notify the International Office. You are not allowed to be on the books while collecting this pension.
(a) Normal Pension. A member who has reached the age of 65 and has 5 or more years of service.
(b) Optional Early Retirement Penion. A member who has reached the age of 62 with 20 or more years of service may apply. Your pension will be reduced by (6 2/3%) for each year or partial year you retire before the age of 65.
Example: A member is 64 years old and decided to retire with 30 years of service:
30 x $4.50 = $135.00 per month in benefits
$135.00 x 6 2/3% = $8.91 loss
$135.00 - $8.91 = $126.09 per month in benefits taking the early retirement
(c) Optional Spouse Benefit: A member may elect to choose this benefit when he/she retires. When choosing this option the member will receive a reduced pension as long as he/she lives with the provision that after death one-half of reduced pension will be paid to his/her spouse for the rest of their life. In the event that a members spouse predeceases the member, the benefit will be recalculated and shall be equal to the unreduced benefit.
For the member and spouse whose ages are the same, the pension is reduced to 86% of the otherwise payable amount. If the spouse is younger than the member, the reduction is 86% less 1/2% for each year that the spouse is younger than the member. If the spouse is older than the member, the reduction is 86% plus 1/2% for each year that the spouse is older than the member.
You can view common questions and answers regarding your IBEW pension here.