IBEW UNION BENEFITS LOCAL UNION 776

IBEW RETIREMANT SOUTHERN ELECTRICAL RETIREMENT FUND (SERF) This is funded buy the contractors. It is 10% of gross payroll. Money will be deposited monthly into a tax deferred 401K account in your name. SURF has managed this fund for 39 years. Our average rate of return for fund since inception is 7.89% APR after all expenses. After 20-30 years this will add up to a very nice retirement nest egg. This money can be drawn out lump sum and transferred to another tax deferred account at the age of 55 ½ or have taxes taken out and take the cash. NATIONAL ELECTRICAL BENEFIT FUND (NEBF) This is funded by NATIONAL ELECTRICAL CONTRACTOR ASSOSIATION It is based on working hours turned in monthly on your behalf. This is a pension fund that is paid out over your life time after retirement. You will receive $32.00 per credit year of service per month. A credit year of service is defined as 1200 hrs. in a calendar year.

IBEW RETIREMENT CONTINUED PENSION BENEFIT FUND (PBF) This is funded by International Brotherhood of Electrical Workers and is based on years of service with the IBEW. You will receive $4.50 per month per credit year of service. A credit year of service is defined as a years union dues are kept current. When collecting it will take approximately 4 years to recover all dues paid to the international in your behalf. SOCIAL SECURITY (SS) You will receive this from the US Government if it is still there. This is dependent on income generated through your lifetime. It is estimated that the average electrician will receive $1800.00 per month.

HEALTH BENNIFITS NECA-IBEW FAMILY MEDICAL CARE PLAN This plan is part of the Blue Cross – Blue Shield network. Unlike some other plans our deductibles are very reasonable. After $350.00 deductible the insurance will pay 85% of major medical and well visits. For family coverage after $350.00 per person or a max deductible $1050.00 per family insurance will cover 85%. You can add the family to your plan for $140.00 per month. After you attain journeyman status, family coverage is included in your package. SUPPLEMENTAL INSURANCE This pays $250.00 per week for non occupational injury $125.00 for occupational injury. For up to 26 weeks PRESCRIPTION DRUG COVERAGE This plan is part of the Save RX Program. It covers Generic Drugs 100% no deductible. Name Brand Drugs have $350.00 deductible and covered at 80%

HEALTH BENEFITS CONTINUED DENTAL COVERAGE (MET LIFE DENTAL PLAN) No deductibles Covers 1 cleaning per calendar year Covers 80% preventive and basic care Covers 50% major restorative care To a max of $1000.00 per calendar year VISION COVERAGE (VSP) No deductible Eye exam 100% in net work or $35.00 out of network Up to $120.00 for frames Lenses 100% Contacts $120.00 The plan owner gets safety glasses in addition to regular glasses. Frames up to $65.00 This is per calendar year

HEALTH BENEFITS CONTINUED All of our funds are set up for the construction worker. With this being said all your retirement, health benefits follow you from contractor to contractor. Each of our contractors contribute money to your hour bank for each hour worked. The medical benefits will use 140 hrs. out of the bank to keep all medical benefits in effect. All hours in excess of the 140 go into the hour bank. So as you move from contractor to contractor all benefits follow you. The hour bank is used when there is a shortage of hours for the month (layoff, quit, fired). The fund will continue to pull hours out of the bank until you go back to work or your hours have been depleted.