IBEW's Pacific Coast Pension Plan

Highlights

The IBEW Pacific Coast Pension Plan was established effective April 1, 1960. It was revised effective April 1, 1976 to comply with the Employee Retirement Income Security Act of 1974 (ERISA). The Plan was restated effective April 1, 1986 to incorporate the many improvements made to that point. Since the most recent booklet was printed, the Plan has been revised to meet the requirements of the Tax Reform Act of 1986 and subsequent regulations, and to incorporate a number of improvements, as outlined below:

  • Effective April 1, 1987, the monthly amount payable for each Benefit Unit earned prior to April 1, 1976 was increased by 40%. In addition, the benefit formula for hourly contributions required to be made on an employee's behalf between April 1, 1976 and April 1, 1986 was increased to 4%; after April 1, 1986 it was increased to 3.01%. The pension reduction for Early Retirement was lowered from 1/2 to 1/4 of 1% for each month the participant is younger than the Regular or Normal Retirement Age.

  • Effective April 1, 1988, the monthly amount payable for each Benefit Unit earned prior to April 1, 1976 was increased by 8% and the benefit formula for hourly contributions required to be made on an employee's behalf was increased as follows:

      ~ between April 1, 1976 and March 31, 1986 - to 4.20%;

      ~ between April 1, 1986 and march 31, 1988 - to 3.25%;

      ~ between April 1, 1988 and March 31, 1991 - 3.10%.

      The amount of Disability Pension effective on or after April 1, 1988 was increased from 75% to 85% of the Regular Pension Amount.

      ~ Pensions in effect on March 31, 1988 were increased by 5%.

  • Effective April 1, 1989, participants retiring on a Disability Pension were given all of the payment options and other rights to which they would have been entitled had they retired at Regular or Normal Retirement Age with any other type of pension.

  • Effective April 1, 1990, the monthly amount payable for each Benefit Unit earned prior to April 1, 1976 was increased by 4%. The benefit formula for hourly contributions required to be made on an employee's behalf between April 1, 1986 and March 31, 1992 was increased to 3.50%.

  • Effective April 1, 1991, the benefit formula for hourly contributions required to be made on an employee's behalf between April 1, 1986 and March 31, 1993 was increased to 4.00%.

  • Effective April 1, 1992, a 100% Husband-and-Wife Pension option was adopted and the benefit formula for hourly contributions required to be made on an employee's behalf between April 1, 1976 and March 31, 1994 was increased to 4.20%. In addition, pensions in effect on March 31, 1992 were increased by 5%.

  • Effective January 1, 1993, in conformance with federal law, special provisions were adopted to allow participants to roll over certain Plan distributions that would otherwise be taxable into an IRA or other qualified retirement plan.

  • Effective April 1, 1993, the benefit formula for hourly contributions required to be made on an employee's behalf between April 1, 1976 and March 31, 1995 was increased to 4.40%. At the same time, pension accruals for Benefit Units earned prior to April 1, 1976 were increased by 14%. In addition, pensions in effect on March 31, 1993 were increased by 3%.

  • IBEW Local 46 ~ 19802 62nd Ave S, Kent, WA 98032 ~ Phone: 253-395-6500 ~ (Toll free) 1-866-651-4600