The IBEW Local 701 Board of Trustees has made certain changes in the crediting of
contributions received by the Pension Fund and Retirement Savings Fund, under the
‘Electrical Industry Pension Reciprocal Agreement from Participating Funds’, on
behalf of persons for whom the IBEW Local 701 Pension Fund and/or Retirement Savings Fund
are designated as their home Funds. These changes are summarized below:
Effective June 1, 2007 contributions into the Local 701 defined
benefit Pension
Plan for an employee working outside the jurisdiction of Local 701 will be credited to the
employees account at the Local 701 defined benefit contribution rate, currently
$6.00 per
hour. If the transferring local has only a defined benefit pension, and their contribution
rate is greater than local 701’s, the amount in excess of $6.00 will be credited to
the employee’s Retirement Savings Fund account. If the transferring local has only an
annuity fund, the first $6.00 of the incoming funds will be directed into the
participant’s Pension Fund, any balance will be directed into the Retirement Savings
Fund.
If the transferring local has both a defined benefit pension plan and a defined
contribution pension plan, the employees local 701 defined benefit pension plan will be
credited with $6.00 per hour, and all other amounts transferred will be passed on to the
employees Retirement Savings Fund account.
The Trustees of the Pension and Retirement Savings Funds will reopen this agreement as
necessary for the purpose of changing the relevant contribution methods in order to more
equitably carry out their duties in accordance with the relevant law.
