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, 1998 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.
