“BA” members pay $42.00 per month.  "BA" members do not have life insurance or pension benefits like a "A" membership.  However, "BA" members have the same voting rights and privileges as “A” members, except on matters pertaining to the IBEW Pension Benefit Fund.

Because of the life insurance and pension benefits, an “A” member pays $19.00 more per month than does a “BA” member.   So what do I get as a "A" member?

LIFE INSURANCE:

1. After six (6) months of membership & still an active member.....you will have: $6,250.00 death benefit; $12,500 if accidental death
2. After retirement: Term Life Insurance only.  The term life insurance under the Pension Benefit Fund is paid up for life when a member retires.  $5,000 term life is reduced by the amount of pension payments paid to retiree to a minimum of $3,000.

PENSION:

1. Early Retirement - $4.50/month each full year reduced by 6.66% for each year under 65.  Must be at least 62 years of age and a minimum of 20 years “A” membership.
2. Normal Retirement - $4.50/month each full year in and after 1998.  Must be at least 65 years of age.  “A” members of the IBEW are eligible to apply for a normal retirement pension if they have five (5) or more years of continuous good standing at the time of their application for pension and have reached age 65.
3. Disability Retirement - $4.50/month each full year of membership.  No age limitation so long as member has 20 years “A” membership.

There is no maximum amount of pension benefits an “A” member can draw.  Pension payments cease when member becomes deceased, unless he/she has taken a A Spouse=Option@ on retiring, in which case a proportionate amount of member=s pension will continue to be paid to spouse until he/she becomes deceased.  Surviving spouse benefits under the A Spouse=s Option@ are calculated at the time the member retires.

Example of "A" Member Pension Pay Out:

Right now it cost $19.00 per month extra for the “A” ticket.

• $19.00 X 12 months = $228.00 per year x 20 years = $4,560.

• When you retire with 20 years of membership and age 65, you get $4.50 per month X 20 years = $90.00 per month.

• $4,560.00 (from above) ÷ $90.00 p/mo = 50.66 months ÷ 12 months = 4.22 months to recoup the difference in cost  between A and BA membership.

Remember the rules require 20 years to vest or age 65.  For some older that are planning on retiring early and don’t have the 20 years will have to continue to pay dues to the Local or take a Participating Withdrawal Card.  You can retire early and receive a 6.66 reduction for every year less than age 65, if you have the 20 years.