Chapter Managers, this notice is informational only and should not be shared. NECA members and industry professionals will receive this information at 12:00 pm ET, today.
Dear NECA Chapters,
I am thrilled to announce significant improvements made by the National Employee Benefit Board (NEBB) and National Electrical Benefit Fund (NEBF) trustees to the NEBF that will alleviate the financial concerns of the NECA contractor while providing an increased benefit to the IBEW electrical worker. These updates to the joint pension plan include The Fresh Start Amendment, a One-Dollar Multiplier Increase, the One-Time 13th Check and the National Electrical Individual Benefit (NEIB) which provide significant fiscal relief for our NECA members. These adjustments mark a major milestone in our ongoing commitment to securing a stable and prosperous future for the electrical construction industry.
Please see the joint announcement from the NEBF Trustees which outlines these improvements.
Through open communication, shared goals, and an unwavering commitment to our industry’s well-being, we have achieved these remarkable improvements. We are confident these enhancements will solidify the NEBF as a leader in retirement benefits for the electrical industry.
This security is expected to relieve the burden of withdrawal liability on participating contractors and grow the number of electricians and skilled workers in the industry to meet the workforce demands of the future. Our industry’s retirees will also benefit from these advancements as we remain committed to supporting them in times of increased economic change.
This progress is a testament to the strong partnership between NECA and IBEW. Thank you for your unwavering support. Together, we are building a stronger future for our members and the industry.
