Pensions – Employer-Paid
We have a local pension, an international pension, and NEBF (National Electric Benefit Fund).
Local Pension
You have a defined benefit pension plan, which means that the monthly amount of your benefit when you retire is fixed. Your employer contributes to the Pension Fund for every hour you work in covered employment. When you work enough hours in a year, you earn a pension credit. The amount of pension credits you have when you retire affects the amount of your monthly benefit and the type of pension, you’re eligible to receive.
For more information, contact us.
NEBF
NEBF works in a similar way to the local pension and is also a defined benefit pension plan. There are some key differences in the required hours for service credits and vesting though, as well as other differences that can all be found on the NEBF website.
For more information, contact us or visit https://www.nebf.com/nebf/.