National Electrical Contractors Association Announces Monumental Improvements to Joint Pension Benefits

News provided by

National Electrical Contractors Assoc Inc.

Feb 09, 2024, 12:00 ET

WASHINGTON, Feb. 9, 2024 /PRNewswire/ -- The National Electrical Contractors Association (NECA) is thrilled to announce significant improvements to the National Electrical Benefit Fund (NEBF) that will alleviate the financial concerns of the NECA contractor while providing an increased benefit to the IBEW electrical worker. The following is a statement from NECA CEO David Long regarding these advancements in unionized trade retirement benefits:

"Through open communication, shared goals, and an unwavering commitment to our industry's well-being, we have achieved these remarkable improvements. The 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 contractor members. These adjustments mark a major milestone in our ongoing commitment to securing a stable and prosperous future for the electrical construction industry. I am 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."

Please see the joint announcement from the NEBF Trustees which outlines these improvements.

In Support,
David Long
CEO, National Electrical Contractors Association

ABOUT THE NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION 
NECA is the voice of the $225 billion electrical construction industry that brings power, light, and communication technology to buildings and communities across North America. NECA's national office and 118 local chapters advance the industry through advocacy, education, research, and standards development. Go to www.necanet.org for more information. 

SOURCE National Electrical Contractors Assoc Inc.