Contributing to your Pension
The IBEW Local 353 Pension Plan is a non-contributory pension plan which means that members do not contribute directly toward their pension. Participating employers contribute money on your behalf. For each hour you are paid for work, your employer is required to make a contribution to the pension plan. The exact amount of the contribution is set out in the collective agreement. At the end of every month, each employer for whom you have worked reports your hours and sends remits funds to TEIBAS.
The contributions paid on your behalf are recorded in your personal account and the money is deposited in the pension trust fund. Professional investment managers invest the trust fund in stocks, bonds and other types of investments based on guidelines established by the Trustees. All pension benefits and the expenses of operating the plan are paid by the trust fund.
You will receive a contribution statement from TEIBAS four times a year. This statement reports the number of hours for which contributions were received by TEIBAS. It is your responsibility and in your best interest to review the statement and notify the union if you think the hours shown are incorrect. The amount of your future pension is tied directly to the contributions reported on this statement.
This website describes the Pension plan for members of IBEW Local 353 in plain language. It is not a legal document. If there is a difference between the information contained here and the legal plan documents, the plan documents will apply.