Application for Extension of Amortization Period
In response to last year's economic slowdown, the Trustees are continuing to look for ways to improve the condition of the Pension Plan without adversely affecting Plan Participants. Under the law, pension plans that are facing an endangered certification may extend the amortization period for certain liabilities by five years, allowing more time for greater investment earnings resulting from an economic recovery. At the recommendation of the Plan’s actuary, the Trustees have approved a five year extension. For more details, please consult the letter to Plan Participants and the Notice of Application.
Notice to All Active Plan Participants Regarding Changes to the Health & Welfare Plan
Effective for October 2009 work hours (December 2009 coverage), the Plan has been amended
to allow for an hour bank advance of up to 120 hours for active members to prevent loss of
coverage. Hours may be advanced from future hours worked due to an involuntary reduction of
hours resulting from implementation of a 28-hour work week. For more details, please consult the full notice; to view the application, click here.
Loan Provision - San Francisco Electrical Workers Retirement Savings Plan
The San Francisco Electrical Workers Retirement Savings Plan has been amended
to allow a loan to any Participant or Beneficiary in the Plan on or after December 1,
2009. For more details, please consult the full notice and the complete text of the loan policy.
New Monthly Rates for Retiree Health Coverage Effective January 1st, 2010
The revised co-payment rates for retirees will be put into effect as of January 1st, 2010. Click here for the full notice and rates tables.
Adoption of a Hardship Withdrawal Provision
Effective September 1, 2009, a hardship withdrawal provision is being added to the SFEW Retirement Savings Plan. In general, withdrawals are not available under the Plan before retiring. Over the past year, however, a number of participants have asked about accessing funds while still in service. The Board, therefore, has amended the Plan to allow hardship withdrawals to the maximum extent the law allows. Click here for the full notice and rules.
Status of the NCEW Pension Plan
Recently, the bargaining parties to the IBEW Local 6/SFECA Inside Agreement agreed to divert the $3.04 hourly contribution from the SFEW Retirement Savings Plan to the NCEW Pension Plan effective January 1, 2010, and to temporarily reduce future benefit accruals if necessary to avoid causing the Plan to enter “critical” status. This action was taken in response to the 29% investment loss incurred by the Plan during 2008. Click here for the full notice.
Announcement to All Plan Participants
This notice is a summary of the decisions that were made by the Trustees in their efforts to ensure that all the Plan's reserves are maintained without causing undue hardship to the Plan participants. All changes will become effective on August 1, 2009.
Year 2009 Contract Negotiations Settlement Wage/Fringe Package
The 2009 contract negotiations settlement wage and fringe package has been published. Effective June 1, 2009, there is no change to the wage/fringe package. Effective January 1, 2010: Divert the full Retirement Savings Plan (Defined Contribution Plan) hourly rate of $3.04, and corresponding apprentice rates, from the San Francisco Electrical Workers Retirement Savings Plan to the Northern California Electrical Workers Pension Plan (Defined Benefit Plan) effective January 1, 2010. Click here for the full notice and wage/fringe schedules.
Annual Funding Notice
The 2008 Annual Funding Notice is now available online. This notice includes important funding information about your pension plan and provides a summary of federal rules governing multiemployer plans in reorganization and insolvent plans and benefit payments guaranteed by the Pension Benefit Guaranty Corporation (PBGC), a federal agency.
Special Notice Regarding Pension Plan Status
Summary of the COBRA Premium Reduction Provisions under ARRA
IBEW LOCAL UNION 6/SFECA Sponsors Scholarship Program
Pension Plan Status: How the Economic Downturn may Affect the Plan
Important Notice on Participant Investment Direction for the Retirement Savings Plan
Notice Regarding Blue Shield Shared Advantage Program (Self Funded PPO - formerly Indemnity - Plan Only)
2008 Summary of Material Modifications (Self Funded PPO Plan Only)
