2010 Journeyman (effective January 1, 2010)
Gross Wages
$36.05 per hour
Fringe Benefits Paid by the Employer
$7.70 per hour for Harrison Electrical Workers Trust Fund Benefit Plans, a series of health and welfare plans that go directly into an individual account in your name to pay health care insurance for you and your family. A portion of this deduction also goes into a fund which will provide coverage for ages 60 to 65 should you decide to retire early and to help cover insurance costs for retirees. There are three health plans available to choose from: Harrison Trust, Providence or Kaiser. Full employment covers the cost of any of these plans, reserves will be affected by plan chosen and hours worked.
$2.85 per hour for Edison Pension, a pension account which will take five years for you to become vested. This is approximately $48 per month for each full year worked, i.e. 25 years worked times $48 per month will earn you $1,188 a month upon retirement. (Note: Example amount is based on an average 2,000 hours worked per year.)
$1.08 per hour (3%) for NEBF Pension Plan, another pension account similar in that it takes five years to become vested. It works out to $32 for each year worked with at least 300 hours, i.e. 25 years worked times $32 per year worked will earn you $800 a month upon retirement.
$3.15 per hour for IBEW District No. 9 Pension Plan, a 404C Annuity. You are 100% vested from day one. This is an annuity that is a self directed plan where you may choose from many different investment options.
$1.20 per hour for Harrison Electrical Workers Trust Fund Flexible Benefit Plan, a supplementary plan designed to provide you with a variety of benefits to meet your individual circumstances. This plan takes advantage of favorable tax rules for most benefits, which means you may avoid paying federal and state income tax.
$.20 per hour for LMCC (Labor Management Cooperation Committee), a fund used to promote your industry as example, advertising union labor and contractors.
$.60 per hour for Apprenticeship and Training a fund used to maintain the NECA\IBEW Local 48 Training Center for apprentices and journeyman continued education.
Total Wage Package $52.83
Dues Paid by Employee
$1.26 per hour (3-1/2%) for Market Recovery dues, a program to recover and preserve market share in our local jurisdiction. (Note: Depending on your tax situation, a portion of this business related expense is tax deductible.)
$.55 per hour average cost for standard union dues, based on $87.88 per month and 160 hours worked. (Notes: More hours worked will lower hourly average. Active “A” membership in the IBEW qualifies members for participation in the IBEW Pension Benefit Plan. Depending on your work situation you may be able to recoup a good portion of your dues costs during retirement. Depending on your tax situation, a portion of this business related expense is tax deductible.)
$.10 per hour for PAC - Political Action Committee, a fund to contribute to people working on our behalf to protect against the weakening of licensing laws. (Note: Depending on your tax situation, a portion of this business related expense is tax deductible.)
$1.91 Per Hour
Out of your check, 4% is also deducted for a Vacation account. This money is yours and is available around the 20th of the following month. There is a one time fee to join the IBEW and United Workers Federal Credit Union, and $20.00 minimum balance in a shares account.
Local 48 initiation fee is $104 which includes the first month’s union dues. This is payable within eight days of joining us.
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