Updates and announcements for I.B.E.W. Local 332 members
Pension/401(k) Open Enrollment: June 1 – 15, 2023
Members working for employer’s signatory to the Inside Agreement under the jurisdiction of IBEW Local Union No. 332 are eligible to elect to defer, on a pre-tax basis, part of your income into a 401(k)-account established for you under the Profit-Sharing Plan. To participate in the 401(k) feature of the Profit-Sharing Plan, or to change your current withholding rate, file this election form with Local Union 332’s office by June 15, 2023. For your convenience, you can mail the form to the Union Hall in the enclosed self-addressed envelope. The Union Hall will then forward a copy of the form with your newly elected rate to your employer. Your newly elected withholding rate will become effective with hours paid commencing July 1, 2023.
Click here for the form: Open Enrollment Form
- If you are NOT changing your existing rate, DO NOT submit this form.
- 1st and 2nd Period Apprentices are NOT eligible to participate in the 401(k) until their 3rd pay period.
- If hours are being reciprocated to another local, you are NOT eligible to participate in the 401(k) Plan.
- The next Open Enrollment period will be in December 2023 for an effective date of January 1, 2024, hours worked.
- Questions: contact the Union Hall at (408) 269-4332.
Federal Emergency Declaration Expiration effective May 11, 2023
The federal government has announced that May 11, 2023, will be the final day of the COVID-19 public health emergency (PHE) declaration which has been in effect since January 2020. As the government transitions away from the emergency phase there are multiple components of the emergency declaration which will be affected, including vaccinations, treatments, and COVID-19 self-testing availability. We want to make you aware of these changes that will take effective on May 12, 2023.
What does this mean for me?
Starting May 12, 2023, you will still have access to vaccination and medication related to COVID-19
- COVID-19 vaccinations will continue to be covered for you at no charge
- Treatment for COVID-19 (including Paxlovid® and Lagevrio®) will be available to you under your normal benefit structure (subject to cost share, deductible, and out of pocket)
What about the free at-home COVID-19 test?
Starting on 5/12/2023 at-home COVID-19 test will no longer be covered under your health plan. You will still have access to these products as they are available without a prescription and over-the-counter (OTC).
There are multiple ways to continue to access FREE COVID-19 at home tests, including:
- The federal government has provided access to free covid tests through their dedicated website, covidtests.gov. Every household in the U.S. is eligible to order 4 free at-home OTC COVID-19 tests and have them shipped to their home.
- You can also access free testing in your community. A list of community-based testing sites can be found here. COVID-19 tests are also available without cost-sharing to covered individuals when administered by a healthcare provider like a nurse, doctor, or pharmacist, without limitation.
Upcoming and Past Events
You are invited to an Educational Workshop on the I.B.E.W. Local 332 401(k) – Part B
Thursday, November 17th, 2022 from 6:00 p.m. – 7:30 pm
Areas that will be covered:
- Benefits of Plan Participation
- Risk & Return
- Inflation & Taxes
- Investment Choices
- Plan Distributions
Please join Mike Vukson, CFP®, CIMA®, AIF® for an Educational Workshop. Mike is the Investment Consultant on your 401(k) and a Financial Advisor with Wells Fargo Advisors
Location: I.B.E.W. Local 332 Headquarters Meeting Hall
2125 Canoas Garden Avenue, San Jose, California 95125
Spouses encouraged to attend
Known for its dynamic membership & its leadership in implementing the progressive technology that has shaped Silicon Valley.
Established in 1912, the International Brotherhood of Electrical Workers Local 332 is located in the heart of Silicon Valley. It is one of the largest I.B.E.W. Local Unions in Northern California with over 2,700 members.
We understand the administration of employee benefits
The Plan contracts with Anthem Blue Cross to obtain access to certain Preferred Provider Organization (PPO) providers
As an alternative to the Self-Funded Medical benefits, you may elect medical coverage through Kaiser.
The Board of Trustees of the I.B.E.W. Local 332 Pension Trust Funds is dedicated to making the Funds more accessible and friendlier to Participants.
The Trust Fund sponsors two plans: the Defined Benefit Plan and the Defined Contribution & 401k Plan. The amount of benefits you receive, and your eligibility for certain rights under the Plan, depends on how much Benefit Credit you have accrued.