Plan Description
This part of your Pension Plan is known as a Defined Contribution Plan and is completely separate from Part A, the Defined Benefit Plan. Under Part B, a portion of your employer’s hourly contribution is credited to your account. Except as otherwise directed by individual participants, all plan assets are invested by professional investment managers selected by the Board of Trustees. Investments include a diversified portfolio of stocks, bonds, real estate, government issues, commercial paper, and other high-quality vehicles.
Eligibility Requirements
Employees are entitled to participate in Defined Contribution and 401k Plan if they work under the collective bargaining agreement between the National Electrical Contractors Association, Santa Clara Valley Chapter, and other electrical contractors and the I.B.E.W. Local 332.
Establishment of A 401K Plan
Effective January 1, 2015, the Defined Contribution Plan was converted to also be a 401K Plan. You may elect to defer a percentage of your eligible compensation into the Plan. The percentage of your eligible compensation you elect will be withheld from each payroll and contributed to an Account in the Plan on your behalf. For pre-tax contributions being withheld from your compensation, the percentage you may defer is subject to an IRS annual limit of $23,500 in 2025. The amount may be increased in future years by the Treasury Secretary.
Age 50 and Over Catch-Up Contributions
The Plan provides that Participants who will be age 50 and older by the end of the calendar year and who are making Deferral Contributions to the Plan may also defer a catch-up contribution of up to $7,500 in 2025. The amount may be increased in future years by the Treasury Secretary.
The Defined Contribution Plan also continues rules on when you can receive a benefit as well as the benefit options upon your death. Please consult the Summary Plan Description for more specifics on these rules (or the full Plan document).
Forms
- Address Change Form
- Beneficiary Form
- Electronic Deposit (EFT for pension payments)
Part B Defined Contribution & 401K Forms
- Part B Pension Application Packet
- Part B Long-term Disability Application Packet
- Part B Change Investment Form
- Part B Distribution Form (Married)
- Part B Distribution Form (Single)
- Part B Pension Loan Application
- Part B Mandatory Payment of Small Account Balances Form
Tax Form Links
- Tax Withholding, Federal (IRS website)
- Tax Withholding, State (CA EDD website)
- Tax Withholding, State (Spanish) (CA EDD website)
Pension Documents
- Part A & Part B Summary Plan Description (2021)
- Part B Annual Funding Notice (2025)
- Part B SMM: Timing of Beneficiary Distributions (2021)
Qualified Domestic Relations Order (QDRO)
- QDRO Dividing Pension Benefits FAQ
- QDRO Rules & Information
- QDRO Sample for Active Members
- QDRO Sample for Retired Members
Useful Links
- Retirement Options
- NWPS Portal for 401K Access
- RMD Calculator (investor.gov website)
- Pension Calculator for 332