Orientation III: Lesson 1 - The National Electrical Benefit Fund NEBF Flashcards
NECA and IBEW reached an agreement in 1946 under which electrical contractors would contribute ? of gross wages for eligible employees into a new fund called ? .
a. 1% / The National Electrical Benefit Fund (NEBF)
b. 2% / Employees Benefit Agreement Fund (EBAF)
c. 3% / The International Electrical Workers Pension Fund (EWPF)
d. 4% / The Benefit Fund of the IBEW (BFIBEW)
a. 1% / The National Electrical Benefit Fund (NEBF)
This newly created fund is jointly sponsored by the ? and ? .
a. contractors / the local union
b. International / the local union
c. IBEW / NECA
d. NEBF / NEIF
c. IBEW / NECA
According to the NEBF’s website under Fund History, the NEBF is the ? largest Taft-Hartley pension plan.
a. first
b. second
c. fourth
d. fifth
b. second
NEBF provides retirement and related benefits to employees in the ? .
a. Electrical industry
b. IBEW
c. NECA
d. PBTF
a. Electrical industry
NEBF is a(n) ______ pension plan because it promises participants a specific monthly benefit at retirement.
a. 5-year vesting
b. defined benefit
c. fixed allowance
d. past service credit
b. defined benefit
Covered employers contribute ______ of their covered employees’ ______.
a. 2% / gross labor payroll
b. 2% / net labor payroll
c. 3% / gross labor payroll
d. 3% / net labor payroll
c. 3% / gross labor payroll
From the list below, select the four criteria that a participant’s benefit amount is based upon.
I. Age at retirement
II. Automatic Enrollment
III. Portability of pension
IV. The years of service with covered employers
V. Type of benefit selected
VI. The pension rate at the time of retirement
VII. Vesting Process
a. I., II., III., IV.
b. I., III., VI., V.
c. I., IV., V., VI.
d. I., V., VI., VII.
c. I., IV., V., VI.
Age at retirement
The years of service with covered employers
Type of benefit selected
The pension rate at the time of retirement
NEBF provides three types of benefits. From the list below, choose those three benefits.
I. Death Benefit
II. Disability Benefit
III. Pre-Retirement Spouse Benefit
IV. Retirement Benefit
V. Survivor Benefit
a. I., II., III.
b. I., II., IV.
c. II., III., IV.
d. II., IV., V.
c. II., III., IV.
Disability Benefit
Pre-Retirement Spouse Benefit
Retirement Benefit
Once a participant becomes ? , the participant has a right to a benefit from NEBF and he or she cannot lose that right.
a. age 65
b. joined
c. retired
d. vested
d. vested
A participant is considered “vested” in the NEBF when he or she has earned ? vesting service credits.
a. 1
b. 3
c. 4
d. 5
d. 5
In the National Electrical Benefit Fund, the normal retirement age is ? .
a. 58 years old
b. 62 years old
c. 65 years old
d. 67 years old
c. 65 years old
A participant may retire at ? with no reduction in benefits, provided that he or she is vested, retired from the electrical industry and has worked in covered employment for 300 or more hours in any of the seven calendar years immediately before his or her pension effective date.
a. 60 years of age
b. 62 years of age
c. 65 years of age
d. 66 years of age
b. 62 years of age
To be eligible for a Disability Benefit a participant must be ? and must have worked in covered employment sometime within ? years of becoming totally disabled.
a. partially disabled / 2
b. partially disabled / 4
c. totally disabled / 5
d. totally disabled / 7
c. totally disabled / 5
NEBF provides a minimum disability benefit based on ? of service credits.
a. 10 years
b. 15 years
c. 20 years
d. 25 years
c. 20 years
The current benefit rate is ? per benefit service credit.
a. $20.00
b. $24.00
c. $30.00
d. $32.00
d. $32.00
