A first-of-its-kind report issued by the IBEW and NECA on the return on investment from the National Electrical Benefits Fund (NEBF) and the National Electrical Annuity Plan (NEAP) shows that they have created thousands of union jobs and generated more than $600 million in wages and benefits for IBEW members since 2012.
According to the report, between 2012 and 2020, the two IBEW/NECA multiemployer pension plans invested more than $6.25 billion in more than 835 real estate and construction projects across North America. From these strategic investments over the nine years, nearly $2.4 billion was paid in construction wages and another $1.5 billion in benefits; over $600 million in wages and benefits went to union electrical workers, including more than $117 million in direct pension contributions from signatory union contractors. If you include the supply chain, the $6.25 billion in real estate investments by the NEBF and NEAP led to $80 billion in total economic activity, 435,000 jobs, and more than $30 billion in income.
Read about the IBEW/NECA multiemployer pension plans, how they work for Union members, and more news in the December 2021 issue of the Electrical Worker Online.