Make prevailing wage everyday

Due to the work demand we are putting electricians with 2 or more years experience out for Journeyman rate
$42.20/hr + Benefits

Services

IBEW 237 JOURNEYMAN PAY, BENEFIT AND RETIRMENT BREAKDOWN

Journeyman pay and benefits

Journeyman paycheck @ 40 hours a week

$42.20 X 40 hours a week X 52 weeks a year= $87,776 a year in paycheck

Journeymen pay after all dues

42.20 X 40 hours a week X 52 weeks a year= $87,776 – 5% ($4388.80) = $83,387.20
$83,387.20 - $600 (international yearly dues) = $82,787.20 a year after all dues paid

Health and welfare account

$14.76 X 40 hours a week X 52 weeks a year= $30,700.80

Health and welfare after administration fee

$30,700.80 – 4% ($1,228.03) administration fee= $29,472.76

Total a year before dues for pay and benefit account= $118,476.80

Total a year after dues and admin fee for pay and benefit account= $112,259.96

In conclusion if you work all year full time as a journeyman, not accounting for overtime, not accounting for time off and after all dues are paid you can expect to have a liquid $112,259.96 a year in pay and benefit money. On top of that you would contribute to 3 pensions and an annuity (401k) throughout your career.

You may currently have a paid single plan insurance and paid time off but see if it adds up to $29,472.76 a year

You may have a 401k with a 4% match. Say you make $30 and contribute 4% into your 401K. That math is $1.20/hr into your 401k and your employer matches that so they contribute $1.20 into your 401K as well. That's a total of $2.40 an hour. Our annuity (401k) is $2.00 but nothing comes out of your rate of pay ($42.20) you could put $1/hr (but can go as much as an additional $8/hr) from your $42.20 into your annuity and still have a $11/hr raise and be contributing more into your 401k than before. Not to mention the 3 pensions that come along with the IBEW. It is beyond comparison to the retirement plan you may be receiving now. Please take a look at the retirement figures to the right of this column.

Raise Schedule of current contract

June 2023- $2.10
June 2024- $2.15 *Have you been getting a $2+ raise a year?
June 2025- $2.25

June 2026- TBT on new contract

*Raise distribution is voted on at the union meeting by the membership.
Example. June 2022 had a $2.05 raise. The membership voted to distribute as follows. $1.05 went into the paycheck, .50 cents into annuity(401k) and .50 cents went into Health/ welfare= $2.05 raise

Retirement- Only takes 5 years to vest in the pensions

Retirement for 30 years of service (Retire at age 60)

IBEW 237 Pension- 1.4 credit max a year X 30 years’ service at $76 a credit year – 30x1.4x76= $3,192

NEBF Pension- 1 credit year a year X 30 years’ service at $33 a credit year- 30x1x32= $990
International Pension- 1 credit year a year X 30 years’ service at $4.50 a credit year- 30x1x4.50= $135

Total Pensions= $4,317 paid monthly + annuity. These payouts are in today’s numbers and are projected to rise

Annuity (401k)- Cannot easily be determined as it is dependent on how much additional money is added from your rate of pay and how aggressively you take it out upon retirement. It's not uncommon for our members to take an additional $1,000 a month from their annuity.

RETIRMENT FOR 20 YEARS OF SERVICE. RETIRE AT 60

IBEW 237 Pension- 1.4 credit max a year X 20 years’ service at $76 a credit year – 20x1.4x76= $2,128
NEBF Pension- 1 credit year a year X 20 years’ service at $33 a credit year- 20x1x32= $660
International Pension- 1 credit year a year X 20 years’ service at $4.50 a credit year- 20x1x6.50= $90

Total Pensions= $2,878 paid monthly + annuity. These payouts are in today’s numbers and are projected to rise

Annuity (401k)- Cannot easily be determined as it is dependent on how much additional money is added from your rate of pay and how aggressively you take it out upon retirement. It's not uncommon for our members to take an additional $1,000 a month from their annuity.

*You can retire earlier than 60 years of age, but you take a penalty. 55 is the earliest you may retire for IBEW 237 Pension plan

ABOUT

What are Hildreth Dues?

Money coming out of your check for healthcare, and money coming out of your check for retirement are examples of Hildreth Dues. Another example of Hildreth dues is the cost of furnishing and replacing expensive tools. In the IBEW, members have healthcare and retirement in addition to their pay—not deducted from their check! All members only have to furnish basic hand tools. Power and large tools are provided by the contractor.