(224) 770−5305

Benefits & Costs

IBEW Local 103

Summary of Benefits & Costs

Coverages are guaranteed approved for all actively working/dues paying Members of IBEW Local 103.

For quick and easy enrollment, call (224) 770−5305 (M-F 8am-5pm CT).

   Short-Term Disability (STD)

  • Choose a flat weekly benefit of either $250 or $500
  • Benefit pays for up to 24 weeks
  • Pays on day 15 for injury or illness
  • Pre-existing conditions are covered after 12 months
  • Covers off the job disabilities resulting from injury or illness
  • Stackable with other benefits up to 100% of pre-disability earnings
  • Benefits paid are tax-free

SHORT-TERM DISABILITY MONTHLY PREMIUMS

Weekly Benefit Age < 30 Age 30 – 39 Age 40 – 49 Age 50 – 59 Age 60 – 69
$250 $13.05 $16.18 $22.70 $34.98 $47.88
$500 $20.80 $26.25 $37.80 $59.40 $82.15

  Long-Term Disability (LTD)

  • Pays after 180 day waiting period (starts when STD ends)
  • LTD Option A pays a flat $2,000 monthly benefit for up to 5 years
  • LTD Option B pays a monthly benefit of 60% of your pre-disability earnings for up to 10 years
  • Pre-existing conditions are covered after 12 months
  • Coverage is 24/7 on and off the job for disabilities resulting from injury or illness
  • Offset by other benefits, IE., SSDI and Pension
  • Benefits paid are tax-free

LONG-TERM DISABILITY – OPTION A (FLAT RATE) MONTHLY PREMIUMS*

Monthly Benefit Age < 30 Age 30 – 39 Age 40 – 49 Age 50 – 59 Age 60 – 69
$2,000 $5.60 $6.40 $8.78 $11.58 $39.90

*Pays a flat monthly benefit of $2,000 for up to 5 years unless salary is below $40K. Cannot exceed 60% of pre-disability earnings.

LONG-TERM DISABILITY – OPTION B MONTHLY PREMIUMS**

Annual Earnings Monthly Benefit Age < 30 Age 30 – 39 Age 40 – 49 Age 50 – 59 Age 60 – 69
$40,000 $2,000 $8.50 $12.00 $23.20 $50.70 $104.00
$50,000 $2,500 $9.88 $14.25 $28.25 $62.63 $129.25
$60,000 $3,000 $11.25 $16.50 $33.30 $74.55 $154.50
$70,000 $3,500 $12.63 $18.75 $38.35 $86.48 $179.75
$80,000 $4,000 $14.00 $21.00 $43.40 $98.40 $205.00
$90,000 $4,500 $15.38 $23.25 $48.45 $110.33 $230.25
$100,000 $5,000 $16.75 $25.50 $53.50 $122.25 $255.50

**Pays 60% of your earnings for up to 10 years. Annual earnings include your total compensation for the year including overtime. Benefits are subject to offsets.

  Life and Accidental Death & Dismemberment (AD&D)

Please note that Life/AD&D guaranteed amounts may be lower or not offered at future open enrollments for Members who do not enroll initially

  • Guaranteed coverage for Member/ spouse/ children—no pre-existing condition limitations
  • All Life coverage includes an equal amount of AD&D
  • If death is caused by an accident the benefit doubles
  • Members can elect either $10,000 or $20,000 for themselves. (Spousal and child coverage available if Member life coverage is elected)
  • Spousal coverage is either $5,000 or $10,000, not to exceed 50% of Member election
  • Children eligible for a flat $10,000 of coverage. One fee of $2.05 covers all dependents.
  • Life coverage is convertible & portable
  • Coverage is 24/7 on and off the job

LIFE / AD&D BENEFITS & MONTHLY PREMIUMS

Member (Elected in increments of $10,000)

Benefit Age < 30 Age 30 – 39 Age 40 – 49 Age 50 – 59 Age 60 – 69
$10,000 $2.95 $3.05 $4.05 $6.64 $11.83
$20,000 $3.90 $4.10 $6.10 $11.28 $21.66

Spouse (Elected in increments of $5,000. Based on Member age. Not to exceed 50% of Member’s Life election)

Benefit Age < 30 Age 30 – 39 Age 40 – 49 Age 50 – 59 Age 60 – 69
$5,000 $2.45 $2.50 $3.00 $4.29 $6.89
$10,000 $2.89 $2.99 $3.99 $6.58 $11.77

Child(ren)

Benefit Age < 30 Age 30 – 39 Age 40 – 49 Age 50 – 59 Age 60 – 69
$10,000 All children/dependents are covered at one cost of $2.05

Call (224) 770−5305 to get premiums not listed above.

IMPORTANT NOTE:

If you leave the union or retire it is your responsibility to contact our office immediately at (847) 387−3555. Failure to do so within 30 days will forfeit your ability to keep coverage and receive any premium refunds. Premium is determined by your age on the coverage effective date, and will increase on the next policy anniversary date after you enter the next age band. Benefit effective dates are subject to change. The union does not make any endorsement or recommendations regarding these benefits. This program is voluntary and it is solely the Members’ decision to enroll. Members are responsible for paying their own premiums. This is a basic summary of benefits and makes no guarantee or warranty on the processing of claims. Other limitations may apply. It is recommended that each enrolled Member obtain a copy and read the entire policy booklet. All non-banking administrative and transaction fees are included in the enclosed premiums.