The Electrical Workers Pension Fund Local 103, I.B.E.W. is a defined benefit retirement plan that currently provides a monthly benefit to over 2,500 retired participants. The Pension Plan is specifically designed to provide lifetime income security for retirees and, in many cases, their spouses. Retired participants receive a monthly pension benefit that is paid for life. In the event a vested participant dies prior to retirement, a survivor annuity is payable to the participant’s spouse or a lump sum death benefit is payable to the beneficiary, as applicable. To become vested, a participant must attain certain eligibility requirements (see Vesting Schedule). Benefits under the Pension Plan are funded by an investment portfolio that exceeds a billion dollars. The Plan is subject to strict scrutiny by the Department of Labor (DOL) through the Employee Benefits Security Administration (EBSA) under the Employee Retirement Income Security Act of 1974 (ERISA) and has to operate in accordance with IRS regulations. The Pension Fund runs on a fiscal year November 1 through October 31.