The Best of 2024 series continues with the April 29 interview featuring Stephan Davis, Business Manager and Financial Secretary of the International Brotherhood of Electrical Workers Local 40. Davis joined the America's Work Force Union Podcast to discuss the local's rich history, centennial celebration and innovative retirement plans.
IBEW Local 40's 100th anniversary celebration, originally planned for 2023, was rescheduled to May 4, 2024, out of solidarity with other Hollywood unions during recent labor disputes. The event occurred on the Warner Bros. backlot, providing a fitting backdrop for a union engrained in Hollywood's history.
IBEW Local 40's longevity is a testament to its ability to adapt to technological changes. From the silent film era to today's streaming platforms, the Local has remained at the forefront of Hollywood's electrical needs. Davis emphasized the importance of this adaptability, stating, "We're one of the oldest unions in Hollywood, and we're as old as some of the studios in the industry itself."
The Local’s commitment to its members extends beyond the workplace. Davis highlighted a new defined benefit variable annuity pension plan implemented in October 2023. This approach has provided members with retirement security while addressing employer concerns about withdrawal liability. To address this challenge, Local 40 has implemented retirement planning classes. Davis emphasized the long-term perspective required, noting that members can retire by the age of 55 with proper planning.
Listen to the full episode above to learn more about IBEW Local 40's history, centennial celebration and innovative approaches to member benefits.