Individual Account Pension Plan

Application Process

You must contact the Retirement Department at the Trust Office at least three months before the month you want to retire. The address and telephone numbers are on the back cover of this booklet. If you want to visit the Retirement Department in person, you may want to call for an appointment. The application process is as follows:

The Retirement Department will mail you an Application For Retirement Benefits and an Explanation of Retirement Benefits Computations form. You must complete the Application as soon as possible and return it to the Retirement Department at the Trust Office. You must also submit proof of your date of birth (preferably a birth certificate), proof of your spouse’s or beneficiary’s date of birth and, if you are married at retirement, a copy of your marriage certificate. If you have divorced at any time during your career as a carpenter, you must also submit a copy of your divorce decree, property settlement agreement and domestic relations order (if applicable). Your retirement application cannot be processed without these documents. Your retirement effective date is the first of the month following receipt of your completed application and the required documentation.

Key Point

The documents and information required to process your application are maintained under strict privacy guidelines.

All employer contributions, including 401(a) supplemental contributions, must be reported to the Trust Office before your retirement benefits can be calculated.

When all contributions have been reported to the plan, the Retirement Department will send you an Election of Retirement Benefits form, federal income tax information, information about direct deposits, and an Individual Retirement Account (IRA) Distribution form. Your Election of Retirement Benefits form must be completed in the presence of a notary public. If you are married when you retire, you and your spouse must complete this form together. Please return this form to the Trust Office as soon as possible.

Helpful Hint

A notary public is available at the Trust Office. Your bank may also have a notary public on staff.

Your first retirement check or your Individual Retirement Account (IRA) rollover distribution is usually mailed on the 25th of the month following timely receipt of your Election of Retirement Benefits form. This check includes any retroactive payments due to you. If you elected to receive a monthly income from this plan, subsequent direct deposits are electronically deposited on the last business day of each month. Checks are also mailed on the last business day of each month.

You must apply for benefits from the Carpenters of Western Washington Individual Account Pension Plan and the Carpenters Retirement Plan of Western Washington at the same time. The same application forms are used for both retirement plans.

Retirement benefits are taxable income. The Retirement Department will automatically provide you with a 1099-R form in late January of each year for the upcoming April 15 tax deadline.

You cannot receive a retirement benefit from this plan and unemployment compensation at the same time. If applicable, please contact your unemployment representative about this policy.

Key Point

During the application and retirement process, your account balance is subject to investment earnings or losses until the date of distribution.

For additional information about applying for retirement benefits, please see Article 4.3.

Helpful Hint

Social Security benefits are currently payable as early as age 62. Please contact the Social Security Administration at least three months before the date you want retirement benefits to begin. You can start the Social Security application process by calling: (800) 772-1213. They will schedule an appointment for you at your local Social Security office.