Individual Account Pension Plan

Each compensable hour is accumulated as credited service. Credited service is important because it determines vesting. You must vest in this plan within a certain period of time or risk forfeiting credited service and any corresponding contributions (please see Vesting). If you worked or work as a union carpenter in Western Washington on or after June 1, 1981, you are entitled to credited service based on the schedule below.

Key Point

Credited service is important because it determines your vesting status with this plan. Your vesting status with this plan is important because you must vest in this plan within a certain period of time or risk forfeiting credited service and any corresponding contributions and benefits. Please see Vesting for additional information. 401(a) supplemental contributions are fully vested beginning with the initial contribution.

For additional information about credited service, please see Article 1.8.

Hours Worked In A Calendar Year	Credited Service
1,000 or more covered hours	1.00 year of credited service
750-999 covered hours	.75 year of credited service
500-749 covered hours	.50 year of credited service

Key Point

The following employment categories may require employer contributions to the Carpenters Health and Security Plan of Western Washington but may not require employer contributions to the Carpenters of Western Washington Individual Account Pension Plan:

Participants working under a residential bargaining agreement.
Participants who are in the first six months of the apprenticeship program (first-period apprentices).
Participants who are in the first twelve months of the drywall utility program.

If you work in one of these employment categories, you will earn credited service toward vesting even though no contributions were made to the Carpenters Individual Account Pension Plan on your behalf. 401(a) supplemental contributions are not available for these employment categories.

Credited Service