Hourly Contributions
Employer Contributions
Signatory
employers are required to make an hourly contribution to this plan for each
covered hour you work. The hourly contribution rate is determined by collective
bargaining and is subject to change. Table 1 below lists the hourly contribution
rates from 1981-2004.
For
additional information about the hourly contribution rate, please see Article
1.6.
| Table 1 |
| Hourly Contribution Rate History |
| Signatory employers are required to make an hourly contribution to this plan for each covered hour you work. The hourly contribution rate is determined by collective bargaining and is subject to change. |
| From |
To |
Contribution |
| 6-1-1981 |
12-31-1981 |
$.33 |
| 1-1-1982 |
12-31-1982 |
$.38 |
| 1-1-1983 |
12-31-1983 |
$.45 |
| 1-1-1984 |
12-31-1984 |
$.55 |
| 1-1-1985 |
Open |
$.60 |
| Calculations |
Example 1
The contributions used in Example 1 are made on behalf of all participants of this plan and are subject to five-year vesting:
Total Hours Reported x Hourly Contribution Rate = Total Contributions For That Year
1,500 Hours x $.60/Hour = $900.00
The 1,500 hours generates 1.0 years of credited service toward five-year vesting. The $900.00 in contributions are not guaranteed until the five-year vesting rule is satisfied. |
Example 2
The contributions used in this example are made on behalf of participants who sign up for 401(a) supplemental contributions and are fully vested beginning with the initial $1.00 contribution:
Total Hours Reported x 401(a) Supplemental Contributions = Total Contributions For That Year
1,500 Hours x $1.00/Hour = $1,500.00
The $1,500.00 in 401(a) supplemental contributions are fully vested beginning with the initial $1.00 contribution. |
Example 3
The contributions used in this example are made on behalf of participants who sign up for 401(a) supplemental contributions and are fully vested beginning with the initial $2.00 contribution:
Total Hours Reported x 401(a) Supplemental Contributions = Total Contributions For That Year
1,500 Hours x $2.00/Hour = $3,000.00
The $3,000.00 in 401(a) supplemental contributions are fully vested beginning with the initial $2.00 contribution.
In the first example above, 1,500 covered hours generated $900.00 in employer contributions. In the second example, 1,500 covered hours with a $1.00 per hour 401(a) supplemental contribution generated an additional $1,500.00. In the third example, 1,500 covered hours with a $2.00 per hour 401(a) supplemental contribution generated an additional $3,000.00. |
401(a) Supplemental Contributions
Since
its inception in June 1981, the Carpenters Individual Account Pension Plan
required an hourly contribution from employers as part of the overall
contribution to your fringe benefit package (please see “Employer
Contributions” above). Effective July 1, 2000, the plan was amended to
allow 401(a) supplemental contributions to be paid by employers.
The
amount of the 401(a) supplemental contribution is $0, $1.00 or $2.00 depending
on your classification level under the collective bargaining agreement. You may
request a change in your classification level by completing a
401(a)
Supplemental Contribution
Enrollment form. The request
for a change may only be submitted during the month of April, unless the change
is to a classification level requiring a $0 contribution. A request that is
timely submitted during April will be implemented effective June 1 of the same
year.
A
change to a classification level requiring a $0 contribution may be requested at
any time, and will be effective the first of the month following submission of
the
401(a)
Supplemental Contribution
Enrollment form. However,
once your classification level has been changed to one requiring $0, you cannot
request another change until the following April, for implementation effective
June 1.
The
classification levels are listed in the chart above.
|
Classification
Level
|
Employees
Covered By Classification
|
Contribution
Level
|
|
Class
0
|
Employees
covered under a collective bargaining agreement providing for payment of 401(a)
supplemental contributions (“collective bargaining agreement”),
including apprentices. |
$0
|
|
Class
I
|
Employees
covered under a collective bargaining agreement who have more than six months of
industry seniority (contiguous service counts in establishing industry
seniority).
|
$1.00
|
|
Class
II
|
Senior
employees covered under a collective bargaining agreement who have attained
journeyman status with at east one year of industry seniority.
|
$2.00
|
The
401(a)
Supplemental Contribution
Enrollment form is available
from the Trust Office or from your Local Union. In completing this form, the
following guidelines may be helpful:
- Please
include the name of your current employer on the enrollment form.
- Return
the white copy to the Trust Office and the green copy to your employer. The pink
copy is for your personal records.
- Employer
contributions will be made as soon as possible, but not later than 30 days from
receipt of this form. You cannot change your classification level, except as
discussed above.
- If
you change employers, you should complete a new
401(a)
Supplemental Contribution
Enrollment form or the
appropriate section of your dispatch slip.
- For
additional information about 401(a) supplemental contributions, please see
Article 1.24.
|
|
|
