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

Click here for the policy prior to July 1, 2008.

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, $2.00, $3.00, or $4.00, depending on your employment classification level under the collective bargaining agreement. You may request a change in your classification level by completing an Application To Change Employment Classification. 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 Application To Change Employment Classification. 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	Any 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 with 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 at east one year of industry seniority under the collective bargaining agreement.	$2.00
Class III	Senior employees covered under a collective bargaining agreement who have attained journeyman status with at least two years of industry seniority under the collective bargaining agreement.	$3.00
Class IV	Senior employees covered under a collective bargaining agreement that includes a Class IV employment classification and who have attained journeyman status with at least three years of industry seniority under the collective bargaining agreement.	$4.00

The Application To Change Employment Classification form is available from the Trust Office or from your Local Union. In completing this form, the following guidelines may be helpful:

• Return the white copy to the Trust Office, the green copy to your employer, and the pink copy to your Local Union.
• 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 the appropriate section of your dispatch slip.
• For additional information about 401(a) supplemental contributions, please see Article 1.24.