Money Follows the Carpenter
“Money
follows the carpenter” is a special provision under the United Brotherhood
of Carpenters and Joiners of America International Reciprocal Agreement for
Carpenters Pension Funds that allows you to have hours and contributions
transferred to your home trust – Carpenters Trusts of Western Washington
– when you temporarily work under a reciprocal plan. “Money follows
the carpenter” allows you to accumulate contributions under your home
trust. You must be a member of a Local Union in the jurisdiction covered by this
plan for this trust to be your home trust.
To
take advantage of “money follows the carpenter,” please contact the
Trust Office or your Local Union each time you work under a reciprocal plan. The
Trust Office or your Local Union will send you an
Authorization
to Transfer Fringe Benefits
form. This form must be completed as soon as possible but no later than 60 days
from the onset of employment in the other jurisdiction. Contributions cannot be
transferred retroactively. “Money follows the carpenter” also
requires the home trust and the reciprocal trust to accept or transfer both
retirement contributions and health and security contributions. Several other
restrictions also apply (please see Related Plans).
401(a)
supplemental contributions cannot be transferred or received under “money
follows the carpenter.”
For
additional information about “money follows the carpenter,” please
see Article 3.2.
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