Article 4 – Qualification For
Retirement
4.1 Normal
Retirement Date
4.1.1
An
Employee who has completed at least one (1) year of Credited Future Service in
this Plan shall be eligible for and have a nonforfeitable right to Normal
Retirement upon attainment of his Normal Retirement Date. An Employee’s
Normal Retirement Date is the earlier of: (a) the date the Employee attains age
65 and is vested under Article
3.2; and (b) the later of the
date the Employee attains age 65, or the fifth anniversary of the time the
Employee commenced participation in this Plan without incurring a Permanent
Break in Service under Article
3.4 or a zero cash-out under
Article
3.3 (unless the Employee’s
rights have been recovered pursuant to Article
3.5).
4.2 Early Retirement Date
4.2.1 Regular
Early Retirement
Date.
An Employee who has attained age 55 and who has completed ten (10) years of
Credited Service, of which at least one is Credited Future Service, shall be
eligible to elect Early Retirement. Effective January 1, 1988, an Employee who
has attained age 55 and who has completed five (5) years of Credited Service in
this Plan, shall also be eligible to elect Early Retirement. Early Retirement
may be elected beginning with the first day of any month coinciding with or
following the date of the Employee’s written election or the first month
following the date the Employee satisfies the above requirements, if later, but
prior to the Employee’s
65th
birthday. The Early Retirement benefit under this Article shall be subject to
the Early Retirement reduction factors of Article
6.2.
4.2.2 Special
Early Retirement Date.
Effective
January 1, 1988, an Employee who has attained age 55, earned 750 Hours of
Service in this Plan in the three (3) consecutive Plan Year period immediately
preceding the Employee’s retirement date and completed five (5) years of
Credited Service in this Plan shall be entitled to elect Special Early
Retirement beginning with the first day of any month coinciding with or
following the date of the Employee’s written election or the first month
following the date the Employee satisfies the above requirements, if later, but
prior to the Employee’s
65th
birthday. The Special Early Retirement benefit under this Article 4.2.2. shall
be subject to the Early Retirement reduction factors of Article
6.2.2.
4.2.3 Rule
of 80 Early Retirement
Date.
Effective June 1, 2000, an Employee who has attained age 55, earned 750 Hours of
Service in the Plan in the three (3) consecutive Plan Year period immediately
preceding the Employee’s retirement date, and whose age plus whole years
of Credited Years of Service in the Carpenters Retirement Plan of Western
Washington (not including Service earned in a Reciprocal Plan) equals at least
80, shall be entitled to elect Rule of 80 Early Retirement for Annuity Starting
Dates commencing June 1, 2000, subject to the following rules:
- The
Employee must submit his application to the Trust office no later than the month
before the annuity starting date.
- An
Employee who elects the Rule of 80 Early Retirement and returns to work shall
not be entitled to reretire and elect another form of early retirement other
than Regular Early Retirement benefits, subject to the provisions of Article
6.4.1(a).
4.3 Disability Retirement
Date
An Employee who
becomes totally and permanently disabled, as defined in Article
7 of the Plan, who has earned
ten (10) years of Credited Service, of which at least one (1) is Credited Future
Service in this Plan, and who has earned at least 750 Hours of Service in this
Plan or in a Reciprocal Plan in the three (3) consecutive Plan Year period prior
to the Employee’s disability, shall be eligible to elect a Disability
Retirement, which may be the first of any month coinciding with or following the
date of the Employee’s written election, or the date the Employee
satisfies the above requirements, if later, but prior to the Employee’s
65th
birthday (Disability Retirement Date).
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