Post-Retirement Employment and Suspension of Benefits

Effective 1-1-2006

See Previous Policy

Your benefit under the Carpenters Retirement Plan will be suspended when you engage in post-retirement employment as described below. Your benefit will be reinstated on the first day of the month you are no longer involved in post-retirement employment, except as described in Article 6.4.

Before Age 65

To be deemed retired prior to attainment of age 65, you must not work anywhere for wages or profit in the building and construction industry (meaning any industry in which the Trust has signatory employers) more than 480 hours during any calendar year. If you work more than 480 hours in a calendar year your benefit will be suspended for three months. For each month in which you work one or more hours thereafter, an additional one month of benefits will be suspended. If you are under age 65 and retired under the rule of 80 early retirement, and you work more than 480 hours in a calendar year, your monthly benefit will be recalculated at a regular early retirement following suspension. Exceptions to this rule are described in Article 6.4.1.

Post-retirement employment means working as a carpenter or in any other job classification which uses, directly or indirectly, the same skills used at any time by any participant covered under this plan.

After Age 65

To be deemed retired on and after attainment of age 65, you must not work in the geographic area covered by this plan for wages or profit in the building and construction industry (meaning any industry in which the Trust has signatory employers) for 40 hours or more during any calendar month, or during each four- or five-week payroll period ending in a calendar month.

Post-retirement employment means working as a carpenter or in any other job classification which uses, directly or indirectly, the same skills used at any time by any participant covered under this plan.

An hour of post-retirement employment shall be determined in accordance with Department of Labor Regulation 2530.203-3.

Your benefit under the Carpenters Retirement Plan will also be suspended on the first day of the month in which you no longer qualify for disability retirement.

For additional information about suspension of benefits, please see Article 6.4.