If you are new to this plan and not vested . . .

• The Carpenters Retirement Plan is one of the two pension plans provided as part of your fringe benefit package. The other plan is the Carpenters Individual Account Pension Plan.
• This plan is a "defined benefit plan" which means it provides you with a lifetime monthly benefit beginning at retirement (age 55 and older).
• This plan has a five-year vesting requirement which means you must have five full credits in this plan without incurring a permanent break in service.
• If you cannot work 500 or more hours in a given year, it is important for you to understand the break in service rules. You can permanently forfeit contributions if you don't vest within a certain period of time.
• Once you are vested, the monthly benefit you earn each year is guaranteed at retirement.
• Retirement benefits are not available until you're age 55 or older, except for qualified permanent disabilities and preretirement death benefits.

If you are vested in this plan . . .

• The more you work for a contributing employer, the greater your lifetime monthly retirement benefit.
• Your monthly benefit is also based on the the actuarial experience of the plan during your career, including the plan's investment performance, retirement experience and mortality.
• The income provided by the two retirement plans, Social Security and your personal savings should form the foundation of your retirement income.
• You are strongly encouraged to maximize your personal savings to compensate for the uncertainties associated with inflation and the cost of retiree medical care.

If you are vested and age 55 or older . . .

• Benefits are payable under this plan if you are vested in this plan and age 55 or older.
• You must retire under the Carpenters Retirement Plan and the Carpenters Individual Account Pension Plan at the same time.
• Your total monthly benefit (as indicated on your Quarterly Benefit Statement) is reduced if you retire before age 65, except when you retire at age 62-64 under special early retirement or when you retire under rule of 80 early retirement.