Vesting

Vesting means you gain a permanent right to earned benefits, even if you stop working in covered service. Vesting is based on credited services earned under this plan and, in certain circumstances, under reciprocal plans.

Five-Year Vesting

The five-year vesting rule was established on January 1, 1988 and requires five years of credited service in this plan earned on or after January 1, 1985. Reciprocal service cannot be used to help satisfy five-year vesting.

Ten-Year Vesting

The ten-year vesting rule was established on January 1, 1976 and requires ten years of credited service in this plan or in combination with one or more reciprocal plans. At least one of the ten years must be credited future service in this plan.

Credited Service

Each compensable hour is accumulated as credited service. Credited service is the sum of your credited past service and your credited future service.

Credited Past Service

If you work as a union carpenter in Western Washington prior to January 1, 1960, you may be entitled to a maximum of ten years of credited past service.

Credited Future Service

If you worked or work as a union carpenter in Western Washington on or after January 1, 1960, you are entitled to credited future service as follows:

Earning Benefits

Currently and for future years, your monthly benefit earned during the year is calculated as your total contributions for that year multiplied by the benefit factor of 1.5%. For other historical benefit factors see Table 2.

Breaks In Service

If you are not vested in this plan and work less than 500 covered hours in a calendar year, you incur a one-year break in service. See Breaks In Service and Termination

Avoiding A Break

A break in service can be avoided if:

• You work in another jurisdiction that has a retirement plan that is reciprocal with this plan. See Reciprocal Plan Service.

• You work in contiguous noncovered service. See Contiguous Noncovered Service

• You have an approved leave of absence. See Leave of Absence

You can avoid a permanent break in service if you have at least 500 hours of covered service in a plan year before incurring five consecutive one-year breaks in service. See Five Year Rule

Termination

If you are not vested in this plan and have five consecutive one-year breaks in service, you incur a permanent break in service and all credited service and any monthly benefit earned from that credited service are forfeited and permanently lost. See Breaks In Service and Termination