What are the vesting requirements of this plan?

The current vesting rule was established on January 1, 2007 and requires three years of credited service in this plan or in combination with one or more reciprocal plans. At least one year of credited service must be in this plan. If you participated in this plan prior to January 1, 2007, and you don't have any credited service after that date, you may have vested in employer contributions under a different vesting rule.

If I can't work for a period of time and am not vested, how can I keep from forfeiting my benefits?

When you are vested in the plan, you earn a permanent right to benefits. Prior to vesting, this plan follows federal guidelines that prevent you from forfeiting benefits unless you have less than 500 covered hours in five consecutive years. In addition, the plan has several other methods that may help you prevent a break in service and forfeit benefits. Please contact the Retirement Department at Carpenters Trusts for assistance.

Can I take a loan or hardship withdrawal from my account?

There is no provision in the plan for loans or hardship withdrawals.

What are 401(k) elective contributions?

The Carpenters of Western Washington Individual Account Pension Plan will be converted from a money purchase pension plan to a 401(k) profit-sharing plan effective January 1, 2014. As part of this change, participants will be able to have 401(k) elective contributions made to the plan on their behalf. Qualifying participants can elect to have increments of $1.00 up to a maximum of $8.00 per hour deducted from their paychecks. Deductions are made before income taxes, but are subject to Social Security payroll taxes (FICA) and federal unemployment taxes (FUTA).

Why can't I retire under the Carpenters Individual Account Pension Plan before I retire under the Carpenters Retirement Plan?

You must be retired from the building and construction industry to be eligible for pension benefits. When you retire from the industry, your benefits from both plans are processed at the same time.

Can I rollover my 401(k) plan into the Carpenters Individual Account Pension Plan

This plan does accept rollovers from 401(k) plans and other qualified plans. Rollovers are invested in the same asset class as the rest of the trust and are not available until retirement. If you would like to rollover a qualified plan into this plan, please contact Retirement Services at Carpenters Trusts.

How does the plan invest assets?

Click here for the most recent information on the Carpenters Individual Account Pension Trust and the Carpenters Retirement Trust asset allocation and performance.