Individual Account Pension > FAQs

FAQs

  1. What are the vesting requirements of this plan?

    There is a five-year vesting requirement for this plan. The vesting rules are the same as those for the Carpenters Retirement Plan except for disability retirement which requires ten-year vesting under the Carpenters Retirement Plan and five-year vesting under this plan.

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  2. 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 the Trust Office for assistance.

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  3. How is my account invested?

    The assets of the Carpenters Retirement Trust and the Carpenters Individual Account Pension Trust are invested together in a combined Trust which was valued at just over $1.4 billion as of December 31, 2010. The Carpenters Retirement Plan accounts for approximately $1.05 billion of the total and the Carpenters Individual Account Plan accounts for approximately $377 million. The chart below outlines the present asset allocation for the Trust as of December 31, 2010.
    Asset Category % of Assets
    Bonds
    26%
    Commercial Mortgages
    11%
    Real Estate Equity
    11%
    International Stocks
    12%
    Domestic Small Cap Stocks
    8%
    Domestic Large and Mid-Cap Stocks
    21%
    Private Equity
    6%
    Absolute Return
    5%
    Cash and short term bonds
    0%
    Total 100%

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

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

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  5. What are 401(a) supplemental contributions?

    The plan was amended July 1, 2000 to allow for 401(a) supplemental contributions. When you work for a contributing employer under this plan you agree to work under one of five employment classifications - Class 0 ($0 per hour), Class I ($1 per hour), Class II ($2 per hour), Class III ($3 per hour), or Class IV ($4 per hour). The employment classifications are based on the type of work you perform in the building and construction industry and your experience and seniority within that industry. If you qualify and work under classifications I, II, III, or IV, you agree to work for a lower hourly wage in exchange for higher employer contributions to the plan. All employment classifications receive the $.60 per hour called for under the Master Agreement.

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  6. 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.

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  7. 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 Employer Accounting at the Trust Office.

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