Northwest Carpenters Individual Account Pension Plan

Non-Retirement Payment Options 

Prior to retirement, you may have access to some or all of your plan assets as described below:

Age 59½ Withdrawals

You may withdraw all or a portion of your employer subaccount, your 401(k) elective subaccount and your rollover subaccount if you are still working when you attain age 59½. You cannot withdraw your regular subaccount or supplemental subaccount under this provision.
For additional information about age 59½ withdrawals, please see Article 2.8(b).

Hardship Withdrawals

You may withdraw all or a portion of your 401(k) elective subaccount and rollover subaccount under certain circumstances due to a financial hardship. Hardship withdrawals are only allowed for specific reasons and you must provide documentation to prove your hardship as well as certification that you have no financial resources to meet the hardship:

  1. Medical expenses described in section 213(d) of the Internal Revenue Code for you, your spouse or dependents;
  2. Costs directly related to the purchase of your principal residence;
  3. Payment of tuition and related educational fees, and room and board expenses for the next twelve months of post-secondary education for yourself, your spouse, children, or dependents;
  4. Payment to prevent the eviction from your principal residence or foreclosure on the mortgage of your principal residence;
  5. Payment for burial or funeral expenses for your parent, spouse, children, or dependents;
  6. Expenses for the repair of damage to your principal residence; or
  7. Expenses and losses (including loss of income you incur on account of a disaster declared by the Federal Emergency Management Agency (FEMA), provided either your principal residence or principal place of employment was located in the area designated by FEMA for individual assistance with respect to the disaster.

You are allowed a maximum of two hardship withdrawals in a calendar year.

For additional information about hardship withdrawals, please see Article 2.10.

Distributions Upon Separation of Service

You may withdraw all or a portion of all of your subaccounts after twelve consecutive months have passed since you last work in the building and construction industry (union or nonunion).

For additional information about distributions upon separation of service, please see Article 2.8(c).

Last Updated: 04/25/2023