Carpenters Retirement Plan
Defined Benefit Plan
The Carpenters Retirement Plan is a "defined benefit plan" which means you earn monthly retirement income payable at retirement for the rest of your life. You may also elect to provide a continuing monthly income for a spouse or other qualified beneficiary for the rest of his or her life if you predecease them.
Your monthly retirement income is the sum of:
- The traditional income benefit accrued before January 1, 2017; and
- The sustainable income benefit accrued on and after January 1, 2017.
The amount of your monthly income at retirement is primarily determined by six major factors:
- Your years of covered service in this plan;
- The hourly contribution rate each year during your years of covered service;
- The benefit factor each year during your years of covered service;
- The investment performance of the plan (in the case of your sustainable income benefit);
- Your age and service activity at retirement; and
- The income option you select at retirement.
The hourly contribution rate and benefit factor are described below.
Last Updated: 01/09/2018