Fringe Benefits Orientation
DISCOVER THE VALUE OF YOUR UNION BENEFITS PACKAGE

Carpenters Retirement Plan

The Carpenters Retirement Plan is one of two pensions in your benefit package. It is a “defined benefit” plan, which means it provides a lifetime monthly income at retirement. You earn money toward your benefit every hour you work for a contributing employer. The more you work, the greater your lifetime monthly benefit. The normal retirement age is 65, and vesting requirements apply. The benefit amount is reduced if you choose to provide a continuing income for your spouse and may be reduced for early retirement.

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Carpenters Individual Account Pension Plan

The Carpenters Individual Account Pension Plan is a “defined contribution” plan, meaning your benefit is the balance in the account at retirement. The employer makes an hourly contribution toward your benefit beginning with your second apprenticeship. However, the employee can begin making 401(k) contributions on the first day. Your nest egg grows tax-free until you begin withdrawing money at retirement.

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Carpenters-Employers Vacation Plan

The Carpenters-Employers Vacation Plan is an automatic savings program that begins on your first day. For every hour on the job, one dollar is automatically deducted from your wages and transferred to an account at Qualstar Credit Union. You are allowed to withdraw your money from Qualstar at any time and for any purpose—a vacation, or to replace lost wages due to unplanned absence from work.

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Carpenters Health and Security Plan

The Carpenters Health and Security Plan covers you and your dependents for a wide range of medical services and supplies, including preventive care, physician services, inpatient care, chiropractic care, and prescription drugs. If you have dollar bank eligibility, this plan also provides coverage for dental and orthodontic care, time loss benefits and routine vision under some benefit packages. Life insurance benefits are also provided.

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