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Your 401(k) account is where you can save and invest today so there’s more money to live on when you retire. Because of its tax advantages, the 401(k) is a very powerful tool for building retirement wealth.

What is the 401(k)?
The 401(k) is a subaccount in the Carpenters Individual Account Pension Plan. The 401(k) is funded with elective contributions through payroll deduction. Participation is voluntary, and there are big advantages if you do. Your contributions are taken from wages before income taxes are calculated, so you pay less income tax. Your money is invested by Carpenters Trusts and grows tax-free.
Application and Election Process
How much can I contribute?
Starting January 1, 2018, participants can contribute $1 to $9 of their hourly wage to a 401(k) account. Participants age 50 and older, including those who will turn 50 during the plan year, are allowed to make an additional Catch-Up Contribution of $1 to $3 per hour, making their maximum contribution $10 to 12 per hour.
Hourly Contributions
Who can participate?
Apprentices and journeymen alike can make contributions to a 401(k) account, provided the employer is signatory to a collective bargaining agreement or written contribution agreement recognized by the Board of Trustees. 
How is my money invested?
The assets of the Carpenters Individual Account Pension Plan (including the 401(k) subaccount) are combined with assets of the Carpenters Retirement Plan and invested together in a combined trust.
Asset Allocation Chart
Past Performance
When can I take the money out?
The normal retirement age for this plan is 65, but you can retire as early as age 55. When you are retired and start taking money from the account, only the amount withdrawn will be taxed as income. A variety of income options are available, including a lump sum payment and monthly payments over a specified period of time. There are special provisions for disability retirement.
Retirement Options
Payment Options
Disability Retirement
How much will my monthly benefit be?
The Carpenters Individual Account Pension Plan is a "defined contribution plan." That means your benefit is the amount of your account balance when you retire. Remember: the 401(k) is only one of five subaccounts inside the plan.
Benefit Statements
Summary Annual Report
When am I vested?
You are immediately vested in your elective contributions and the money earned through investment performance. Unlike other subaccounts in the plan, you do NOT need three years of credited service to be vested, and the money in your 401(k) can never be forfeited.
Breaks in Service/Termination
Credited Service
What happens if I change employers or quit the trade?
If your new employer is signatory to a collective bargaining agreement or contribution agreement recognized by the Board of Trustees, you can continue making contributions to your 401(k). However, you must provide a copy of your application to your new employer.
Reciprocal Plan Service
Money Follows the Carpenter
Who gets my money when I die?
If you are vested in the Carpenters Individual Account Pension Plan and die before you retire, a benefit may be available to your spouse or other designated beneficiary.
Death Benefits Before Retirement
What if I have more questions?
The Summary Plan Description is the best source of information about the 401(k) subaccount and other features of the Carpenters Individual Account Pension Plan. If you prefer asking a real person, that’s perfectly good too. Just call Retirement Services at Carpenters Trusts!
Summary Plan Description
Retirement Services

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