The Carpenters Retirement Plan of Western Washington became effective January 1, 1960 and is one of two retirement or pension plans provided as part of your negotiated fringe benefit package.
The Carpenters Retirement Plan is a "defined benefit plan" which means you earn a monthly income payable at retirement for the rest of your life. The amount of that income is determined primarily by the number of years you work for a signatory employer and the number of hours you work in each of those years. The more you work and the longer you work, the larger your monthly income will be.
The monthly benefit earned each year is determined by a formula that multiplies the contributions made on your behalf for a given year by a benefit factor. The benefit factor converts these contributions into a monthly benefit. When you retire, your total monthly benefit is determined by adding the monthly benefit earned each year during your career in covered service.
Effective with hours worked on January 1, 2017 and later, your monthly benefit provided under the Carpenters Retirement Plan is calculated under a sustainable income benefit formula. That means the benefit you earn is subject to change each year based on investment returns from the plan in the previous year.
Please review the other benefit tabs and the Summary Plan Description (SPD) and plan document for additional information about this plan.
See All the Plan Rules and Forms Related to Events in Your Life